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. 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.

Most boat insurance policies should cover your boat, the motor, and the trailer used to transport the boat, but Actual Cash Value boat insurance policies finance replacement costs, minus depreciation at the point of the loss. In the event of total damage, second-hand boat pricing directions and additional funds are used to decide the estimated market rate of the boat. Optional insurance usually includes coverage for reasonable repairs, emergency services to your boat, motor, or boat trailer, and wreck removal. Partial damage repairs on the other hand are calculated by working out the full charge to restore the boat minus deductibles.

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Agreed amount value boat insurance policies mean that the owner of the boat and the insurance company have decided on the cost of the boat, and in the aftermath of a total loss the owner will be compensated with that amount. This type of policy also takes into account that old items have depreciated and have less value but are still replaced with new ones. 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.

Essentially boat insurance covers two distinct areas; that of legal liability and that of damage or loss of property. Liability insurance is there to cover against claims by another person that the insured vessel caused damage or injury to a third party. At an early stage it is worth trying to employ the services of an insurance agent who has experience and a reputation for locating the best boat insurance and settlements for his clients. 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.

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

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