You might not have thought about it, but boat insurance is probably the oldest kind of insurance there is. A boat, just like all vehicles is liable for an insurance policy, under the Marine Insurance Act. As with car insurance, policies come with an excess to discourage small claims and for boat insurance, this is usually quite a large sum of money, as the intention of the insurance is to cover you against substantial losses instead of just scratches and dents. So the major difference between boat insurance and car insurance is the amount of coverage a policy provides.

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. In the marine insurance industry, houseboats although generally only moored, are categorized as a pleasure boat together with jet boats, ski boats, sailboats, cabin cruisers and party boats. 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.

Actual Cash Value boat insurance policies cover the cost of the vessel replacement les any depreciation form the time of the boats loss whereas most boat insurance plans will pay for the replacement of the craft, the engine as well as the trailer. When the craft is a complete insurance right-off then the second hand value of the boat is used to estimate its market value. If you require insurance to cover for additional situations like emergency services to your vessel, repairs, boat trailer and wreck removal for instance then it is possible to take out an Optional Insurance Cover. Where there has only been limited damage to the vessel, partial damage repairs include the restoration less any items that can be deducted.

Geico Boat Insurance...

To guarantee the value of the boat should it happen to be an insurance write off then an Agreed Value boat insurance policy can be taken out where the boat owner and insurance company come to an agreement about how much the vessel is worth and compensate to this value. This type of policy also takes into account that old items have depreciated and have less value but are still replaced with new ones. The majority of agreed amount value boat insurance policies necessitate actual cash value on specific destroyed assets like sails, protective covers, batteries, dinghies, trailers and aged outboard motors, lower drive units etc.

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. It is just as important to find a boat insurance agent that looks after his clients by finding the best policies and obtaining the best settlements should they need them. Make sure your boat insurance policy also has provisions for lawful protection, in case one is charged for something that is protected under the boat insurance.

Geico Boat Insurance

Shopping for insurance.(boat-and-trailer insurance): An article from: Trailer Boats…

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