Boat insurance shares some similarities with standard auto insurance, but there are also coverages and discounts that are unique to this type of insurance. If you have a boat in New Hampshire to insure, use these insider tips to help you find a great policy for your watercraft.
Insider Tips for Purchasing Boat Insurance in New Hampshire
Select High Liability Coverage Limits
While boat insurance generally provides protection for your boat itself, most policies also offer liability coverage in case something happens on the water. Should you be found responsible for (or even accused of) causing an accident that results in property damage or personal injury, it is the liability coverage on the policy that will generally help pay the legal fees and any settlement if the incident is covered.
Liability coverages are essential in any insurance policy, but especially so in a boat policy because on-water accidents can quickly end in tragedy. Drownings and near-drownings can happen rapidly during an accident, and these may result in costly liability claims.
To make sure your boat policy provides the protection you expect against potential liability claims, it is wise to select high liability limits. An insurance agent who specializes in boat policies can provide various coverage scenarios that can help you decide just how high these limits should be and how much it will cost.
Save with Knowing the Possible Discounts
Each insurance company offers various discounts, so ask your agent about what is available to you. Here are a few discounts that can really add up.
- Advance Quote Discount: If you are considering buying a boat or looking into a new policy for a boat you already own and insure, plan ahead. By simply requesting a quote a few days in advance can provide you with an advanced quote discount.
- Homeowner Discount: What does owning a home have to do with insuring a boat? A lot according to the actuaries at insurance companies. Be sure you let your agent know if you are a homeowner, and consider bundling your boat insurance with your home insurance carrier if possible for an even larger credit.
- Pay In Full or Electronic Fund Transfer (EFT) Discount: Some companies provide a credit for these payment options.
- Safety Course: If you take a state-approved safety course in the last three years, you may qualify for a credit on your boat insurance.
Consider the Extra Coverages
In addition to the primary coverages that boat policies provide, many offer optional coverages worth considering. While these are not always necessary, it often does not cost too much and can provide invaluable protection if you need particular coverage. Some add-on coverages you might look for include protection for:
- Theft of gear stored on the boat
- On-water towing
- Fuel and oil spills
- Recovery of a sunken watercraft
- Agreed value vs. actual cash value coverage
How Much Does NH Boat Insurance Cost?
Several factors determine the cost of insuring a boat in NH, including:
Navigational area: Are you floating on a local pond or cruising down to the Caymen Islands? Coastal vs. inland water usage can impact cost. If you change the usage of your boat, be sure to notify the insurance company to ensure proper coverage. This is important if you typically use your boat in freshwater, but decide to take it into the ocean.
Size Matters: The boat's horsepower, boat length, and cost of boat will all impact the premium.
Driving History: You may be surprised that an insurance company will pull your motor vehicle record and claims history when rating a policy, but this is a requirement when buying a NH boat insurance policy.
Find Boat Insurance in New Hampshire
If you need insurance for a boat that’s in New Hampshire, contact HPM Insurance. Our independent insurance agents are familiar with the nuances of boat policies, and they’ll help you find a boat insurance policy that has the protection you need at a price that will keep you smooth sailing.