Discount Boat Insurance
The two happiest days are getting discount boat insurance and the day you need it because of some freak accident on the high seas or the shallow pond. That's not exactly how the old adage goes, but the reality is that there are at least as many things to go wrong on the water as on the highway so one doesn't dare hit the briny deep or the algae filled lake without coverage. Yes, there are no deer running across the lake to hit, but there are sometimes floating logs not seen until it's too late and there are drunk drivers everywhere. So a watercraft owner who is responsible will seek out coverage that may turn out to be discount boat insurance, but that remains to be seen. First, consider all the components of watercraft coverage.
There is of course, the comprehensive piece of the puzzle that covers damage to the boat or yacht and the mechanicals such as the engine and controls. From watercraft to watercraft, the costs will be different because of building materials, etc. This also will cover the loss of a watercraft through theft, and the national average is almost ten thousand boats stolen nationwide each year, so that puppy better be covered with either premium or discount boat insurance. Cheaper watercraft insurance can be easily gotten by omitting the comprehensive coverage off a policy, but if desired the advice would be to choose actual cash value comprehensive coverage over agreed value. ACV pays just for what the craft is worth at the time of being destroyed, while agreed value comprehension pays for a set price replacement when needed. Another way to have cheaper coverage will be to have high deductibles, just like car insurance.
Of course there is also the liability portion of the discount boat insurance picture. Take that teenager that you allow to take that beauty out for a trip around the lake, and coming back to dock he accidentally hits the throttle forward rather than reversing engines. The dock belonging to your good friend is wiped out in seven seconds and who will pay for its replacement? Good old liability coverage. Liability coverage can also cover the watercraft and trailer coming off the hitch and slamming into an oncoming car and any other unforeseen circumstance while out of the water where the watercraft does damage but this will depend on the particular wording of the policy so check with the provider before making assumptions. Liability will help pay for court costs if a watercraft owner is sued over an accident of his fault and will cover medical costs for those hurt outside the insured boat's occupancy.
Cutting the costs of watercraft insurance premiums will include making liability coverage as slim as possible. It will mean lower medical coverage for those hurt on your watercraft as well as for those are hurt by the boat. There won't be coverage for an uninsured boater who may hit your craft or for all the possessions onboard at the time of an incident. Discount boat insurance will get you on the water, but it may not relieve the worry that a diligent boater may still feel. The Bible speaks often about worry, and the opportunity for Christians not to do so if they trust God's care for them. "Be careful (anxious) for nothing; but in everything by prayer and supplications with thanksgiving let your requests be made known to God and the peace of God which passeth all understanding, shall keep your hearts and minds through Christ Jesus." (Philippians 4:6, 7)
Taking a boating safety course is a good way to help secure the discount boat insurance coverage so sought after by watercraft owners. And while taking a course will help to cut a small fraction of watercraft expenses, the reality is that the cost of owning a boat goes way beyond the fuel that it takes for a weekend splash. Marina gas can be 100% higher than on the turnpike, there is always some maintenance issue with the boat or trailer, leaving a boat outside in winter is not recommended so storage is required along with yearly registration and the stuff needed in the boat to make it more fun. The difference between premium coverage and discount boat insurance coverage in terms of monthly payments may be the tipping point of owning the thing or not. In fact, some financial experts have suggested that renting a boat a few times a year just might be cheaper than owning one year round. And if you're thinking about a sailboat being cheaper to insure, forget it. They may only go eight miles an hour but the equipment is very expensive and the coverage, be it premium or discount will still be pricey.
Applying for that discount boat insurance is a fairly easy process. The provider will want to know every pertinent bit of personal information as possible or needed. Imagine applying for car insurance online and you will begin to realize the experience. Ever tying about the particular boat under discussion will also be in the mix. Hull type, engine displacement, length, age, possible drivers and other minutiae will have to be disclosed. Do not take the first quote. See how the numbers average out and if a quote seems really low, even a so called discount quote, double and triple check both the company and that everything is apples to apples.
New Boat InsurancePurchasing new boat insurance may not always be required by law, but only makes sense for anyone who wishes to protect this valuable leisure asset. In addition, any water craft that serves as security for a loan will require coverage that will pay off that loan if something should happen to the vessel. In some cases, additional liability coverage may be required. Marinas that allow storage of personal water crafts may also have regulations that require owners to insure any boats being stored. All in all, boats and water crafts can be very expensive investments that require adequate protection. The dollar amount of this protection may vary. Some owners may only wish to carry the minimal amount that is required by a storage facility while others may wish to insure a boat for up to hundreds of thousands of dollars worth of coverage. Policies can be purchased for a wide variety of maritime vehicles. These vehicles could include bass boats, pontoons, jet boats, high performance watercraft, ski boats or any number of maritime products. Coverage could include medical payments, liabilities, hull coverage, personal effects, towing or coverage against damage done by an uninsured boater. Many boaters assume that they can simply rely on home owner's or renter's insurance, but these policies may not offer adequate coverage. Detailed discussions with a knowledgeable agent can inform a consumer on the extent of their current coverage and whether or not additional new boat insurance is needed.
The coverage that is offered in most new boat insurance products can vary widely. Most clients will be given a choice between purchasing coverage for the agreed upon value of the water craft and the actual cash value. The agreed upon value is somewhat self explanatory. A value that is assigned by the insured individual and the insurance company, and is based upon a fair market value with no depreciation, is an agreed upon value. An actual cost value will include any appropriate depreciation on the insured vehicle. These values are all part of the hull coverage feature of a new boat insurance policy. Another choice that a water craft owner will face is a choice between protection and indemnity and simple water craft liability. Injuries to hired crew, removal of wreckage, property damage, negligence, and bodily injury protection all come under the umbrella of protection and indemnity coverage. Simple water craft liability protection will usually cover property damage and bodily injury. Other protection choices could include all risk or specified perils coverage, navigation limits, coverage for lay up periods, and deductibles. A lay up period is any time that a water craft will not be in use. Navigation limits may be put in place by some policies and will mean that a water craft is not covered if an incident occurs outside of a specified area.
In addition to traditional new boat insurance, there are a variety of specialty policies that will meet the more specific needs of many boat owners. Antique water crafts and classic wooden boats may require special coverage. In addition, coverage for individuals who are renting some type of water craft may be required from time to time as well. Charter boat and fishing guide services also need insurance that is tailor made to their specific requirements. Other special policies could include coverage for yacht clubs, boat dealerships, marinas, and schools that teach recreational maritime skills such as water skiing. These policies could cover general liability, commercial property, workers compensation, and coverage for piers, docks, and wharves. When a client successfully completes a boating safety course, some companies may offer credits and discounts. Keeping certain safety equipment on board an insured vessel may carry credits and discounts as well. If a boating accident should occur, an insured individual will want to know that a new boat insurance policy will fully cover any injuries to passengers as well as boat owners. Many policy holders will also want to make sure that damage to the property of others is covered. Damage to accessories and trailers may be covered by some programs. As with most insurance products, clients can generally choose from a variety of features that will best fit the needs of a particular situation and water craft.
Skilled boat owners are not immune from mistakes when operating a maritime vessel. Finding new boat insurance that will provide coverage for these mistakes is important. Should a boat owner cause damage to another vessel or a dock, there are policies that will cover any expenses that are incurred as a result of this damage. There is a certain peace of mind that can come with taking the extra step of securing liability coverage for water crafts. The Bible talks about the blessings of endurance and perseverance for the believer. Blessed is the man that endureth temptation: for when he is tried, he shall receive the crown of life, which the Lord hath promised to them that love him. (James 1:12)
Choosing a provider of new boat insurance need not be difficult or arduous. But there are a few qualities that a potential client should keep in mind. One important feature to consider is the quality of the customer service that an agency offers. Price and the variety of available options are important as well. All in all, the overall reputation of an insurer as well as the caliber of the products offered can add to a water craft owner's peace of mind.