Boat insurance cost is one of the essential things to consider when buying a new yacht for that next adventure. Shopping for a new yacht is an exciting process. You’re likely browsing online ads and hunting for the best bargain, and the thrill may tempt you to jump at the first boat that looks appealing. Rather than doing this, though, there are a few questions you should ask before making a purchase — especially if you are considering boat insurance with your yacht purchase. Learn about what questions to ask and what boat insurance to buy.
How Much Will Boat Insurance Cost?
The first question you should ask is simple — how much will boat insurance for this vessel cost? If you’re shopping for a used yacht, you can get an idea of the premium you’ll be paying by asking the seller this question. Remember, though, that boat insurance cost accounts for many variables, and two other boaters are unlikely to have the same rate — even if they are insuring the same boat.
Do You Have Service Logs for the Boat?
Once you’ve researched the approximate cost of yacht insurance, you should ask the seller whether they can provide the service logs for the boat. Service logs document every instance of maintenance or repairs an owner has done, so it offers crucial insight into the condition the boat is likely in. A lack of service logs may not be a dealbreaker, but it indicates that you may have some significant repairs and maintenance in the future.
Is the Yacht Covered by a Warranty?
In some cases, a yacht may not have a service log, but it will have a warranty covering basic maintenance costs. Much like the right boat insurance policy, this is a valuable asset. If the yacht does have a warranty, it’s essential to confirm that it is transferable. The rules for transferring a warranty vary by manufacturer, but it’s often possible to submit a request that will put the yacht’s warranty into a new owner’s name.
Why Are You Selling the Boat?
Asking a boat owner why they are selling their yacht might seem like a friendly conversation, but it’s also a vital inquiry when deciding whether to buy it. Most sellers will likely tell you they don’t have time to enjoy and maintain the boat, which is true in most cases. It’s always a good idea to investigate further by checking for signs of damage, such as fiberglass with cracks. Inspect the engine, belts, and hull before proceeding with a purchase.
How Do I Get Boat Insurance for My New Yacht?
You finally found the perfect boat and are ready to set sail. Before you do so, investing in the right boat insurance policy is imperative. You may ask yourself, ‘how do I get insurance for my new boat’? Insuring your yacht is simple. To get coverage, you should do some research to find out about the policies that different insurers offer, find the best one, and apply for coverage.
About Mariners Insurance
Mariners General Insurance Group was founded in 1959 to protect boat owners and marine business clients. We are marine insurance experts and insure boats worldwide – in every ocean on the planet. Marine insurance is critical if you own a boat or nautical business. Trust the professionals with all of your Boat Insurance needs – trust Mariners Insurance. Call us at (888) 402-5018 any time you have questions or concerns about insurance for your vessel or marine business.
