The latest news from Skippers’ Plan
February 8th, 2017
Buying boat insurance is easy right? If you know what to look for it is but for first time boat owners the process can appear a bit confusing .
If you are buying your first boat I would like to offer some tips so you avoid the common mistakes of first time buyers.
In my post How to Buy Boat Insurance Part 2 I recommended starting the insurance process before you put your money down to buy a new or used boat. Today I’m going to help you avoid the second most common mistake made by new boat owners.
Most people get their first experience with auto insurance and apply what they may have learned to other types of insurance. That is your first mistake when it comes buying boat insurance.
Auto insurance policies in Ontario (and other jurisdictions) are identical from one company to the next because they are controlled by the Provincial regulator . There is basic coverage that is mandatory and then some options to consider, making it easy to compare the policies on price alone.
Boat insurance policies are not controlled by the regulators so each company has their own unique coverage. Some offer stripped down coverage so they can offer a lower premium and others include all the bells and whistles so they can say they offer the best coverage.
The important consideration here is that it is a mistake to compare boat insurance based on price alone. If you buy the least expensive coverage you may just be buying a headache down the road.
Here are some examples of how policies can differ from one company to the next:
If you compare boat insurance quotes based on the price alone you could be in for a very unpleasant surprise if you have to make a claim and find out you don’t have the coverage you thought you did.
One way to avoid these costly mistakes is to rely on the advice of a marine insurance professional like the staff at Skippers’ Plan Insurance. Boaters have trusted us with their insurance for over 70 years. No other brokerage in Canada has been specializing in pleasure craft insurance for as long as we have been in business.
I look forward to hearing from you at 1-800-661-7211, email email@example.com or try our online quote form
Senior Vice President | Skippers’ Plan Insurance
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Skippers’ Plan Boat Insurance
Part of Arthur J. Gallagher Canada Limited
800-661-7211 | 416-789-7211
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