Acquiring and maintaining a boat cost a fortune; therefore, it is reasonable for any boat owners to protect their investments by spending a few dollars on boat insurance. The essence of having affordable boat insurance is to get financial and legal assistance from the insurer if thefts or damages occur. Whether you own a yacht or a fishing boat, you must have a good understanding of what boat insurance entails so that you buy the best coverage for your costly investment.

 

Boat Insurance Coverage

There are different types of insurance coverage for boats; hence, each individual has the choice of selecting the exact types of coverage they want for their boats. Some types of coverage for boats are:

• Physical damage coverage

This type covers repairs of your damaged or lost boat. The loss or damage can by fire, theft, lightning, rain, wind, hail, collisions with other objects, vandalism and so on. When getting physical damage coverage for your boat, ensure that you get the details of what or excluded as different insurance companies have various conditions.

Payment for physical damage coverage can be:

1. Actual cash value – this is based on the market value and condition of your boat as at the time of the accident or theft

2. Agreed payment value – this option allows you to get an amount that  has been agreed on by both the insurer and insured when buying the policy

• Liability coverage

When boat on the waters, you may need to clean up and cater to some legal obligations. Liability coverage pays for cleaning up, getting rid of pollution and other obligations.

• Personal property coverage

If any clothing, personal items or fishing or sports equipment or during the incident, personal property coverage makes sure that they .

• Emergency towing and assistance

This coverage provides assistance required to tow your boat from the point of accident or incident to the place where it will .

• Medical payment coverage

Medical payment coverage pays for all medical bills that are required to take care of individuals injured on your boat. Hospital stay, first aid treatment, ambulance, other medical expenses are covered by this coverage whether you are at fault for the accident or not.

 

Factors Influencing Insurance Cost for Boat

Getting costly or cheap boat insurance depends on the following factors:

• Length of the boat

• Age of the boat

• Speed (based on its horsepower)

• The condition of the boat

• Value of the boat

• Location for operating the boat -  lakes, rivers, oceans or bay

• Types of the boat - outboard, inboard, performance boat, cruiser, saltwater fishing boat, utility boat, etc

• Number of owners of the boat

 

How to Lower Your Insurance Cost

If your target is to buy low-cost boat insurance, you should:

• Increase your deductible

• Only use your boat in safe cruising areas

• Keep your driving record clean

• Undergo certified boating training

• Reduce your liability limits

Need cheap boat insurance now? Contact experienced boat insurers who can provide you with low-cost boat insurance.