Few things are more enjoyable than skimming across the water in your boat. However, boats can be expensive to maintain. Boats are easily damaged and repairs can be costly.
Boat insurance acts similar to personal auto coverage, where a premium is paid commensurate to the value of the vehicle. This premium then entitles the owner to coverage. Within the larger umbrella of boat insurance, there are multiple specific insurance types. Much like with personal auto coverage, not all boats are identical and require the same level of coverage.
For the larger sea faring vessel, yacht coverage covers structural damage as well as the specific motor and gear associated with such a large sea faring vessel. Beyond the simple coverage of potential damage to your yacht, other concerns must be considered in the type of boat insurance you purchase.
For instance, potential injury on board is always a concern. In the event that someone falls overboard and drowns or is in some other way injured by your boat, you will find yourself liable for their injuries. For this purpose, medical payment coverage is available as a part of your boat insurance with a limited amount for non-family passengers and a much larger coverage for family members.
Another major concern for a larger boat is where you will be insured. A sea faring vessel has the capability to travel through international waters making it difficult to know exactly which regions you should consider for your insurance. Some insurance companies limit your coverage to a specific region of water, where some can extend throughout the entire world.
Not all boats are seafaring, as many are for small ponds or lakes. These are ideal for fishing boat insurance. This kind of insurance is also sometimes referred to as angler’s insurance. It not only covers the boat itself, but also will insure any fishing equipment on board. This type of insurance also covers the loss or damage to any equipment being carried on or off the boat. Having this type of insurance provides a nice alternative to having to submit a homeowner’s claim for damaged fishing equipment.
There are a number of ways to save on boat insurance. The most common being bundling. By bundling your boat insurance with your personal auto coverage or homeowner’s insurance, you can save up to 15%. These savings vary by insurance provider, but the end result is the same.
If you have questions regarding boat insurance, let Blue Sky Coverage help you find a policy that suitable for your boating needs. Call us today to get a quote.