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As opposed to both home and auto insurance, it is generally stated that boat and/or yacht insurance should not be chosen in accordance with price. I.E price should not be your motivating factor. Auto and home insurance generally offer similar types of coverage, regardless of the provider, so a consumer can focus more on getting the best available deal. For boaters, however, the types of coverage varies a great deal from provider to provider, making the types of losses covered a more important determinant than the price itself. The majority of marine insurers who provide boat insurance offer many differing types of plans, which are suited to that company’s level of expertise and the type of customer whom they are looking to attract.
For the most part, boat or yacht insurance consists of two main policies:
- Physical damage: The best policies provide what is referred to as “all risk” coverage which basically pays for any/all damages incurred that aren’t specifically excluded. Another important feature is that your boat receive the same damage coverage when being towed on land by a trailer, that it receives whilst in the water.
- Liability: liability coverage is important should any unfortunate circumstances cause your boat / yacht to become wrecked. The costs associated with removing the wrecked boat are not covered under physical damage, and can add up to a hefty fee. Owners might also find themselves responsible for the costs of any kind of further environmental cleanup that is needed as a result of the wreckage, such as minor oil spills. A good liability coverage policy will safeguard the owner from all such incidents.
Some of the factors that influence the cost of boat insurance include:
- Where do you use your boat and when? - Did you know that it costs more to insure a boat in coastal waters than it does to insure a boat in rivers and lakes? This is especially true if you have your boat in an area that can be impacted by weather/storms such as hurricanes.
- Boating safety class- The National Association of State Boating Law Administrators offer safety courses through which you can receive a discount from some boat insurance providers.
- Stellar driving record- If you are responsible behind the wheel of a car, it is generally inferred that you will be responsible behind the wheel of a boat. This allows for a cheaper premium.
- Limits on liability- It makes sense that minor coverage = low cost. Extensive coverage = high cost.
- Deductible size- The higher the size of your deductible, the lower the cost of your premium.
- Where is your boat stored? - If your boat is stored in a secure location, the cost of your premium will be positively affected. If your boat is stored in a location that is not too secure, then the cost of your premium will be negatively affected.
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