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Whether you’re a seasoned boating professional or new to the hobby, boating insurance is of critical importance. There are several different components of the boating insurance policy, and it’s hopeful to educate yourself beforehand to know what to expect. Knowing as much as possible about policies will also help you select the option that’s right for you.

  • Defining a boat: for the purposes of an insurance policy, a boat is typically defined as any vessel 26 feet or smaller. A yacht, on the other hand, is classified as any vessel larger than 27 feet. Your policy will stipulate the difference between a boat and a yacht, so make sure you have selected the right policy type.
  • Personal or commercial use: different policies are associated with boats being used for commercial and personal uses, so make sure you’ve selected a plan that matches your scenario.
  • Boating liability: liability coverage is essential in the event that there’s an accident in which you are responsible for damage or bodily injury to another person.
  • Agreed value or agreed cash: generally, boating insurance policies will be agreed value, meaning that the policy will pay out specified value when the boat is involved in any loss, where is an actual cash policy uses depreciation to determine value.

There are many different reasons to acquire a boat insurance policy. First of all, many marinas mandate proof of insurance before allowing you to more or launch your boat. Secondly, insurance can protect you in the event of a major loss or in the event of bodily injury, protecting you from sudden and devastating expenses. A boat insurance policy can be customized to your individual needs, providing you the most effective coverage at a reasonable price. Boat insurance can also be expanded to protect you against loss or theft while on board. Maintaining a boating insurance policy is prudent practice an important protection for your assets.

Boat Insurance Tips

  • Ensure that your policy covers trailering, since some policies exclude this and could result in high repair or replacement expenses for the boat owner.
  • Generally, you’re better off purchasing an individual boat insurance policy rather than adding it to homeowners coverage. Homeowners policies tend to be very restrictive in the events that will be covered.
  • Several coverage add-ons exist, such as towing, salvage, cruising extension, or consequential damage. These add-ons can significantly increase the protection for your boat.