Boat insurance should cover any major damage to your vessel. Sometimes it can be cheaper to make any amendments yourself rather than pay the excess on your insurance policy, however it is always best to take out insurance just in case.
Boat insurance policies should cover any damage due to vandalism, collision, fire or theft. This mens that if the worst does occur, you should receive all funding necessary to fix your boat or buy a completely new one. In addition to this, your boat insurance policy should also cover damage to watercraft and any excess equipment that you had under the policy. This can include water skis, fishing gear and any other items.
One of the most important parts of any boat insurance policy is that it should cover damage to other vessels if you do accidentally cause a collision. In order to avoid this, you should be aware of all boating rules and how to act in a precarious situation to avoid collision.
Boat insurance can also cover any expenses if someone is injured onboard your vessel. This means that you won’t have to pay for any private treatment yourself if it is required.
It should also cover anyone injured in a boating accident if you are responsible, meaning that you should not have to finance their medical bills yourself.
Boat insurance does cover any damage to personal property whilst it is onboard the vessel. This is especially useful if you live onboard your boat or keep a lot of belongings there on a permanent basis.
This insurance should cover your belongings whether they are damaged, lost or stolen, so can be a important clause within your policy.
Boat insurance does not typically include general wear and tear. All parts of the vessel will need replacing at some point as they are only designed to last for a specific number of years, meaning that their replacement cannot be included in your boat insurance policy.
Insurance does not cover defective machinery or mechanical breakdown, meaning this is also something you will be required to replace yourself. In addition to this, boat insurance will not cover any deterioration due to mould, corrosion or mildew. This means that you should try and keep your boat in it’s best condition during the winter to avoid having to pay for any repairs not included within your policy.
Usually, there are two types of insurance available with any boat insurance company. These are actual cash value and agreed amount value.
With agreed amount value, the insurer will pay you an amount which you have previously agreed if your boat does have some serious damage inflicted to it. This amount cannot be changed and is agreed with you at the beginning of your policy.
Actual cash value is when the insurer will pay you the actual value of your boat at the time of serious damage. They can also determine whether it should be repaired or replaced at this time.