BOAT INSURANCE

Why you need to have insurance for boats

2008-07-06T09:46:00.000-07:00

The actual number of piracy attacks that were reported worldwide in 1999 rose nearly 40% in just one year. What’s more those figures nearly tripled between 1991 and 1998, according to the ICC International Maritime Bureau in London (IMB).

In the year 2000 a report conducted by the International Marine Bureau in London, also showed that annual losses due to piracy totaled over $200 million dollars. Even more alarming is the increase in weapon usage by modern day pirates such as guns and knives. Internationally a significant number of deaths, as well as serious injuries, are attributed to piracy each year.

Modern pirates may not have wooden legs and eye patches. They also may not be waving the Jolly Roger from a top their sails. Instead these criminals often navigate vessels that do not appear out of the ordinary. They will generally board a cargo vessel before the captain realizes that they are thieves. Modern pirates may do one of three things: rob the crew/passengers aboard the vessel; rob the vessel of its goods and cargo; or hijack the entire vessel.

Travelers venturing into foreign waters run greater risks of experiencing hijacking, theft, and even assault from modern day “pirates.” Having the best insurance coverage for you and your vessel is a must. The policy should cover all goods, cash, cargo, and of course the vessel itself. Maintaining the highest level of insurance, will help ensure that, should you fall victim to such a crime, the majority of expenses and costs you experience can be recouped.

What to look for in a boating insurance policy

2008-07-04T09:45:00.000-07:00

When it comes to sailboats, yachts, or even fishing boats, you will want to consider that there are a lot of options. You will want to think about your individual boating needs and also think about ways that you may want to explore. It is something that you can do for fun and you’ll have plenty of pleasure in the sun and water. It doesn’t matter if you like to ski or even you are just a beginning sailor.

Just as boating enthusiasts differ in their boating preferences as well as in the way they use their vessels, boat insurance coverage options also differ, depending on the boat’s uses, it’s monetary value, and it’s importance to the owner.

You will find that there is a lot of options when it comes to insurance. You will want to think about just getting liability or full coverage. There are a lot of insurance options. Deciding on the right option, however, can be a tricky matter.

A boater who engages in speed boating, will most likely need a different type of coverage from the boater who enjoys pontooning, or the one who embarks only on brief fishing excursion, once or twice a summer.

There are some things that you’ll need to consider when it comes to boat insurance. You will want to keep in mind that there is a certain amount of money that you’ll need to invest in when it comes to keeping and operating the boat. You will find that there are many factors that will affect the amount of insurance that you need. You will find that if you have a lot of expensive equipment on board then you’ll need to carry more insurance. The less that you have invested in the boat the less insurance you will have to consider.

How to get boating insurance

2008-07-02T09:44:00.000-07:00

If your vessel is more than 10 years old your insurance carrier may require you to receive a Marine Survey, to certify that the boat is both safe and seaworthy. The Marine survey will also give your insurance carrier an idea of what the vessel is worth, according to fair market value, an important aspect in getting an accurate insurance quote.

A marine survey can benefit you in several ways. While you may contract the survey to be done because an insurance carrier or potential lender has required it, it may save you money on your insurance premium, in the long run. A thorough survey can also identify potential problems that you may not have been aware of, helping you to avoid an unwanted accident, or break down on the water.

Marine surveyors will generally inspect the hull and frame of your watercraft, as well as the engine and any other exposed areas. Surveyors can often identify problems, and offer suggestions on repairs or maintenance. Letting the boat owner know of potential risks and hazards allows for preventative measures to be taken, before a disaster occurs.

The cost of a marine survey varies depending on the extent of work to be done. Larger vessels obviously take longer to inspect, and therefore will be more expensive to survey than a smaller craft. The cost of the survey itself, however, is small in comparison to the risks a boat owner may take in not having one completed.

Learn how to protect your boating investment

2008-07-01T09:39:00.000-07:00

For those who are looking for a new boat you’ll need to consider that there is a certain investment that you’ll need to have in order to keep your boat protected. You will find that new boats will cost as little as $10,000, but they can get very expensive and it can cost as much as $200,000 or more. You will want to keep in mind that that it is important that you don’t have to have the expensive boat, but you’ll want to also consider that the more money that you invest in your boat, the more you’ll need to invest in insurance.

Additionally, if the prospective boat buyer intends to finance the purchase, in almost every instance, the lender will require full coverage insurance. Truly, it makes sense to get some insurance coverage.

Although in many state laws do not require boat insurance, it is always wise to insure any property that requires such a substantial investment. There are only a few people who would consider not getting insurance for their home or car, and you don’t want to be one of those people, because you may end up losing a lot more than you think if something were to happen. .Keep in mind, you will want to keep yourself protected by having the coverage. Your family and loved ones that will be accompanying you on your boating trips will need to have the insurance just those just-in-case accidents.

You’ll need to think about the ways that you will be able to save a few dollars on the insurance, but you also want to make sure that you know you are covered for those just-in-case times. You can’t afford to lose more any more than necessary on your investment. You don’t want to end up losing more than what you can afford. If you don’t have any boating insurance, you will find that it can hard for you to get over the loss.

With boating insurance you will be able to keep things like accidents and personal injury out of your mind. If they do happen, you know that you’re covered and also you’ll feel safer when having guests on board. You will also want to think about things like natural disasters and theft. It can help you feel better when these unfortunate events happen. You will want to make sure that you think about the insurance and how you can use the insurance to keep the out-of-pocket expenses to a low.

Factors that affect your boating insurance

2008-06-29T09:38:00.000-07:00

Boat insurance rates will go up and down and it happens to be based on a few factors of risk. You’ll want to make sure that you consider that boat insurance is much like car insurance. For those who have had bad experiences the price will be much higher, but for those who are good sailors you will have lower rates. You will also be able to get a discount if you take a class on how to operate a boat in a proper manner.

When it comes to having safety equipment you will need to think about how it will affect the boat insurance. Fire extinguishers, emergency equipment and other special safety features installed on the boat will help lower the rate of the insurance premium.

The age of the boat or the value of the boast will also impact the rate of insurance. For a newer boat, you will have a higher premium, but also the most expensive the boat is, the more expensive it will be to insure. You will also need to remember that the boat will depreciate each year and that too will have an affect on your boat insurance.

Also, you’ll find that it is a lot like car insurance and the risk of liability will also increase the cost of insurance. Previous tickets or boating accidents will directly affect the rate you pay for your insurance. Since, there is a presents of neglect and liability, you will find that if the owner was at fault because of drugs or alcohol. Then the premiums will be the highest.

Then to obtain the best insurance you will want to install some safety features and have the boat looked at. You will find that this is a tax write off too. You’ll also want to make sure that you follow all the laws and rules of the local and state. You will also find that there are tax breaks just as there are when it comes to operating a car.