Stories of the sea are often deal with myths: Atlantis, the Bermuda Triangle, Moby Dick (although the Melville novel is based on a true, tragic event), and the yarn that many fisherman like to spin, the one that got away. Recently, Progressive Insurance surveyed more than 1,000 boat owners and found out that one of most wide reaching, on-the-water myths that many boaters share is about their boat insurance. Some of these myths are the most basic, requiring policyholders to read the fine print on their policies:
“Our survey shows that many boaters aren’t aware of insurance coverage limitations, especially when it comes to location,” says Progressive’s boat product manager Dominic Mediate. “Some boat insurers define navigation limits on a policy, so it’s important for all boaters to clarify this with their insurance companies,” he adds.
Some other common myths among boaters that Progressive’s surveys revealed are:
•Boaters throughout the entire U.S. are NOT paying higher insurance premiums because of hurricanes. According to the survey, 74 percent believe that all boaters are paying more due to recent, damaging hurricanes.
•Homeowners insurance cannot offer the same protection policy that specialty boat insurance can. One-third of those surveyed (33 percent) mistakenly believe that by adding their boat as an endorsement on their homeowners policy, they would be covered no matter what occurs.
•Bundling policies don’t necessarily mean better rates. While 45 percent of those polled felt that this was the case (and it may be for them) it has been shown that shopping around can lead to better rates.
With dockage at a premium in many areas of the country and the hurricane season approaching, are you properly covered this season? Have you seen your boat insurance rates go up? Stay the same? Let us know here.
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