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Boat Loan- 3 Important Things To Look For!

Apr 10, 2008
You would be surprised at the low interest rates you can get on loans only if you do the right bit of research to help with it. There are quite a few reasons why one has to get a loan insurance when you buy a boat. In fact most of the financers will have this as a mandatory rule to give them security when they are financing a boat.

There is a straight forward reason for this. In the event of the boat getting damages while it is still under their finance, the policy of insurance would help cover at least a part of the damage expenses, and therefore give the lender security on your purchase. As with any kind of finance option you will want to keep your eyes open for the lowest insurance interest rate.

A few things to keep in mind when looking for an insurance policy

If you are getting a low interest rate on your boat policy, it does not mean you have to compromise totally on the quality of the insurance deal and the coverage it gives you on your asset. If you get into a deal that hardly covers any damage for instance, it is only getting into a financial ditch, and that is not something you would want to do. We have put down a list of factors that you should use as a checklist while evaluating insurance quotations from various companies:

1) Consider the cost of the insurance as a primary factor. And consider the payment schemes - some will insist that you pay the entire premium in a single payment while others will accept it on installment plans. Most users are more comfortable with a monthly payment scheme.

2) Consider the type of insurance you are covered for. Does the quotation give you enough coverage for what id being charged? Have a clear idea of the current value of the boat and consider if the insurance plan will be of help in any worst case scenario you may have to encounter. Not a very nice thought, but that is what insurance could save you from after all.

3) Consider the deductibles on the insurance policy. At times you can get a lower loan value if you increase on deductibles or from the payments you make out of your own pocket. But do not make the deductibles so high that you will not be able to pay the amount at times.

Make sure you make comparisons between a few quotations before you settle on the one insurance policy for your boat. Try and get a deal that will give you the right balance between the low interest rate and the services offered. At the end of the day it is a matter of personal convenience.
About the Author
Abhishek has a passion for Boating since the last 30 years! Visit his website http://www.Boating-Guru.com and download his FREE Boating Report and learn some amazing Boating tips and tricks for FREE! Also discover some excellent ways to finance your Boat. But hurry, only limited Free copies available!
http://www.Boating-Guru.com
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