Boat Insurance
Facts
Different types of watercraft require different
types of coverage.
Usually, a canoe or small boat with no engine will
be covered under your home owners policy as one of
your belongings. In some cases even small boats with
low powered motors will be covered. Check your home
owners policy before purchasing what may be unneeded
insurance for these type watercraft.
If you need to insure a larger boat you will need
separate a boat insurance policy. Many things will
determine the cost of your boat policy, but
typically the boat insurance company will look at
the size, type and value of the boat (or personal
watercraft) as well as the location where you use
it, to determine the final cost.
If you get boat insurance, you will have better and
broader liability protection than what your home
insurance includes. You'll also get many of the same
insurance coverage's that you would normally have
for your car:
Theft, loss or damage of the vehicle and attached
equipment
Bodily injury coverage, if someone else is injured
Damage caused to someone else's property by your
boat or watercraft
Liability coverage for your passengers, which would
include family and guests
Medical payment coverage for injuries to the
occupants of the boat
Liability coverage varies. You can start as low as
$15,000 and can increase as high as $300,000 or
more.
You'll likely have a deductible. Remember that the
higher your deductible, the lower your boat
insurance premium.
You might need additional insurance coverage for
boat trailers.
With boat insurance policy you might want to get
towing included in your policy. While it doesn't
make sense for cars (because there are lots of low
cost alternatives) you have much more limited
options on the water.
Ways To Cut Costs On Your Boat Insurance
Many companies offer discounts for the following:
Safety Courses - for completing U.S. Coast Guard
Auxiliary courses or U.S. Power Squadron safety
programs.
Protective Devices if your boat is
equipped with a depth finder, VHF radio, radar,
burglar alarm, or other protective devices.
Diesel Engine Discount - Diesel fuel is
less flammable than gasoline- thus a less expensive
insurance policy.
Coast Guard Certification - for boats that
have passed a Courtesy Marine Examination (CME)
provided by the Coast Guard Auxiliary.
Comprehensive boat insurance is the most common
type of policy. It covers physical loss or damage
"except as specifically excluded." Do realize that
you can often get separate coverage for these
excluded perils. You pay extra for this coverage but
it may be a wise choice for new boaters who may find
unexpected troubles on the water.
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