How to Avoid Common Pitfalls With Salem OH Boat Insurance

How to Avoid Common Pitfalls With Salem OH Boat Insurance

When it comes to insuring your boat, there are many questions we’re often asked. From ‘How much coverage do I need’ to ‘what is the best coverage for my boat if something goes wrong’? Here are the answers to some of the most common questions when considering Salem OH Boat Insurance.

Why do I need boat insurance?

While it may not be a legal requirement on most waters, having proper coverage makes sound financial sense. Marine mortgage companies insist on required insurance as part of their money-lending process. However, there are two stand-out reasons why Salem OH boat insurance is not a ‘would like to have’ but a ‘must have’.
First, you should protect your financial investment against damage or loss that could ultimately result in a large and costly repair bill if the worst were to happen.
Secondly, having suitable boat insurance can help protect you against any third-party liability for property damage or bodily injury caused by you or your vessel. Third-party liability is the most frequent claim when it comes to Salem OH boat insurance.

What can impact my premium?

From a small dinghy to a large super-yacht, each type of vessel brings with it a different level of risk, so similar to car insurance, boats are typically categorized according to their vessel type and the risk involved.

Generally, the actual size of the boat isn’t as important as its value, how easily it could be stolen and the possibility for damage. If your boat is on a trailer and spends a large amount of time safely tucked away in your driveway, you may pay a different premium than if it was stored in the water.

The area where you keep and where you use your boat will also have an impact on the level of premium you pay and may have restrictions on coverage that are subject to local weather conditions.

What features should I look for in my Salem OH boat insurance policy?

The level of premium is important, but it should not be the single deciding factor. You should try and strike a balance between costs vs. benefits. All policies are different, so make sure you choose one that provides the coverage you want and need.

What does a typical Salem OH boat insurance policy include?

Any physical damage covered by a boat insurance policy will usually include equipment such as hull, sails, machinery, furnishings, on board equipment and the trailer if applicable.

Where Should You Buy Your Salem OH Boat Insurance Policy?

Only shop for your coverage from an insurance professional with years of insuring boats as they are able to advise you on the correct cover for your vessel and use their experience in the market to help you obtain the best coverage available.

Above all, it’s important to insure what is needed, but don’t skimp on coverage if your risk is likely to be high. Ensure you review any potential policy in detail before you commit to purchase. By conducting a thorough evaluation of every possible scenario, you should be able to get the right coverage for your vessel and enjoy peace of mind when on the water.

If you have questions about your Salem OH boat insurance, call our office today at 330-337-9557. We can ensure you’re getting the coverage you need, with the right carrier, at the right price.