Get Smarter With Your Insurance
Regarding guarding your boat, it is more logical to make your boat insurance distinct from your homeowner’s policy. This is because these policies can be somewhat limiting, they may not cover key marine hazards which your insurance ought to.
You need to have your Boat insurance to give you absolute peace of mind to navigate your vessel and give you a wholesome and pleasant boating experience. In a bid to achieve this, we at Import a Boat can help you get the best insurance rates. We can also help you obtain new insurance policies or seek ways to cut cost on your current insurance policy.
Boat insurance can help cover risks of theft, accident, fire hazard, lightening etc. it also covers protecting someone or someone’s property that gets destroyed in a boat accident. The entirety of Boat insurance covers vessels such as a sailboat, motorboat etc. There are various insurance policy packages, and their different overages include; fittings, machinery, furnishings etc.
Types of Boat Insurance
There are two different types of Boat insurances. They both have distinct variation as well as superior costs.
Actual Cash Value: This particular boat insurance policy caters for the cost incurred in the substitution minus the vessel’s depreciation at the time of the loss or accident. If the vessel got lost, other pricing mechanisms were used as determinants for the value of the insurance policy, such as the pricing guide of the boat and other resources. Asides this, losses that are considered partial are determined by considering the amount total that it would cost to repair minus depreciation value.
Agreed cash value: for this particular insurance policy, it is solely determined by the value of the boat which has been pre-agreed upon, in case a loss or accident is occasioned. Here, you will be paid solely the amount agreed upon. The amount agreed on will substitute the old items for the new items if there is a loss. This occurs without subtracting any depreciation value.
At Import a Boat, we also provide additional coverage for boat insurance. These are mostly targeted at specific damages or accidents. They are;
- Injury To The Actual Vessel: this includes the boat’s body, the machinery and internal wirings, the aesthetics or looks of the boat, the hull etc. This policy does not cover issues such as faulty machinery, wear and tear or minor damages.
- Stealing The Boat: This coverage applies to the theft of the vessel or belongings within the vessel.
- Physical destruction of someone’s property or grievous bodily harm caused to a third party.
- Others include payment of medical bills, payment for legal liability etc.
What Does Boat Insurance Cost?
The amount total for vessel insurance is not fixed. It changes depending on a range of variables, which include;
- The type of insurance policy opted for as well as the insurance discounts available.
- The physical outlook of the vessel, i.e. the size and type of boat being insured.
- The location for use and storage of the vessel.