Motor Boat Insurance Basics

Sailing off into the blue yonder, has the salutary effect of blowing cares and stresses away with the winds. However, before you sail away in your new boat, consider the merits of these questions. Do you have boat insurance? Moreover, are your insurance needs fully met?

Marine insurance defines vessels according certain measurements. A boat is defined as one measured between 16 feet and 25 feet, 11 inches in length. If that's the length and width of your seaworthy vessel, then you have a boat.

Here are the pertinent components your boat insurance policy should have:

Physical Damage Coverage

The insurer pays you for the repair or replacement of your boat, under the following circumstances: Theft, vandalism, lightning, fire, tornadoes, or hurricanes. Included in this coverage is the boat itself, outboard motors, engines, and your boat trailer.

Excluded from the coverage are the following items, which are not, considered a part of your boat's operations: camera or video equipment, clothing, fashion accessories, or jewelries, food or beverages, cell phones, stereo equipment, portable television, personal computers or scuba gear. Alternatively, you can ask for separate coverage for these items.

Tip. Read the fine print and so that you know what restrictions could apply to your coverage. Can your boat be stored at your place of residence? Alternatively, should the boat be at your vacation spot? Where does the coverage begin? Some policies specifically limit the uses of your boat and list the exceptions.

Liability Coverage

You'll find this coverage quite useful. You may also wish you'd paid a bigger premium, when there's an accident and your boat is liable for damaging another boat, property, or injury.

Uninsured Boat Coverage

This is the marine insurance equivalent of the road vehicle's uninsured motorist coverage. In this case, your boat's repairs are covered, in the event the owner of the property your boat collided with has expired insurance or worse, doesn't have it.

Passenger Medical Coverage

This coverage pays for the medical expenses incurred by people on your boat. This is a must-have clause and the limit can be inexpensive, from $450.00 to $10,000.00, is quite common.

Towing & Assistance Coverage

With this coverage, you'll get reimbursement for the costs you've incurred for availing of emergency services. Examples of these, your vessel breaks down, and a commercial outfit tows your vessel to the port, you've paid for delivery to replace your fuel, oil, or engine parts, or for someone to repair your engine.

The bottom line to all this? Be pro-active and arm yourself with knowledge, which among the different policies possible, your boat insurance should have.

Then, you'll sail confidently into the sun, because your insurance policy will cover you where it's most necessary.

By Mansi Gupta


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