Marine insurance agents and company personnel are used to answering numerous questions when soliciting prospective clients. Most of the people are interested in knowing more about the clauses, compensation terms and conditions and so much more. Some of the more common ones and the answer to each are listed here:
Am I required to have a certain minimum amount of coverage? No minimum amounts are required. However there are standard limits on liability coverage including $100k, 300k, 500k, and $1 million. Some companies impose liability limits while others don’t. The marina that harbors your boat may also impose liability limits. Additionally, some umbrella policies may require you to carry a certain liability limit.
Do boat insurance policies include liability coverage? Yes they do. If you have liability coverage, protected against damaging the following:
- another vessel
- docks
- personal watercraft
- sailboats
- yachts
It also covers you if you cause bodily injury or death while you are on the water. Finally, most boat insurance policies cover the boat trailer against damage caused externally and physical loss.
Do I have coverage when I’m not on the water? If you signed up for comprehensive and collision coverage, it’s covered. On the other hand, liability, medical payments, and uninsured motorist will only cover those damages when your boat is on the water.
How can I save money on my boat insurance policy? There are numerous factors that influence the cost of boat insurance policies. For instance, areas that are prone to hurricanes and other coastal areas typically cost more and have higher deductibles. If you enroll in and pass an approved course on boating safety, you could be eligible for a discount. For more information on saving money on your boat insurance policy, you should discuss your needs with licensed, reputable agent.
If I’m involved in an accident when I’m towing my boat to and from the water, do I have to pay for the damages? If there are damages and you have comprehensive and collision coverage in your policy, your insurer will cover that.
Is there any additional coverage that might be useful? There are several optional coverages available such as:
- fishing equipment
- injuries caused by other boaters
- personal property
What does a boat insurance policy typically cover? Most policies a wide range of equipment that is normally used on board such as furnishings, hull damage, machinery, and sails for example. Policies also cover damages from collisions and sinking as well as malicious mischief and vandalism.
Why shouldn’t price be the most important consideration when I’m shopping for a boat insurance policy? You’ll find that boat insurance policies contain a number of differences and that no two are ever the same. Purchasing boat insurance based on the cost alone could result not having the coverage needed should you incur a loss. When shopping for boat insurance, it’s crucial that you deal with a reputable company and agent.