If after seeking boat insurance quotes for the latest pleasure craft, it can be difficult to decide on that one policy that offers the best in terms of cover, conditions, and restrictions. Both the cover and services offered by the different marine boat insurance companies will vary.
In order to make that informed decision its important to look at the different types of cover that might be offered. Also, it can help to understand the legal requirements, as this varies from one state to the next, with some requiring more cover than others.
Full Coverage (also known as all risk or comprehensive cover) is the widest form of insurance coverage. It provides cover for the vessel against accidental damage, theft, vandalism, fire, and collision, whether its on the water or laid-up ashore.
These all risk policies also include a liability section (also called Protection & Indemnity (P&I)). This section covers a boat owners legal obligations to a third party, such as damage to property or bodily injury. Cover is limited to the amounts stated in the policy.
Also look towards the potential restrictions and benefits that might be offered your way.
How is a claim settled in the event of a claim - is it 'Actual cash value' - the market value is determined by the condition & age of the vessel at the time of the loss. Or 'Agreed Value' - the sum insured is determined by the boat owner & underwriter at the time of taking out the policy, so in affect the insured value. This can make a considerable difference when it comes to settling a claim, so be certain to ask how the insurance policy operates.
Often insurance companies offer benefits or discounts. If having auto and boat insurance with the one company, this might result in 10 - 15% discount or more. And if the boat owner has competed a boat course or qualification this can result in a further discount. Remember to ask for these discount when getting the boat insurance quotes.
If a vessel is 10+ years of age, over a certain length or amateur built, a insurance company might ask that a survey report is carried out ashore prior to offering cover.
Is the navigational limits suited to where you intend on using the vessel. Also, if you decide on making a trip outside those limits at a later date, how is that going to affect the premium. Be sure to ask all relevant question at the time of the quotation so that there is no nasty surprises later on.
Restrictions that are seen often on marine boat insurance policies include - date restrictions, does the craft need to be laid-up at any time of the year. Also, are there restrictions on who can operate the vessel.
Its important that when seeking out boat insurance quotes it is tailored to suit your individual needs. This can have a dramatic effect on how a potential loss is handled. So, be certain that the right marine boat insurance is in place.
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