Is price the most important factor to consider when purchasing boat insurance?
No. Price is definitely an important factor. However, the coverage that your policy provides is in our opinion the most important factor in choosing an insurance policy. Marine insurance policies are not standard products like home and auto insurance. While looking for insurance you should be most concerned with the details of how your claim will be covered in the case of a loss. As a boat owner you should select an agent and boat insurance policy that meets your specific needs. Differences in premium will often be made up quickly if you select an inadequate policy or unknowledgeable agent.
A. No. Unlike auto or home insurance where most companies offer the exact same coverage, boat insurance varies between companies. While the amount you pay for insurance has to be a factor in the selection of your protection package it is more important to consider the types of losses covered, how much you will collect in the event of a loss, what assistance is available in an emergency, and what level of service you will receive. The boat owners should select a carrier, agent, and policy that meet their specific needs. In most cases this means not selecting a policy based on the price, but on what you get in return because even large differences in premium will be made up quickly if you select an inadequate policy, an unknowledgeable agent or an indifferent carrier.
A. Not always. Unlike auto or home insurance where most companies offer the exact same coverage, boat insurance varies between companies. While the amount you pay for insurance has to be a factor in the selection of your protection package, it is more important to consider the types of losses covered, how much you will collect in the event of a loss, what assistance is available in an emergency, and what level of service you will receive. The boat owner should select a carrier, agent, and policy that meets their specific needs.
A. No. Unlike auto or home insurance where most companies offer the exact same coverage, boat insurance varies between companies. While the amount you pay for insurance has to be a factor in the selection of your protection package it is more important to consider the types of losses covered, how much you will collect in the event of a loss, what assistance is available in an emergency, and what level of service you will receive. The boat owner should select a carrier, agent, and policy that meets their specific needs. In most cases this means not selecting a policy based on the price, but on what you get in return because even large differences in premium will be made up quickly if you select an inadequate policy, an unknowledgeable agent or an indifferent carrier.
