A boat is an expensive investment that needs to be protected by insurance. Boaters insurance is comparable to homeowner and auto insurance which provide basic policy coverage customized for your needs.
Liability, medical payments, damages and wreck removal are some of the basic inclusions in the policy of boaters insurance.
Liability
Liability to others should be covered by boaters insurance. It includes damage to the property of others, loss of life and personal injury. Damages should be covered on your boat and its related equipment. Also, it must include provision for removal of wreck to your boat.
Medical Payments
Medical payments must be covered for any injury related to you, your family and guests while on board or leaving your boat. It should also have a provision for towed water skiers in case you will encounter one while using your boat at sea.
You must be aware of other hazards while operating your boat and try to include it in your boaters insurance. Try to know if the insurance covers damage to launching, fire, lighting explosion, sinking, underwater damage and theft. It will be beneficial for you if these aspects will be covered by boaters insurance.
Assessment of Premiums
Insurance companies assess the premiums charged on boaters insurance based on experience on sailing, waterways where you will navigate your boat, previous insurance claims, value, style and age of your boat. Some insurance companies take into consideration your automobile driving record as a factor to determine the amount of premiums that will be charge on your boaters insurance.
Avail Discounts
Boaters who finished a recognized safety education course are usually given discounts by some insurance companies in the payment of boaters’ insurance premium. Some insurance companies also give boaters who have not filed a claim on their insurance for at least two years and who purchases insurance with the same insurance company priority discounts.
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