Your boat is more than a vehicle: it’s your ticket to fun on the water and the best way to create priceless memories with your family and friends. That’s why it’s important to protect this valuable investment. This simple gesture will allow you to continue to enjoy every sunny moment. No matter what type of boat you own, getting the right boat insurance is essential.
Why do you need boat insurance?
It is important to be prepared for all eventualities. Your boat is like a member of your family. If something happens to it, it has to be repaired to be ready to go back to sea. Sometimes accidents are out of control. It is therefore essential to have a backup plan. Just as car insurance is essential on the road, no boater should be without coverage on the water.
Contact your insurer and review what is covered by your current policy. Then you can decide if boat insurance is the best option. Additionally, vessel coverage requirements may vary depending on your location. Also, be sure to delve into the details of your region.
Types of boat insurance.
There are two main types of boat insurance coverage:
- Cash value: With this type of cover, the insurance company will pay the value of your boat or equipment damaged at the time of the incident. For example, if your boat is completely wrecked, the insurance company will determine its current value and pay you what they deem to be the market value of the vehicle.
- Agreed Amount Value: With this type of boat insurance, you and your insurer will agree the value of your boat when negotiating your policy. You’ll pay more up front, but if something is damaged, your insurer will pay for a replacement regardless of depreciation.
Be sure to review all the details of your policy before you get started. An essential type of insurance is the towing service. If your boat breaks down, you can use a tug service without being a member, but it will come at a high cost as opposed to a small monthly or yearly premium with this supplemental boat insurance. To benefit from specialized advice, you can approach the teams of Boaton.
What does boat insurance cover?
Depending on your policy, insurance companies will typically cover the following scenarios:
- Vessel damage: if your vessel is destroyed or damaged as a result of a natural disaster, collision, theft or vandalism.
- Bodily injury: If someone is injured on your boat, insurance can cover their medical expenses.
- Loss of Equipment: If permanently attached equipment such as anchors or motors is damaged.
- Property Liability: If you damage someone else’s property with your boat.
- Passenger Liability: If one of your guests drives your boat – with your permission – and destroys property, you may be covered by boat insurance.
How to choose the best insurance for your boat?
Not all insurance companies are the same. Research and review insurer ratings on independent, trustworthy sites. For this, you can find out here. Also, make sure you don’t buy a policy that covers more than you need.
It can be helpful to ask your fellow boaters which insurance company they have chosen and what type of policy they have. This will help you find out any situations in which they thought they were covered but were not as well as their overall satisfaction with their boat insurance.
Another good way to choose an insurance company is to see the discounts offered. In addition to their quote for the annual cost, ask about any discounts they might be offering you. For more information, click here.
