Boat Insurance with Northstar Marine Insurance
With the Toronto Boat Show in full swing, Northstar Marine Insurance , Ontario’s premier provider of boat insurance, is ready to help boat insurance shoppers pick the right policy. But what information do you need to have ready when you’re looking for boat insurance?
Chances are you’ve shopped for car insurance and you know you need to give your broker the year, make and model of the car. This information is key for boat insurance too…but there’s a little bit more to know. Boat insurance is a specialized area of insurance and not all insurance brokers are comfortable with or knowledgeable about the topic. Your broker may or may not be familiar with boats and providing the make and model will tell you this. If the broker asks if your pontoon boat is a cruiser, it may indicate that he or she does’nt have experience with boat insurance. A specialized boat insurance broker may be the way to go to ensure you’re getting the coverage you need.
When you’re shopping for car insurance you won’t be asked to provide the value of the car but this is an important piece of information for boat insurance. In large part, the rate for boat insurance is determined by the value of the boat. A solid comprehensive boat insurance policy will be an ‘Agreed Value’ policy, meaning that the insurance company will pay you the ‘value’ of the boat, or the limit of the policy, without the application of depreciation. In other words, if you paid $25,000 for your boat, insured it for this amount and then had a loss 5 years later, the insurance company would pay you $25,000.
When you set up your boat insurance policy there are a few pieces of technical information you will be asked to provide. Just as you provide the VIN number when you purchase your auto insurance, you will be asked to provide the HIN (Hull Identification Number) for the boat. This is not the registration number, but the actual serial number provided by the manufacturer. This information can be found on the bill of sale or vessel registration. Unlike auto insurance where an engine serial number is not required, your boat insurance broker may ask you to provide the engine and stern drive serial numbers. While these can be a little more difficult to produce, they are important. A car engine is not likely to walk away when you aren’t looking, but an outboard engine or stern drive can be attractive.
An experienced, specialized broker like Northstar Marine Insurance can walk you through the steps to setting up your boat insurance policy. If you come to to the table ready with the required information it can make the process quick and easy.