Why You Can Be Refused Boat Insurance

Owning a boat is not for everyone but for a privileged few. It’s an act of luxury that can get you a lot of new friends. Some boat owners swear that their boats mean so much more to them than their car or motorcycle. Nobody wants to lose their investment – especially if it’s an expensive one; they want to protect it. Boats are expensive and insurance is the only way you can protect your investment. However, purchasing boat insurance can be as tricky as navigating the high seas. Prospective boat owners will be surprised to know that they can be actually denied the insurance. Let’s quickly analyze the most common reasons for such denials.

If your newly acquired boat is second hand and is in bad shape then insurance companies can easily refuse to insure your boat. So try not to buy a boat in bad condition. The only way to get insurance for a bad boat is by transforming it into a good boat. You will have to do lot of repair work to make the boat pass inspection.

Waterways don’t always have strict lanes or signals to guide you. That doesn’t mean that you can drive it the way you wish, because you will get ticketed for rash behavior. Speeding, drinking and moving violations are some of the violations that can easily get you a ticket while you are driving your boat. If you have too many tickets then you will be denied coverage. If you have too many infractions then insurance companies may deny you coverage on your boat, the last thing you want to happen after you have bought an expensive mode of transportation. So be responsible and take care when driving your boat.

Before you commit to buying the boat, think about how you are planning to use the boat, and the size of boat you will need. Most people want to buy the biggest and best boat on the water. But bigger boats need bigger insurance. Regular insurance policies may not cover big boats. Check with insurance companies to find the best boat insurance policy before you agree to buy the boat. By doing this you will exactly know what you are getting yourself into. You don’t want to be in a situation where you agree to buy the boat and later find out insurance will cost ten times more than what you thought it would.

Regular policies will cover your boat as long as you are using it for personal purposes. If you are using it for some other purposes then you will have to buy a different policy that fits your needs. Some insurance companies offer discounted rates for grouping your insurance policies together. So check with your provider if they are ready to offer you a discount. Never be in a hurry while you are buying your boat insurance. Make sure that you completely understand the terms before you commit anything. Get your boat insured properly and have fun while you are onboard. It’s an investment that needs all your attention.