The Ottawa Boat Show is Right Around the Corner
Updated: Feb, 15 2018
The Ottawa Boat Show is right around the corner. And like every year, many people are going to go and dream and some lucky individuals are actually going to fulfill those dreams and walk away with a new boat. Whether it is a 16’ fishing boat or a 28’ cruiser, the prospect of a new boat on the water this spring is exciting. For some, this is an upgrade, trading in the existing boat for something newer, faster, bigger and more expensive. For others, this is a first time purchase and a little bit daunting. Whether a first time boat or a replacement, you are going to need to insure this new baby. Here are some things to keep in mind:
- The minute you own the boat, you should have it insured. Even if the dealer is going to store it until spring, as the owner, it should be you who insures it
- Buy a proper marine policy and don’t just add the boat to your home insurance
- Make sure you get an AGREED VALUE policy. This way, if there is a total loss, you are going to get at least the amount you insured it for.
- Consider adding Guaranteed Replacement Cost coverage. This is often available on brand new boats of the current model year. For a very small price, the insurance company will pay over and above the insured limit to put you in a new boat if you have a total loss in the first three years of owning it.
- Talk to your insurance broker and question the coverages. If the person you are speaking with doesn’t know the difference between an inboard and outboard motor, should this really be who you trust to give you proper coverage?
Rhodes & Williams has a dedicated marine department to help answer any of your questions. Let us worry about finding you the right coverage while you count down the days until you can get your new boat in the water.
For a no obligation quote go to our Quote page or call us at 613-226-6590.