Boat Insurance Companies

New boat owners are very easily confused when it comes time to search through all of the many boat insurance companies out there. Many of the boat insurance companies in operation today are operated by large, general insurance providers. Others deal only with insurance coverage for watercraft. It is advantageous to go with a company that does only focus on boat insurance because obviously this type of company has employees working for it that are knowledgeable about the many different types of watercraft. This will help to ensure that the right type of coverage is purchased.

Boat Insurance Companies

If you have recently purchased a boat to use for fishing, vacations or just for having fun on the weekends with friends, you will need to contact one of the many boat insurance companies so that you get a good policy drawn up. You will certainly want to protect your boat against any unforeseen events that could arise and boat insurance is the only way to accomplish this.

Boat insurance does not cover general wear and tear or deterioration. Therefore upholstery, floorboards and canvas are excluded from most policies. However, many boat insurance companies do offer mechanical coverage on brand new boats for an additional premium. All boat insurance companies offer both an Agreed Value Policy and an Actual Cash Value policy. With the Agreed Value policy, the amount of money you will receive in a total loss is the amount stated in the policy. In other words, if it is agreed that the boat is valued at $15,000, you you get paid $15,000 should you suffer a total loss. In an Actual Cash Value policy, the amount you receive is the market value of the boat at the time of loss.

When deciding on which of the many boat insurance companies to use, the deductible you pay should be your main focus. Decide on what you can realistically afford to pay out of your own pocket if something does happen to your boat. If you can afford a high deductible your premiums will be lowered but be absolutely certain that you can handle paying $500 or even $1000 in the event of a mishap.

Remember that boat insurance companies are vying for your business. You should not be afraid to ask a company any questions you may have. You will want to be sure that you can take your boat out of state for instance and still be covered. Make sure your policy fits you to a ‘T’ as there would be nothing quite as bad than having an accident and not being covered because you neglected to ask a simple question or two.

Remember that there are many risks associated with boat ownership such as fires, sinkings, storm damage, theft and collisions. Being properly covered by one of the most reputable boat insurance companies will also also ensure that you are adequately protected against lawsuits in case you happen to damage someone else’s boat or property or if someone is injured while on your boat.