maritimeBoat Insurance
boat-insurance

5 Questions to Ask Your Broker When Buying Boat Insurance

Before setting your boat on the water for the boating season, it is vital to acquire boat insurance. Whether you are looking for a new boat policy or examining your current policy, you must ask your broker some crucial questions before purchasing boat insurance. Here are some of them.

1. How do boat insurance providers calculate their rates?

Just like any other insurance policy, be it automobile, life, or home insurance policies, determining rates and how much the policy will cost you is paramount. Boat insurance providers factor in a number of variables which include the age and value of the boat, the length of the boat, the experience of the driver, and even the speed of the boat.

2. Does the insurance provider need you to pay salvage costs?

The major reason for acquiring boat insurance is to cover perils such as storm damage or the sinking of your boat. You need assurance that when such calamities occur, your boat insurance policy has got you covered fully.

‘Salvage’ costs refer to expenses used to fetch your vessel from the bottom of the water or from your neighbor’s lawn. A good policy contains full and separate salvage costs during such scenarios which are subject to the ‘hull’ value. A bad policy only reimburses you for the loss of the boat, leaving you to pay for the salvage fees.

3. How involved will the insurance provider be in cases involving claims?

Insurance providers can either be ‘hands-on’ or ‘hands-off’ involved when it comes to claims. A ‘hands-on’ insurance company will organize for the rescuing and repairing of your boat in the case of an accident. On the other hand, a ‘hands-off’ insurance provider leaves you to do all the work, such as finding a crane or a truck service on your own and then reimburses the costs.

4. Does the policy have ‘consequential damage’ coverage?

Despite having coverage for big calamities such as hurricanes, your boat insurance policy should include losses such as fire, collision, demisting and so on. Such losses are known as ‘consequences.’ A good insurance policy should include ‘consequential damages’ to cater for such scenarios.

5. Does the insurance policy reward me?

According to Upside Insurance (upsideinsurancegreenville.com) good insurance policy gives you credit when you fail to claim your insurance policy for a certain period of time. Rewards such as reducing annual deductibles for each year you are claim-free or offering you discounts or savings for education or training programs are some of the benefits a good insurance policy should have. Some insurance policies on boats can also offer discounts for passing a safe boating course.

Conclusion

Stay safe this summer while on your boat by ensuring your boat insurance policy answers these five questions. Numerous insurance brokers fail to inform clients on such issues, as they are simply looking to close the deal. If your insurance broker is not able to give you satisfactory answers, it is time to consider a better policy. Knowing that you are adequately covered will give you peace of mind and will make your boating more enjoyable.

maritimeUsed Boat in Texas
used-boat

How to Buy a Used Boat in Texas – Title Transfer & Registration

Buying a used boat is a simple way to save money, but you should consider the legal aspects of the purchase before you hand your hard-earned cash to the previous owner. Like vehicles, boats must be registered with the local DMV, and the title must be transferred to your name for tax purposes. Once you find a boat with a valid title, you are ready to begin the registration process.

1. Getting Started

The first step is to determine whether you need to register your boat. In Texas, all boats that are powered by a motor must be registered, even if the motor is removable. Crafts that don’t require registration include those under 14 feet that are wind-powered, kayaks, inflatable rafts and manually-powered rowboats. Sailboats over 14 feet long require registration.

2. The Registration Process

To register your boat, visit your local DMV, or Department of Motor Vehicles. You have 20 days from the purchase date to register the craft without penalty. To make the process simpler, print the necessary forms out at home, and complete them before going to the DMV. The forms are also available at your local office.

The Texas Parks and Wildlife Department recommends the seller and buyer visit the local DMV together to avoid any liability issues that result from failing to register the boat and to help the new owner avoid delays in the registration process. If both parties aren’t present, the proper forms should be signed before going to DMV to prevent registration delays.

3. Getting Boat Insurance

Boat insurance is necessary if you take the boat out on the water, or if you need to haul the boat in a trailer on the road. Liability insurance covers and accidents that may occur while using or hauling the boat, but more comprehensive types of insurance are also available.

Choose comprehensive insurance if you want the policy to cover the cost of replacing or repairing the boat in the case of an accident. To save money on your policy, consider taking a boater’s education course before purchasing the policy.

4. What If I Don’t Have a Title?

You should avoid purchasing a boat if the seller doesn’t have a legal title that is registered in their name. If you purchase a used boat without a title, you need to provide the DMV with alternate documents to complete registration. The previous owner, or the person you purchased the boat from, should write a bill of sale that proves you have purchased the boat.

The bill of sale should include the person’s name, how much you paid for the boat and the date of the purchase, along with a written statement that you have paid for the boat to prove your ownership. A tax affidavit form is also necessary if you don’t have a boat title. The affidavit form is also available from your local DMV.