Boat Insurance
Now that you have boat of your own to enjoy your first thought is probably how soon you can get it out onto the water, but before you actually do that it is critical to make sure that you have protected it with boat insurance. Just like any other possession, such as a home or a vehicle, it is important to be sure that your boat is covered by boat insurance. Which type of boat insurance is right for you? If this is your first boat, the many different options for boat insurance can certainly be confusing.
Let's take a look some of the different options that are available for boat insurance. First, there is full coverage boat insurance. This is also sometimes referred to as comprehensive coverage. This type of boat insurance provides you with the largest degree of coverage. It will protect your boat against damage from accidents, vandalism, theft, collision and fire, regardless of whether it is ashore or in the water. You can also add a liability section to this type of boat insurance that will provide coverage for any damage that might arise due to either bodily injury or property damage. This combination of coverage will ensure that if anything should happen to your boat or if any damage should be caused by your boat, that you will be protected.
When shopping for boat insurance, there are a few factors that should always be taken into consideration. First, you always want to make sure that you understand how a claim will be settled in the event there is a problem. Will the boat insurance claim be settled for the actual cash value of the boat or the agreed value? These are two very different values, so make sure that you always ask plenty of questions upfront in order to avoid any unpleasant surprises later on.
Second, always ask whether you will be able to receive a discount if you have your home, vehicle and boat insured by the same company. This is a great way to cut down on the cost of your premiums.
Finally, be sure to take the time to find out whether the insurance company will place any restrictions regarding the insurance policy. For example, some policies may require that the boat be stored during certain times of the year and may also place restrictions on how can operate the boat, so be sure to ask these questions before signing on with any boat insurance policy.