by Administrator
25. April 2020 07:07
Boat insurance provides financial protection for a boat (and its contents) in addition to medical coverage, liability protection, and other covered events. Whether you already own a boat or watercraft or are planning to buy one, it is important to protect your legal liability obligations and personal property in case of an accident. Boat insurance is required for yachts, large sailboats, jet boats, personal watercraft, and other watercraft.
Listed below are some tips for choosing the right coverage for boat insurance:
- Costs And Discounts: The cost of boat insurance depends on the insurance coverage limit, horsepower, size, value and type of boat. In a typical insurance plan, a certain amount of deductible is given for property damage, medical payments and theft. Most companies also offer discounts for anyone taking safety courses and one who has not made a boat insurance claim previously.
- Type Of Coverage: Boat insurance covers damage due to fire, theft, lightning, collision and vandalism, damage to permanently attached equipment and the boat. Coverage options available to boat owners are bodily injury liability, property damage liability, guest passenger liability, medical payments, roadside assistance, on-water towing, total loss replacement, etc.
- Policies: Boat owners should be aware of policies in boat insurance related to navigational limits, marine inspections, layup periods and underage operators. If you wish to broaden your navigational limits, you will have to pay higher insurance costs. Do not use your boat during a layup period as this could dismiss your insurance coverage. Also, ensure that the boat is driven as per the age and license provisions stated in the policy.
- Basis Of Coverage: When making a claim for loss/damage to the boat/yacht, it should be clear whether the coverage for the damage will be based on the Actual Cash Value (ACV) or the Agreed Value. If the damage to a boat is considered a total loss, it will be covered as per the amount agreed upon in the insurance plan. In case of a partial loss, the damage is compensated for in the form of a replacement cost, minus the deductible. An ACV policy compensates for the total loss up to a vessel’s current market value minus depreciation. For partial losses, the payment excludes the physical depreciation of damaged items and the deductible stated in the plan.
Shawn Camp Insurance Agency, Inc. offers boat insurance to its customers. The agents assist the buyers in selecting the right coverage for their boat. Coverage options offered to the customers are Roadside Assistance, On-Water Towing, Total Loss Replacement, etc. For more details on choosing the right coverage for boat insurance, visit 2705 E. Stan Schlueter Loop, Suite 101, Killeen, TX – 76542. You can also contact (254) 526 – 0535.