Regardless of the type of boat you own, comprehensive boat insurance is a must, especially in light of the fact that boats are typically at much greater risk for theft or damage than an automobile. However, many boat owners do not consider the necessity of boat insurance at all, and many of those who do in fact have boat insurance have policies which lack many vital areas of coverage.
This may, on the surface, seem perfectly acceptable. But there are other aspects, such as the engine for example. Many insurance policies do not include the engine, since many boats do not have one of these. However, for a boat that is driven either fully or occasionally by a motor, having this insured is an absolute must. There are many things that can occur to cause damage or harm to a boat’s engine, and this can be a particularly expensive component to have repaired or replaced.
Both boat owners and insurance policies frequently ignore the trailer. A majority of the boat owners have a trailer too, and think that it is a crucial part. But, though very costly, they are usually not brought under the insurance cover. If your trailer is spoiled or stolen, your boat will become useless until a new one is bought. Hence, if you are seeking insurance cover for your boat, ensure that the trailer is also incorporated in the policy.
Other options to consider of boat insurance, or marine insurance, is to know where the boat will be. If you have your boat in a marina, then the marina may require that you have your boat insured. But you can have insurance that will only cover the boat while it's at the marina.
If this is a likely eventuality, then it is important to check it out first. If you only take your boat home occasionally, then you may be advised to find an insurance company who will insure the boat whilst it is in the water, but for an extra premium, will also include insurance while it is at home. Having this degree of flexibility can make all the difference in terms of both economy and convenience.
Boats are always vulnerable, and hence it is very important to consider the worst case scenario. After all, this is why insurance policies are there for, and boat insurance should consider all extreme scenarios than that for the home or your car. For instance, storm or flood damage can very well wreck a boat moored in the marina. If there is a possibility for this in your area, ensure that your boat insurance covers severe weather conditions such as storm damage.
However, there is no sense whatever in keeping your boat insurance premium down if a single storm could result in the entire loss of your boat, with no recompense.
It is a sad fact that many boats do suffer at the hands of vandals, and with so many moored in remote areas, often dark and possibly unpatrolled, there are many insurance claims each year for damage to boats. Your boat insurance policy must therefore include loss, damage, vandalism, fire, theft and damage through storms, weather conditions, and even capsizing, sinking and explosion! It might seem as though you’re insuring your boat against the chance of it featuring in a Hollywood blockbuster scene, but should the worst happen, which it does sadly every year, you’ll be glad you were covered.
One important thing to consider in comprehensive boat insurance is stranding. When a boat gets stranded, sometimes it has to be abandoned. This is hard to prove and can cause difficulty in your claim. Stranding may not be included on many standard insurance policies because of the difficulty in proving it. If you assure that your policy for your boat does include stranding, if this ever does happen to your boat, it will be far easier to settle.
So, the place of boat insurance is very cloud, and each person will decide what they do. Many cannot afford every option out there, so it is a good idea to think which one best suits you, then insure against them.
Include your insurance costs when you are working out the size of boat you can afford, or it could become a liability more than the pleasure it should be.