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- Fishing boats (these can be included in the sports boat category)
- Runabouts or cuddy cabins (typical recreational boat)
- Mini jets
- Jetskis and/or waverunners (these can pull skiers)
- Sailboats (with or without motor)
- Mini cruisers
- Bass boats (made for fishing purposes)
- Houseboats (some companies do not offer coverage for this type, if considered primary residences) |
Now let's see the most important elements of watercraft insurance:
- Liability of bodily injury and property damage. Compared to other vehicles' policy, watercraft insurance has a very important, additional element here: fuel spill liability. This covers all the costs of damages caused by accidental oil spills, resulting in property damage you are involved in. This aspect also, automatically covers water sports like: waterskiing, wake boarding, tubing or knee boarding. Be careful! Some companies do not cover water sports in which flying is involved, like: kite skiing, parasailing etc.
- Uninsured/underinsured boater
- Medical costs: in case you accidentally get injured in your boat. This aspect also covers anyone else accidentally hurt in your vessel, and includes water skiers, too.
- Comprehensive and collision policy: if you pay the deductibles, you can enjoy the benefits of this aspect. This means the covering of the costs of damages to your vessel, but also the costs of complete replacement if necessary. Collision policy refers to any accident that occurs to your boat, for example colliding with another object/boat, while comprehensive policy offers protection in case of fire, sinking, theft, vandalism etc. It is important to mention that you have to keep the sales receipt of your boat, thus if complete loss happens, it will be easier to define the rate of the reimbursement. This element of your coverage also ensures the costs of the so called wreckage removal: this means the costs of raising, removing, and finally destroying of the damaged vessel if necessary.
- Personal items reimbursement. This pays for the loss or damage of personal items, other than connected to your boat's professional equipment, for example: stolen documents (passports, identity cards), scuba equipment, video cameras, clothes etc.
- Roadside assistance: is a feature available 24/7, and includes on-water towing to the nearest port, and covers the costs of further work and repair on the damaged vessel.
- Fishing equipment coverage: offers you peace of mind if your precious fishing equipment becomes damaged or stolen. However, try to have a clear documentation in any case (damage or theft) as it will be easier to hand in a claim if you have visual evidence of what had happened. Take photographs of your goods before and after the damage. This policy is available only in the case of bass boats, and never in the case of personal watercrafts, used for pleasure purposes.
- Coast navigation coverage: this policy offers you coverage on all the inland waters, lakes and rivers in your country. If your country has exit to the sea or ocean, be informed and ask your insurance company what is the exact number of miles you can sail away from the coast safely, to keep your coverage valid. If you plan to sail through different territories and countries, try to shop for a coverage which is valid or can be validated in these areas. Buy an extra policy if necessary.
- Discounts: if you have a clean record and you want to renew your policy at the same company after a year free of claims don't' be shy and ask for discounts. Discounts are available in many cases: smaller and younger vessels in good technical condition (some agencies don't even insure boats over 15 years of age), experienced operators, high rate of deductibles, burglar alarms, ship to shore radio, successfully completed boating course.
Applying for a watercraft insurance coverage is not an easy process. There are a lot of aspects which require careful examination, but keeping in mind all the above mentioned elements you will surely find the best offer. Then, all you have to do is to get the boat out of your garden and put in on the water!
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