With boating accidents increasing, boats getting stolen and most accidents leading to serious injury, boat insurance is of utmost importance. So, if you own a boat, whether for commercial or personal use, insurance is always necessary. Always go with insurance firms who are responsive and available, always. Be it emergency service or claims, help should be readily available. Hence, chose an insurance firm with excellent customer service, vast network of claim centers and agencies, good reputation and financial stability.
Options and Pricing
Various boat owners, depending on their boats as well as needs look for varied options of coverage and insurance firms should have products to accommodate this need. Insurances also vary in pricing, from the affordable ones to the expensive and depending on the type of boat, be it a motor less boat like a kayak or canoe or higher ends ones like motorboats or personal water crafts, the owner needs to choose the appropriate insurance. Medical insurance for owners and passengers is an added plus. Once you estimate the value of your boat, accordingly go for high or low end boat insurance, keeping all aspects in mind.
Water coverage and physical damage coverage, should you accidentally hit another boat and damage the boat motor or other components are also available. Emergency damages coverage and equipment coverage for covers, gas tanks, anchor lines and anchors, sonar equipment, engine, gear and compass and life jackets as well as on road protection for trailer and equipments are also available at an additional premium to your boat insurance. In all cases, the boat owner should ensure that he goes with the right insurance and added coverage to support difficult insurance situations.
Choice of Boat Insurance
Many variables decide the boat insurance type. A fishing boat would definitely go with a lower insurance premium than say, a speed boat because the insurance firm will have greater liability on the speed boat. Highly expensive crafts will have a greater insurance premium than low cost boats. Car and boat insurance have many similarities. As with car insurance, factors that an insurance firm would consider as part of their risk assessment, is the same with boats. They would be looking at boat age, owner’s record as well as the records of the main driver and boat’s value, to name a few factors. As with automobile insurance, there are full and basic liability only coverage available. While financing cars or boats, full coverage is usually mandatory. This is done to protect the bank in cases of something happening to the boat or car before it is being paid for. This coverage is most expensive as also is the onus of risk on the insurance firm. In the other form of insurance which is of limited liability, the owner of the boat cannot claim damages or theft. Only the damage to people involved in boat accidents are liable to be paid by the insurance companies. In any case, local laws need to be checked to ensure that the boat owner takes insurance within the parameters so that they also help him in the long run.