Your Boat insurance Information

As a boat owner, it is essential to fully protect your assets. Indeed, in addition to the initial financial outlay, the cost of boating equipment is high. Not only that, but research has shown that marine crime is on the increase. It is therefore vital that you install the right security measures. In doing so, you are helping to safeguard your property and may be eligible for lower insurance premiums!

Due to the fact many leisure craft are left unattended for weeks or months at a time, they are attractive targets for thieves. However, there are certain steps that can be taken, in order to deter them. For instance, your boat should be securely moored at its location – river, estuary or harbour, for example – whilst any trailers need to be locked or immobilised.

All windows, hatches and doors should also have strong locks attached to them, to prevent unwanted intruders from gaining inside access. Additionally, if it’s not possible to remove outboard engines, then they should be secured to the boat with the help of specially designed clamping locks.

Ideally, all loose equipment ought to be taken off the boat and stored in a secure location, when not in use. If this is not feasible, fitting an equipment alarm that provides perimeter protection is a good idea.

It is also wise to mark all your equipment with your personal information. This should include details like your post code and name, as well as the name of your vessel and/or sail number. Therefore, if anything is stolen, it will make it more identifiable and potentially easier to recover.

Having the right insurance package is also a must when protecting your boat. Without it, you could find yourself losing out financially as well as being liable for any accidents or collisions that occur to third parties. As a result, it’s important that you look for a policy suited to your individual needs.

Many people believe that it is best to stick with one insurance company for all of your insurance needs. This can be true in certain instances but not always, which can be especially true for boat insurance.

To get the best rates you will need to do some research and maybe a few other things as well. Knowing the most about insurance and what factors are used to determine an insurance rate is the best way to get the lowest rates possible. There are predatory insurance agents in this world that thrive on ignorance to get people to accept policies that are too inclusive for their needs thereby increasing their commission. This is not an accepted practice by insurance companies but it does happen. Only through education will you be truly protected from such happenings.

First off you should think about taking a boater safety course. Insurance companies will offer discounts to those who complete these courses. This works to protect you and the insurance company. The insurance company knows that people who complete such courses become safer operators of boats thereby decreasing the risk of accident due to the operator’s error and causing loss for the insurance company. Even if they did not offer a discount a boating safety course is still a good idea especially for the new and inexperienced boater. You never know when something might occur that may require quick thinking.

Secondly you should contact your current insurance company that covers your home and car. Most times these companies will offer deep discounts when insuring other items such as boats. Call or go online and get a quote but do not accept any policy just yet. There is still much to do.

Use the quote you received from your normal insurance company as the base rate then start calling other companies. Tell them up front exactly what your needs are and get the rock bottom quote from them. Continue to do this until you have exhausted all possibilities. Then sit down and compare all of the quotes. It is not necessarily true that the lowest quote will be the best. Some companies offer extremely low rates but coupled with low coverage amounts and services. This may cost you in the long run especially if you need to file a claim and find out that the problem is not covered.

Do not be afraid to ask for a quote that covers all of your insurance needs and not just your boat. You may find that you will save lots and lots of money if you offer to bring all of your business to the company instead of just one thing.

If you are pressed for time you can always go through a multiple covering insurance agency. They will be able to get quotes from several different companies a lot faster than you can. Be sure that the agent is someone that you know you can trust. If not there is the possibility that you will not get the information that you need and only the highest quotes will be given to you in hopes of boosting a commission.

So, you have a dream of owning a beautiful Sail Boat and spending all of your free time quietly enjoying the peace of the intercoastal waters. You can feel your hand on the tiller and sniffing the shift of wind. You want to be the master of your vessel.

Your dream has led you to locating your boat and you want to sail it now. To do that most people must find financing. You really want to find the best deal in financing to make your dreams come true.

Financing for sail boats has a lot in common with financing for a new home. You can go to the traditional walk-in broker’s offices or you can get an eLoan. It pays to shop around just as you would for financing on a home; rates, terms and service vary. All loans are not created equal.

Sail Boat Insurance is something else to consider when you make your new purchase. Some lenders may also provide insurance. But once again compare rates and coverage with several companies before you commit.

Sail Boat Loans usually range from ten thousand to ten million. Ideally you would like a loan with no points, no pre-payment penalty (if you pay off your loan early) and a simple interest fixed rate. Then ask what your payments would be for different terms, like 10 years, 15 years or 20 years. You may find that the payment for a 15 year loan is not that much more than one for a 20 year loan and it would get paid off 5 years sooner. Some lenders will also assist you with Coast Guard Documentation if needed and may offer some discounts along these lines that will save you money.

In general you can expect to need at least a 10% down payment. If your credit is not that strong you can expect that you would need a larger down payment. Just as in purchasing a home, you can get a better interest rate if you can put 20% down. Some lenders have a minimum loan amount. This is usually in the range of $10,000 to $15,000.

There will also be closing cost involved with obtaining your sail boat financing. While you are shopping for rates, be sure to compare each lender’s closing cost fees as well. There can be lender’s fees and value added service fees, such as Coast Guard Documentation if required, fees associated with titling and registration. Be sure you are comparing apples to apples when it comes to closing cost expenses.

If you already own a sail boat and have equity in that boat and need cash for improving the vessel you can also do a “cash out” refinance with a boat lender.

When buying a used pontoon boat always remember the old adage about buyer beware. With that said, there are many reasons to buy a used rather than a new boat. First and foremost, buying a pre-loved boat means you are going to spend less money. Second, there is often far more room for negotiating the price when buying a used boat. Follow these guidelines and you should have a happy boat buying experience.

If you are considering purchasing your used pontoon boat from a dealer then ensure that they are a member of the relevant state or national boating industry association. This should ensure that you receive professional advice that is backed up by an industry code of practice.

If the pontoon boat is on a trailer you’ll be able to take a walk around the boat and inspect the pontoons and make sure they are in sound condition. Find out how many hours are on the engine and ask the owner if they can provide receipts for any work done on the boat, including engine repairs, steering maintenance and any work on the pontoons. If the pontoon boat is in the water you’ll have the advantage of being able to take it for an on-water test or sea trial.

Marine Survey

A survey provides the opportunity to discover any problems, determine the condition of the pontoon boat and see if everything works properly. A survey is frequently required if you are seeking finance for the vessel and is often required by an insurance company. The buyer pays for the survey and for having the boat lifted out of the water. If the survey turns up any hidden problems you may be able to negotiate further on the final sale price. Always choose an independent marine surveyor, and always have the pontoon boat surveyed both in and out of the water.

Pontoon Boat Insurance

Insurance for a pontoon boat can be a large expense, however, boat insurance is generally less expensive if you choose a high deductible, your boat is well-supplied with safety equipment, there are no fuel burning appliances on board and you have a clean insurance record. Insure your pontoon boat immediately, even if the boat is not in the water yet. A small pontoon boat can often be added to your house insurance policy so check with your insurer.

Trailer

If you are considering buying a used boat that is already on a trailer you will need to check over the trailer thoroughly. If the boat and trailer are not compatible, your trailering experience, i.e. getting the pontoon boat to and from the waterway, and launching and retrieving your boat, can be a stressful experience that can ruin your boating enjoyment. With the right trailer under your boat, you’ll barely be aware that it’s behind you as you tow your pontoon boat to the lake or river. If the trailer hasn’t been properly set up and adjusted, you’ll become aware of problems immediately. And if the boat’s pontoons aren’t adequately supported, the trailer can actually cause damage to the pontoons.

Put simply, buying a used pontoon boat means you are going to spend less money, have greater room for negotiation on the sale price and probably be able to purchase your pontoon boat sooner than if you have to save for a new model.