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Boat owners should understand how boat insurance differs from that of your car insurance. Though
one goes by land and the other by sea, there
are variations beyond the basic coverages.
In fact, boat insurance policies, and yacht insurance policies can even vary between companies that specialize in boat insurance in Cumberland County.
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Boat Insurance Quotes Online.
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A boat insurance policy will consist of
physical damage, and liability coverage.
Physical Damage Coverage
This reimburses for damage to the boat and its machinery. The best physical damage policy is an “all risk” which covers any cause of loss not specifically excluded in the policy, like wind storms, vandalism and collisions with the dock.
When comparing physical damage coverage you should know whether an insurance settlement is based on “agreed value” or “actual cash value.” Agreed Value
Reimburses the insured for the amount listed on the policy in the event the vessel is a total loss.
Actual Cash Value
Takes into account depreciation and the condition of the boat at the time of loss. The latter option provides less coverage but the premium is usually reduced.
Liability Coverage
This covers legal obligations to third parties due to injury, loss of life or property damage.
Experts recommend selecting a policy that continues to cover your vessel even when it is stored or
being transported by trailer.
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Additional Boat Coverages
Medical Payments
Pays your first aid, ambulance and hospital bills
in case of accident. Also covers any passengers
injured on your boat.
Towing and Assistance
Pays for emergency assistance such as boat towing, emergency repairs while underway or
fuel delivery at sea.
Personal Property
Reimburses for loss of personal property including clothing, fishing gear, equipment, GPS and more.
Uninsured Boater
While not mandatory, this coverage compensates you and your passengers for injuries caused by another boat owner who carries no liability insurance.
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How much your boat insurance will cost depends on several factors. These factors include the value of
the boat, its length, age, the type (sail or power),
dock location, intended area of navigation and how high a deductible you choose. Methods of reducing
your insurance premium include accepting a higher deductible, reducing your area of navigation, installing safety devices (like a fire extinguishing system in the engine compartment or a vapor detector in the bilge) and making sure the policy provides for “lay up” periods when your vessel is out of the water.
Take the time to get a free boat insurance quote
online now. Get the best boat insurance rate. Find the best boat insurance plan, and reduce your boat insurance cost in Cumberland County.
Get the best boat insurance prices!
Compare Quotes and speak to the experts
in boat insurance.
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