Sinking Boat Insurance Myths

Whether it is the Loch Ness Monster, a 30-foot Great White hungrily searching for surfers, chests of buried treasure, or giant octopuses, our waters are steeped in myth. However, most people today do not believe in these tall tales. So why do most boaters believe boat insurance covers them wherever they go?

After surveying more than 1,000 boaters nationwide, here are a few examples of myths we have uncovered in the today’s boating community:

The Florida Hurricane Myth:

Myth: Everyone pays more for boat insurance due to the destructive hurricanes that passed through a few years ago.

Reality: Even though this is widely believed to be true (74 percent of respondents), this is not entirely accurate. Boat insurers generally price policies based on claims in each state. The more hurricanes in the state, the more losses in that state, resulting in higher priced policies (sorry Florida). For a more positive point, this does not affect the national boating community. For example, Ohio customers won’t pay more for insurance because of hurricanes in Florida.

The Global Yachtsman Myth:

Myth: Boat insurance covers me anywhere I decide to go boating.

Reality: Even though 76 percent of boaters believed this one, the reality is your navigational limit depends widely on your insurer. Some insurers may limit coverage to 100 nautical miles of your home port, while others have strict limits based on regions of the country. It is best to check with your insurance carrier so you’re clear where you can (and cannot) navigate. NBOA can provide coverage virtually anywhere you decide to go in the continental U.S., including the Bahamas and other regions.

The Multi-Policy Myth:

Myth: I’ll get a better boat insurance rate if I buy from the same company that insures my car or home.

Reality: Although some companies do offer multi-policy discounts, buying more than one product from the same insurance company doesn’t mean you get the best rate – even though 45 percent of respondents thought so. The best way to ensure you’re getting the best rate is by shopping around and combining specialized policies from different companies. Furthermore, when dealing with someone who specializes in home or auto insurance, you may run the risk of missing out on special coverage options and discounts. By representing several A-rated companies, NBOA Marine Insurance can provide one-stop shopping to make sure you get the best boat insurance rate possible. You’ll receive better coverage based on your specific needs and save money doing so.

The Skinny:

“In today’s market, it’s important to understand your options” said Jeffrey Berndt, Vice President of NBOA. “You want to shop for the best coverage, but you also want to be properly protected in case your boat is stolen, you get into an accident or contents are damaged. Our market expertise allows us to give the customer the best of both worlds – broad coverage and low premiums.”

For more information about boat insurance, contact an experienced agent at NBOA Marine insurance at 1-800-248-3512 or complete a free boat insurance quote online.

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