Whether you are considering buying a boat, any other motorized water vehicle, or maybe you already have it. You must ensure that your property and liability obligations are covered in case of an accident and have boat insurance.
Although many of us would not even like to think that a water vehicle accident can happen. The reality is that they happen. Even the marinas (boat clubs) require that the boats inside their docks are insured.
Normally, the policies charge in the policy 1 to 2% of the price that your boat has in the market. But the costs really depend on several factors just like any other type of insurance. Among these, the age of the same, odds of hurricanes or tsunamis in the area where the boat is located. Other factors such as size, speed, value, conditions, type of boat (fishing, yacht, commercial, cruise, utility, etc.)
Things you need to consider when getting your Boat Insurance policy with Aseguranza de Auto
The usually navigated area
Just make sure you don’t navigate on international waters. Although there are companies that will cover 75 miles (120.7 km) outside national waters. Most policies do not cover outside the country, but you can purchase the coverage.
Agree on the value of the boat for the coverage
Boats and other watercraft depreciate too, just like cars. Policies that consider the actual cash value might make it difficult for you to get the amount you paid for in case it is stolen or destroyed.
Meaning that if your boat or watercraft is a total loss, you will get back the value it was insured for, after the deductible.
Boat Insurance Liability Coverage
This is, of course, the first part to consider, you cannot really insure a boat or watercraft without getting this coverage first. As you might already know, this is just like auto liability insurance. In case you are at fault, it will cover the property or third parties that you damage. It pays for medical expenses, lost wages and other costs to cover as a result of a boating accident.
Boat Insurance Medical Payments
This part of the policy will cover the cost of needed care resulting in a watercraft incident. It goes from $500 to $10,000, it will provide coverage for you and your passengers, no matter who is at fault.
Physical Damage Coverage
Physical Damage Coverage covers the cost of repairs and replacement of the watercraft itself, any permanently attached parts of the watercraft and even its transportation trailer in case it gets damaged or stolen.
Uninsured/Underinsured Watercraft Protection
Getting insurance for a watercraft is not mandatory, so you need to keep in mind that most watercraft owners do not have insurance. This coverage will take care of medical expenses and other costs to be covered as a result of an incident.
Fuel Spill Liability and Wreckage Removal
If your watercraft is severely damaged or it sinks, it could leak fuel and oil into the water and you are obliged to clean it up, it can take much off your time and it can be very expensive, that is why you need this coverage.
The Watercraft Insurance policy you get can cover personal effects, belongings, like sporting equipment, luggage, electronics, etc that are inside the watercraft.
Unattached Equipment Coverage
Unattached Equipment Coverage pays for the repairs or replacement of equipment that is not originally attached to the watercraft. This includes anchors, tarps, water skis, fire extinguishers, oars, lifesavers, etc.
Boat Insurance Emergency Assistance
When you get an Emergency Assistance package you get coverage for labor and delivery of fuel and oil the watercraft may need, battery charge or towing if the watercraft breaks down in the water.
Boats as a hobby are an excellent way to relax with friends and family. You can rest easy knowing that your boat is properly covered. If you still have questions about boat insurance, please contact us.