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There is nothing quite as invigorating, or relaxing, as cruising the waters in a boat. Don’t let the free time of your family, friends and guests be affected by the worry of an accident with any type of boat. Security matters. Related insurance costs pennies a day, making it one of the best deals.
Of course, just as auto, homeowners, renters, commercial, and other coverages need a scrutinizing eye, boat insurance requires the same vigilance. It is important that you seek guidance before purchasing a protection policy. Sitting down with an experienced independent agent who has your best interests in mind will help you navigate the deep and wide world of compensation regarding boat protection.
The following are some of the plans to consider when shopping for boat insurance.
Navigation Area Coverage –
The range of expansion water coverage varies, so make sure your policy covers the amount you need. For the avid boater, there are companies that provide coverage up to seventy-five miles from the coast of the United States to the coast or inland waters of Canada, as well as the Pacific Ocean coast of Mexico. Some states offer coverage for more water space.
Agreed value coverage –
Like cars, trucks, and other vehicles, watercraft lose value as they age. Note that this may mean that your boat will give you the insured value, less your deductible, in the event of theft or total loss as a result of an accident.
Liability coverage –
Like auto insurance, boat insurance provides personal liability. This means that it pays for losses and damages to other boaters and boat owners in the event that you are at fault in an accident. This coverage provides payment for repairs or replacement of property. It also pays for medical costs and lost wages, as well as other payments due to a boating collision for which you are responsible.
Medical Payment Coverage –
This coverage pays for medical care incurred as a result of a boating accident. Covering the policyholder, passengers, and any water skiers and tubers involved, it’s broad protection regardless of who is at fault.
Physical Damage Coverage –
This coverage pays for the boat, motor, permanent equipment, and custom repair or replacement costs.
Bodily Injury Coverage for Uninsured and Underinsured Vessels
Unlike auto insurance, boat insurance is not required by the government. If you are in an accident with another vessel that is not covered or underinsured, this form of insurance will pay for medical bills, lost wages, and other covered costs related to the collision.
Responsibility for fuel spills/debris removal –
In the event your boat sinks or sustains major damage, an oil or fuel leak is likely to occur. Legally, you are responsible for cleaning all of this out of the water. With this coverage, all payments and cleanup will be handled by the insurance company.
Personal effects coverage –
While this insurance does not cover jewelry, watches, or fur, it does provide protection for clothing, cell phones, sports equipment, and fishing gear.
Coverage of equipment not attached –
This will pay for any equipment that is not connected, but is used on your ship. Covered items include: life-saving appliances, water skis, paddles, fire-fighting equipment, tarps, and the like.
Emergency Assistance Coverage –
This will pay for towing, labor on repairs, and gas and oil delivery. It will also provide coverage for a loaner battery in the event the boat becomes inoperable while out on the water.