When considering your boat insurance options, the first and most obvious point of comparison is price. We all understand that and can easily assess the differences there.
As a boater and sophisticated insurance consumer, you should understand what you are getting for that price. Remember the three “C’s” when researching boat insurance - coverage, customer service, and claims handling. You might think that you are saving money going with a company that offers a lower premium initially, but in the long run, those three “C’s” are what counts and what will save or cost you quite a bit.
Coverage is of course an important consideration. Until you are confident in what your policy is providing, then you are simply paying for an expensive piece of paper. Take the time to look and compare various coverage features and options. Difference policies can feature different coverages, exclusions, deductibles, and options.
For example, a company offering you a very low premium may be providing you with an Actual Cash Value Policy (ACV). Another company may offer coverage at a higher price but is instead offering you an Agreed Value Policy. These are two very different forms. If your boat is a total loss, a company offering an Actual Cash Value policy will pay you the value of your boat at the time of loss This is the case even if a higher amount is listed on your policy because the terms only provide payment based upon your boat’s actual value.
However, a company offering an Agreed Value Policy in the same situation will pay you the amount stated on the declarations page. Therefore, if you insured your boat for $25,000 and it is totaled five years later you will receive $25,000 for this covered total loss. The bottom line is you get what you pay for.
Take the time to read through your policy and verify exactly what it does and does not cover, as well as the terms of the coverage. If anything is confusing, call your insurance company and have them answer every one of your questions.
That leads us to the next “C,” Customer Service. This is vital. When calling your insurance company for any reason (to ask a question, make a change, or report a claim) you should expect knowledgeable, friendly, and helpful service from the team always. If someone is not available to answer your questions, address your concerns, and put your mind at ease when considering your options, you probably won’t want to rely on that company during the claims process either.
Now for the third and final “C” – Claims. You purchase boat insurance to make sure you are protected in the event of a loss. If you hit a submerged object and your boat sinks, you want to know that your company will help recover and repair the boat. You want an adjuster who works quickly and efficiently to settle your claim and get you back on the water.
Coverage, customer service, and claims are very simple concepts, but that doesn’t mean you’ll find them at every insurance company. With a little extra homework, you can confirm that your boat insurance provider makes them a priority and take comfort that your watercraft is in good hands. Here at SkiSafe we hold coverage, customer service, and claims to the highest possible standard, providing you with excellence in each category.