Boat insurance is not a type of cover that the majority of people ever have to concern thmselves with but you may be surprised to learn that it is the earliest type of insurance policy. 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. So the major difference between boat insurance and car insurance is the amount of coverage a policy provides.

As soon as you become a boat owner in America, most states will require you to have a boat insurance policy in force. 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. If you are an owner of a speedboat for example, your insurance premium will be higher than for that of a fishing boat owing to the potential for a larger claim.

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. 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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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. Another benefit of Agreed value policies is that old items are replaced with new, irrespective of the value of the items being replaced. 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. The liability section covers the owner against claims by a third party if any damage is caused to that person or his property by the insured vessel. 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. 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.

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