5 Facts About Boat Insurance

There is no other feeling like being out on the open seas and enjoying time with family and friends in your boat. Dangers are lurking out on the water just like when you ride a car on the highway, that is why it is so important you understand all the complexities concerning boat insurance.

Here are 5 facts about boat insurance that every boater should know;

1. Insurance Coverage Protection
Getting a typical boat insurance plan will do more than just protect your vessel from damage, it can cover property damage to another boat, the dock, or any other structure that comes in contact with your vessel. The boat insurance coverage will also protect those who suffer bodily injury whether in your boat, in another boat, or while in the water at the hands of your craft.

Consider getting extended coverage that will protect your boat against damage from flooding, vandalism, theft, or fire.

2. Boat Coverage Area
The boat insurance policy that you select should cover the craft from damage while in the waterways of the continental U.S. as well as inland water. Don’t assume just because you are in the water you are covered, many policies will not be in effect if the boat travels too far south or ventures into Canada.

3. Out of the Water Coverage
When the boat is out of the water, the boat insurance policy may not be in effect. For example, if the boat is being transported to your home and it is involved in a crash, it should be protected by the auto insurance coverage. If the boat is on a trailer on your property and is damaged by a large tree branch after a storm, it should be covered on your home insurance policy.

4. Determining Boat Value
Pertaining to boat insurance, the provider you select will offer you two different options for coverage. The choices are market value, which covers depreciated cost, or agreed value, which is the price of the boat that was established when the policy was obtained. In the event of a total loss, market value will be the most current price.

5. Available Discount
Shop around with several boat insurance providers because each may offer a different discount on policy price. The discount can take into account time that the boat will be out of the water, a clean driving record, or the completion of any boating safety classes.

Shopping for boat insurance doesn’t have to be a challenge once you are better informed. Speak with a local insurance agent if you still have questions or concerns about protecting your investment and your passengers.

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