Although not in the generally considered by the general public, boat insurance is more than likely the oldest type of insurance in the world. Under the Marine Insurance Act, a boat is just as liable for insurance as any other type of vehicle. With car insurance plans there is usually an excess to deter people from claiming on small dents and scratches but with boat insurance the excess is considerably larger to avoid the same problem. Therefore the only real difference between the cover for boat insurance and that for car insurance is the amount.

Almost all states make the standard boat insurance a requirement so it is important to abide by the law and obtain boat insurance as soon as you become a boat owner. Houseboats are a strange case because although they are not generally moved that are required to have an insurance policy which covers pleasure boats like cabin cruisers, sailboats and ski boats etc. A speedboat for instance, is capable of high speeds requires a much different type of insurance than a small fishing vessel would because of the potential liability for the insurance company that comes with a speedboat compared to a fishing boat.

Almost all boat insurance policies will cover the cost of replacing the vessel, engine and the boat trailer but Actual Cash Value boat insurance plans only pay for replacement less any vessel depreciation from the point of loss. Usually when a boat has been damaged beyond repair, its current market rate is calculated using second hand values as a guide. It is possible to take out Optional Insurance which will include additional extras such as emergency services to the boat, cover for reasonable repairs, removal, the motor and trailer. Whereas partial damage costs are worked out by calculating the entire charge of the restoration less any deductible items.

Boat Insurance Quotes Online...

A better boat insurance plan is the Agreed Value policy which is where both the vessel owner and the insurance company agree on a value for the boat and should it be written off, then this amount is paid out in full. Agreed amount value policies also replace old objects with new ones, exclusive of any assumption for depreciation. With most Agreed value policies, the boat insurance company will require replacement value of some items like dinghies, sails, covers, drive units to name a few, before the policy payout value is agreed.

The two chief aspects of boat insurance are legal responsibility, or security and insurance; and property loss. Liability insurance is there to cover against claims by another person that the insured vessel caused damage or injury to a third party. Remember to try and find a boat insurance agent with a good reputation of getting the best possible policies for his clients and a good record in claim settlement. A final piece of advice surrounds the liability section of the boat insurance and the need to ensure you are covered should legal charges be brought against you relating to a matter that is protected under the boat insurance.

Boat Insurance Quotes Online

When it comes to filing an insurance claim on your boat, nothing is cut and dried.(Brief Article)…

Technorati Tags: St. Paul Fire And Marine Insurance Co. Court Cases, North American Marine General Insurance Company, Bermuda Marine Insurance