Boat Insurance Company Never Told You

Boat Insurance Company Never Told You

You have set the weekend aside for some boating with friends or family, the coastline looks picturesque and breezy, and you’ve decided that you want to sail a notch further across the border. But does your boat insurance cover for that?

Just back in 2010, there were an estimated 75 million number of sailors in the U.S, and the number is even higher by now. At the same time, the number of boating accidents has increased drastically, and the sad part is that not many of these victims got to be insured by their respective premium providers. It all boils down to missing the loop holes you are about to discover below.

Your Home Policy May Not Cover Your $10, 000 Boat

It’s not strange to find homeowners counting their yachts or cruise boats as part of their insured home items. However, the reality is different—your boat insurance could only be inclusive of smaller boats like kayaks, canoe, or sail boats with smaller engines. If you just purchase a $10,000 yacht ready for the turquoise coastal waters, you may have to cough up extra to insure your new prized possession. It’s something you may want to consider, especially if you don’t want to handle two different policies all together—or if your premium agent failed to mention it  boat insurance

Some States Don’t Request For Policy Registrations

Some American states may not require you to have an insurance registration for your new boat. Though this may seem an advantage in the beginning, it could turn to be a calamity when that accident finally happens. Unless you have emergency funds set aside to cover for any damages or injuries incurred while sailing, do yourself the favor and get boat insurance.

Your Boat Insurance May Be Null On International Waters

What happens to your boat premium cover when you decide to take that adventurous sail from the shore lines of Washington all the way to Vancouver? What you may not have known is the fact that your boat insurance company set navigation limits on how far you can sail. If you go beyond their set borderlines, anything that happens to you beyond that is entirely on you.

So be on the safe side and find out how far you can take your boat with the given boat insurance policy cover. In such a case you may need to go for marine coverage that functions on an international scale. Of course, it’s going to be expensive compared to your local boat insurance policy cover. Nonetheless, it’s totally worth it if you are planning to be quite adventurous this year.

International maritime coverage works for both yachts and luxury boats, and it’s up to you to find the right coverage for your vessel. Coverage often follows the same rules as your local policy cover:

  • Coverage against any physical damage on your boat caused by an immersed object or another boat
  • Coverage against any personal property ruined while on the boat or property of other boat owners
  • Coverage for body injuries on you or third party victims
  • Emergency towing or gas supply whenever you get stranded out in the sea

Bottom Line

The above highlighted are some of the fine details that most boat insurance companies don’t get to tell you as you apply for their policy. Accordingly, conduct further research before settling on the ideal boat policy cover.

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