Boat insurance explained the way you want it

There is nothing more invigorating – or relaxing – than navigating the water on a boat. Don’t let worry about a watercraft accident ruin your family, friends and guests’ downtime. Safety is important. Related insurance costs pennies per day, making it one of the best bargains out there.

Of course, just as auto, homeowners, renters, commercial and other types of coverage require a critical eye, boat insurance requires the same vigilance. It is important that you seek advice before purchasing a protection policy. When you sit down with an experienced, independent agent who has your best interest in mind, you can navigate the deep and wide world of watercraft protection compensation.
Following are some of the plans you should look for when buying boat insurance.

Navigation Area Coverage –
The range of water surface 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 coastal or inland waters of Canada and the Pacific coast of Mexico. Some states offer coverage for more water space.

Agreed Value Coverage –
Like cars, vans, and other vehicles, watercraft decline in value as they age. Please note that this may mean that your boat will give you its insured value, minus your deductible, if it is stolen or totally lost as a result of an accident.

Liability coverage –
Like car insurance, boat insurance provides personal liability. This means that it will pay for losses and damage to other boat drivers and boat owners, should you be at fault for an accident. This coverage provides reimbursement for property repairs or replacement. It also reimburses medical expenses and lost wages, as well as other payments as a result of a boat collision for which you are liable.

Medical Payment Coverage –
This coverage reimburses medical care caused by a boating accident. It covers the policyholder, the passengers and any involved water skiers and tubers, it is a broad protection, regardless of who is the liable party.

Physical Damage Coverage –
This cover covers boat, motor, fixed equipment and tailor-made repair or replacement costs.

Uninsured/Underinsured Personal Injury Coverage for Personal Watercraft
Unlike car insurance, boat insurance is not required by the government. If you have an accident with another boat that has no coverage or is underinsured, this form of insurance will pay for medical bills, lost wages and other covered costs related to the collision.

Liability for fuel leakage/disposal of wreckage –
In the scenario where your boat sinks or is badly damaged, an oil or fuel leak is likely. You are legally responsible for removing this from the water. With this coverage, all payments and clearances are handled by the insurance company.

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Personal belongings cover –
This insurance does not cover jewellery, watches or fur, but does provide protection for clothing, mobile phones, sports equipment and fishing equipment.

Coverage of unattached equipment –
This will pay for all equipment that is not attached but is used on your boat. Items covered include: life-saving appliances, water skis, oars, fire-fighting equipment, tarpaulins, and the like.

Emergency Coverage –
This will pay for towing, labor for repairs and supply of petrol and oil. It also provides cover for a borrowed battery in the event that the boat does not function because it is on the water.