|
If you are considering a personal boat purchase,
such as a cruiser, a fishing boat, or any other
type of boat, you will want to incorporate insurance
into the overall cost of the boat. Its a good
idea to get boat insurance quotes when you have
decided on the make and model of the boat, or
when you are ready to purchase. Personal boat
insurance is essential for boat safety and security.
The first place to start is with your current
auto or homeowners insurance company. A separate
policy is best for a boat, because you don't
want your liability or premiums tied into your
home-owner's policy. You can always sell your
boat if the insurance is too expensive, but
it is much more difficult to do that with your
home. However, if you have your different policy
lines with the same company, than you may get
more of a discount. After you've gotten the
initial quote, you can shop around for comparison
quotes before you make your decision.
Similar to auto insurance, boating insurance
covers liability to others, and physical damage
to the vehicle itself. In addition, there is
also additional types of coverage you can add
to your policy. If you have a newer boat, or
have a lienholder on the boat, you will want
or may need to include physical damage coverage
on your policy, which covers damages to the
hull, parts and machinery of the boat. Agreed
value is a type of policy where you and the
insurer agree on the value of the boat, usually
based on the purchase cost. If there is a loss,
the insurer already knows how much to pay for
the total loss of the boat. With this type of
policy, its important that you keep documentation
for the value of the boat.
Another type of physical damage policy is similar
to auto insurance, where the insurer pays what
the boat was worth at the time of loss, or the
actual cash value of the boat. This type of
policy factors in depreciation, and is usually
less expensive than an agreed or stated value
policy. However, you may get less then you would
in the event of a boat loss.
Your policy will also include liability, which
will protect you if you hit another boat, or
someone in the water. You want to make sure
your liability limit is high, so you will be
fully protected in case of an accident. You
will also want to include medical payments,
which will cover any passengers on your boat
who are injured.
Other essential items in a boat policy are
emergency services, such as towing coverage,
which provides coverage if your boat has to
be towed back to shore because of an accident,
and also boat recovery. If your boat has sunk,
and has to be brought up to the surface, that
type of service can be very expensive, and you
want to make sure its covered in your policy.
You may also want to consider additional coverage
for any extra equipment on board, such as fishing
gear and tackle, as most policies have a coverage
limit for personal items.
Personal boat insurance is a necessity,
and should be incorporated into the overall
cost of boat ownership. By comparison shopping,
you can usually get a good deal on comprehensive
insurance. Its better to have the peace of mind
that proper insurance provides, so you can truly
enjoy yourself when you take out your boat.
|
