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The Ins and Outs of Boat Insurance

Before you head out onto the water, you as a boat owner are well served by obtaining a comprehensive insurance policy. Good boat insurance offers policyholders financial protection should any of a myriad of types of accidents and injuries occur.

An entry-level policy will protect the boat owner from many of the most frequently occurring accidents that happen on the water or during the overland transportation of the boat. Included in this coverage are minor accidents that damage the boat and any personal items within. Should an accident happen causing injury to those in or near the boat, then this kind of policy will often cover some or even all of the medical expenses.

One of the largest departures from other kinds of insurance, boat coverage allows boat owners to choose between actual cash value and agreed value for their payouts for loss. Actual cash value policies are reasonably priced, but as the watercraft ages and its value drops, the payout sometimes falls short. Conversely, with agreed value policies, the policyholder will always be provided compensation that remains close to what things cost. The owner opts for any value previously to buying the policy.

It is important to keep in mind that the higher the value the more costly are the premiums. Many things contribute to how much one’s policy premiums will be. First up is the value of the boat being insured and the total horsepower of it. An insurance professional can also investigate the owner’s boating safety record, how and where the boat is enjoyed, and the time of year it is mostly used. For instance, a little fishing craft that is safely stowed away during the wintertime and generally used for some quick trips every now and again will have far lower premium costs than would a big luxury powerboat. Another special feature of boat coverage is the protection it provides no matter where you might go with your boat.

Note that the policyholder must contact their insurance provider about where he or she intends to go with the boat so that these places will be covered.