- Boat Insurance Makes Boating More Fun - Tambako the Jaguar
Having fun on the water is often part of an excellent summer vacation. Boats offer many advantages when it comes to fun for the whole family, and having a quality boat insurance policy for it will help ensure that family, friends and boat have the needed protection.
Boat Insurance is Not an Option
Just like in an accident with a car, accidents on the water, or while towing a boat, can be very costly. The amount of costs for medical treatment or property damage from one boating accident can be extremely expensive. It could not only ruin a vacation but also ruin a boat owner financially for many years to come.
Marine Insurance Protects Against Property Damage
Marine insurance provides protection for the boat, for the trailer, and it also covers some of the boat's equipment. Boats are usually covered with what is called hull insurance, which provides the basic coverage for the boat (including built-in furnishings) and for the equipment needed for its safe operation, normal navigation and regular maintenance. What is actually covered in the policy will vary. There may be some exclusions in the policy for machinery - the boat's engine.
Boat insurance does not have comprehensive and collision. Instead, it has “hull insurance,” which will cover the boat against certain types of incidents, like a homeowner's insurance policy. Although the list will vary from one boat insurance company to the next, it will usually include the following incidents: wind, lightning, hail, fire, theft, wave action, collisions, and more. Some policies may also cover hurricanes.
Boat policies may not cover damage from such things as wear and tear, deterioration that occurs gradually, damage from zebra mussels, and more. Also, it may not pay for faulty equipment that led to the boat being damaged.
Boats are covered in one of three different ways when it comes to how compensation is made. Owners can choose between agreed value, the actual cash value, or the replacement cost. Agreed value is the amount the owner wants the boat to be covered for. This is useful for older boats or if there are a lot of accessories or modifications. Actual cash value is what the boat is worth minus any depreciation. Replacement cost will give the owner a new boat if the covered boat is destroyed or stolen.
Boat Insurance Medical Payments Coverage
This part of a boat insurance policy provides coverage for anyone who is also in the boat. It will provide payments for medical services to someone who may be injured in the boat, skiing behind the boat, or even while swimming near the boat. The coverage limits are selected when the insurance is purchased.
Emergency Services in a Boat Insurance Policy
An Emergency Services rider will vary widely and the buyer will need to know what it includes. Find out especially if the coverage includes fuel spills, salvaging of the boat if it ever sinks, haul out coverage for hurricanes, and storage. Find out, too, what kind of towing and hauling coverage is available, as well. These can cost thousands of dollars in some situations. Having adequate boat insurance will cover it.
Marine Insurance Deductibles
A deductible for damage to a boat will usually mean amounts of $250, $500, $750, or $1,000. Some companies may use figures of 1 or 2 percent, and may not charge a deductible if there is a total loss of the boat. It is possible that the same deductible may apply for electronics, but it may also require additional coverage.
When looking for a good boat insurance policy, or sailboat insurance, it is necessary to get several boat insurance quotes first and then compare them. Each marine insurance company will vary in features offered so a careful examination and comparison of coverage is necessary.
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Mike Valles - Mike Valles has been a full-time freelance writer for more than six years. He has written thousands of articles and other materials - ...
