Boat Insurance

What to look for in a boat insurance

Every year,  there are thousand of boating accidents that are taking place all over the world and the end result to these accidents is that about sixty percent of the victims suffer some kind of injury or the other. There have been also various reports of stolen boats due to these accidents. This explains why a person owning a boat must go for boat insurance. A boat owner must look at the following tips when shopping for boat insurance.

• One should always look for an insurance company that will be responsive and is always available when one needs its assistance. Also the insurance company should have a very good customer service that has a large network of agencies, claim centers and employees who are always ready to help the customers when they are in need of them.

• One must always make sure that he chooses an insurance company that is financially stable and one with a long history of service to the boat owners. To check the financial stability of the company, one can find its ratings easily on the internet.

• Always choose an insurance company that gives a wide range of coverage options and this is absolutely necessary as the needs of a boat owner are very unique and the company’s coverage options must cover the necessities of today as well as tomorrow.

• Normally, boat insurances come in different price ranges ranging from the affordable to the expensive ones. It is important to know the details about the policy and the services offered for the pricing of the boat insurance. It is always better to go for a good quality expensive boat insurance that has a lot of features than a cheap one with limited insurance cover. Always one has to make sure that he gets the proper protection for the boat as well as for himself.

• There are specific boat loans available for the various types of boats are it motor boat or personal watercraft or a row boat or a canoe etc. It is better off for the boat owner to consider taking the water liability coverage which will be handy if the boat owner accidentally injures a person in water or if the owner gets injured by hitting a rock or another boat.

• The most important insurance option to be considered by the boat owner is the physical damage coverage, which will cover for the damages occurred if the boat hits another boat or the dock or any submerged object. The physical damage cover will provide coverage for emergency service usage which is towing of the boat and mechanical labor charges if the boat breaks down in the middle of the water and the other one is the physical damage protection that will cover the valuable boating equipment like life jackets, boat covers, docking fenders, sonar radar, boat engine etc. An extra boat protection is also available at a higher premium.

There are different types of boat insurance policies that are available in the market today. Many of the insurance policies will only offer a standard watercraft liability while optional coverage policies that one can purchase. The standard insurance coverage will cover the boat owner in the event of damage caused to another person or his boat by the insurer’s boat, whether it is during transport or while in water. Almost all the states in America require this liability coverage and each state will have its own set of requirements as to how much liability coverage that the boat owner needs to have.

Watercraft medical payments coverage, that is required in some states, provides medical expenses for the owner as well as to any occupant in the boat in case of a covered accident. But the medical expenses are quite high and one should definitely consider whether it is required or not. Pollution and wreckage removal coverage has to be strongly considered. As the law in most states will charge the owner in case of his watercraft is wrecked or sinks or if oil or gas is leaked into the lake or river or the ocean, the wreckage clearance, spillage clean up can be found to be very expensive without this coverage.

One has to insure himself against uninsured watercrafts as well, as it will help one in paying for the replacement of the boat or any needed repairs that is caused to  his boat while hit by an uninsured watercraft. Towing and the assistance coverage should also be in the priority list of boat insurances. Towing of the damaged boat especially from the middle of the ocean will be a costly affair without proper towing insurance. Most of the boat insurance policies will cover ones boat, the motor and the trailer used to transport the boat.

One has to make sure that he protects his boat from theft as well as vandalism, and also losses caused due to storms, sinking, capsizing, fire, collision and even explosion. Always get complete details from the boats insurance agent about the type of insurances that the states require and the type of insurances that the insurance company will provide. It is always better to appraise the boat with what its worth, not a penny more and not a penny less.