Posted: Mon Apr 17, 2006 11:03 am Post subject: A brief about Boat Insurance
Boat insurance is a form of vehicle insurance covering a large and faster boat. The small boats are mostly covered under home insurance where in the liability coverage would be as per stated in the home insurance policy. But the boat insurance is a different policy altogether, than the home insurance. While determining the cost of a boat insurance the company would count on a number of factors like the size, type and value of the boat as also the location where it is to be used.
Posted: Sat Jun 10, 2006 10:16 am Post subject: Personal Watercarft Coverage
Standard homeowner's and/or auto insurance policy offers very limited coverage for the personal watercraft. The coverage may not include certain perils because of its limitations. Also the premium amount and the types of coverage vary depending on the size of the watercraft as well as on the companies. When you want to purchase a personal watercraft policy you need to talk to the company representatives or agents for the types of coverage available.
In general the coverages are Physical damage, Liability and Medical payments.
Physical Damage coverage: This coverage protects your boat against Fire, Theft, Vandalism, Lightning, and Windstorm allowing the repair or the replacement costs. Most physical damage coverages are based on the Actual cash value of the boat. Actual cash value pays the boat's current replacement cost minus depreciation. Some companies offer an Agreed Value policy which pays the replacement or repair without depreciation based upon the agreed-to value of the boat.
Liability coverage: This coverage pays when you are at-fault causing damages to the other party's property or causing bodily injury up to the limit of liability selected. Insurance company pays for the cost to replace or repair damaged property, the medical bills and wage loss incurred by an injured person. The limits start from $15,000 and that can be increased to $300,000.
Medical Payments coverage: This pays for the necessary medical care costs and funeral expenses resulting from boat accident. The minimum coverage level can be increased for an additional premium.
Where can I buy cheap boat insurance coverage? what are the basic coverages offered by the boat insurance policy? _________________ Register Now to have your Insurance queries solved.
Hi luv-n-laugh, first you may need to find out whether you're actually required to buy a boat insurance policy or not, because small boats and kayak are normally insured under the homeowners policy. Hence you may not need to buy an extra policy atall. If you can't understand the HO policy terms regarding insuring your watercraft, you can ask the agent to explain it to you. This can save you a lot of money on boat insurance.
However, you can try with the Boat U.S and the National Marine Underwriters. They are known to offer competitive boat policy at a competitive rate. You can ask for quotes from them.
