Boat Insurance
The basic coverage you need in a water craft insurance policy:
* Liability to others, including loss of life, personal injury and damage to the property of others for which the owners may be held legally liable.
* Medical payments for you, your family or guests who may be injured while boarding, leaving or aboard your boat.
* Damages to your craft and related equipment
* Medical expenses for towed water-skiers
* Wreck removal
The above is the minimum recommended coverage. Be aware of other hazards, which can help you avoid costly mistakes. Insurance options you need to look at include:
* Damage in hauling or launching
* Loss of motor overboard
* Fire, lightening, explosion
* Sinking and stranding
* Underwater damage
* Theft
Figuring the Premium
Similar to automobile insurance, you are judged on a variety of criteria when your quote for watercraft insurance is being calculated.
Insurers will judge you on:
* Navigational waterways: where you’ll be operating your craft; rivers versus lakes versus oceans.
* Onboard navigational equipment
* Previous insurance claims
* Experience on the water
* Value of the craft
* Style of the craft
* Age of the craft
* Your automobile driving record will also be a factor
High Performance Powerboats:
When looking for high-performance boat insurance? for vessels that run 50 mph or more? make sure that you get an insurance policy specifically created for this type of vessel.
Personal WaterCraft:
Criteria for insuring a PWC is virtually the same as insuring a boat, but there is also some legislation to consider. For example, in some states, you are required to take boating safety classes before insurance will be granted.
Top Tips to reduce your Boat Insurance premium
Ask your insurance agent or company about any available discounts. Some insurance companies give discounts (5 to 15 percent) to boaters who have attended a recognized safety education course, such as those offered by the U.S. Coast Guard, U.S. Power Squadrons, American Red Cross and others.
Discounts (5 to 10 percent) are also available for diesel powered boats equipped with safety equipment such as a fire extinguisher and ship-to-shore radios. You may also get discounts if you have not filed a claim for two years and if you buy all you insurance with the same insurer.
Shop around - Different brokers have different deals for different riders, some brokers give extra discounts on-line. Check out magazines and ask friends.
What to watch out for when buying Boat Insurance
Ask how much excess is on the policy; don’t get a nasty surprise at claim time.
- Are legal expenses (you’ll need it if you have an accident, so make sure it’s included at the start) included in the price? Don’t get stung for an extra charge on top of your insurance.
- A cheaper policy can equal low coverage with lots of policy restriction. Ask what storing; mileage and security restrictions are on the policy.
Boat Insurance Companies
(This is not an all inclusive List)
* Progressive Boat Insurance - Progressive
* Compare Instant Boat Insurance Quotes - United Marine
* Boat Insurance Quotes from BoatUS - BoatUS
* Boat Insurance from Explorer Marine
* Allstate Boat Insurance - Allstate
* American Boating Association Insurance - American boating
* Competitive Boat Insurance Quotes - Mariners Insurance
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