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Boat Insurance

Watercraft or Boat Insurance

Insurance for boats and other watercraft gives coverage protection for both the physical boat and for the owner in the event of damage, theft or total loss. Boat insurance is an inclusive term for all water craft that are motorized such fishing boats, jet skis, water ski boats, pontoon boats- all the way up the scale to large power boats and yachts. Boats like canoes, kayaks, rafts and paddle boats normally can be covered by one’s homeowners’ insurance policy, but not by boat insurance. This kind of insurance can give the policyholder normal coverage with the option of specialized kinds of additional coverage that you may not expect. Speak with an insurance professional for further information.

When faced with loss, this kind of specialized coverage can be a real financial life-saver. To the accident uninitiated, it is easy to not consider aspects of a policy that, during an accident, could be very helpful. Coverage such as wreckage removal and emergency towing can cover what is an easily overwhelming out of pocket expense. Examples of extra coverage and other offers include what is called “Disappearing Deductibles” coverage, which leads to reductions of deductible costs by 25 percent when a customer chooses to renew and has been claim-free during his or her coverage history. There is “Total Loss Replacement” coverage that ensures the boat owner is reimbursed fully for the replacement of the lost boat with an equivalent, brand new boat of similar quality. One can also purchase “Emergency Towing and Labor” coverage that provides on-water towing for one’s disabled boat.

Total loss replacement coverage is usually restricted only for boats that were previously untitled and up to only one year of age. Other boats generally are insured for their appraised and actual cash value. As always it is in one’s best interest to be familiarized with one’s insurance policy particulars- when the time comes to utilize your insurance you don’t want to be in for any unpleasant surprises at a time of a loss.

When one uses wreckage removal coverage, the insurance company has agreed to pay any reasonable costs associated with an attempted or actual removal or raising of a policyholder’s boat or for compensation for the removal of the destroyed insured individual’s boat’s remains. This is all hinged on loss for which there is physical damage coverage. The amount of liability coverage is determined by whether or not the policyholder is required by legal requirement to remove, raise, or to destroy the boat.