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How does boat insurance work and protect me?

Date Added: November 18, 2011 07:17:31 AM
Category: Insurance directory

How does boat insurance work and protect me?

Insurance of boats is important to protect our investment. Boats should be insured as soon as possible when you have purchased it, whether the boat is new or a second user version.

Types of boats which can be purchased and insured are:

•    Canal boats
•    Dinghy
•    Jet skis
•    Motor boats
•    Narrow boats
•    Narrow boats
•    Rowing boats
•    Speed boats
•    Wind surfer
•    Yachts

Boats need to be protected by insurance due to the fact they are:

•    Can be easily stolen or be involved in a fire
•    Could be totally destroyed by the weather
•    Could sink to the bottom of the river or sea
•    Fragile and can be damaged
•    Open to adverse weather conditions
•    They can suffer from damage, wear, tear and accidents

Fixing the above or replacing the boat can be costly to the boat owner and insurance is essential to save the life of the boat.

Tips to observe when obtaining boat insurance are:

•    Fire, theft and weather damage needs to be taken into account
•    Legal expenses cover
•    Lightening damage must be covered
•    Medical expenses cover
•    New boat cover and its period must be established
•    People using the boat need to be covered
•    Possession and contents cover
•    The definition of total loss need to be examined
•    Third party liability
•    Uninsured collision of uninsured boats should be investigated
•    Vandalism damage needs to be covered
•    What equal value means should be agreed for any time period involved, you may need to consider gap insurance as an option

The insurance of a boat is highly essential but insurance is vital if you planning to use the boat on any of the inland waterways and an inland waterways licence will be necessary. Boat insurance is also essential if you will be visiting a marina or entering a safe harbour.

Read the boat insurance terms and conditions carefully and store the insurance documents in an easy to find place.
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