Finance- Boat Insurance: Why you Need it and How to Get it?
Although boat insurance in the United States is not a federally mandated or even a state required necessity, most marinas would certainly ask for one if you wish to use a slip or mooring. Moreover, if you are financing the purchase of a boat your bank will also require boat insurance. Even when this is not the case, it is generally a good idea to seek boat insurance.
Why do you need boat insurance?
Most boat owners simply assume that their boat is insured under home insurance. This assumption is only partly true since a ‘non-motorized’ boat damaged on the premises of the homeowner’s property (not while it is in the water) is covered completely under home insurance. Some examples of non-motorized boats include canoes or kayaks that cost between $1000 to $2000.
A motorized boat, on the other hand, is a different story and would generally require a separate boat insurance of its own.
What does a boat insurance cover?
Similar to auto insurance or home insurance, a boat insurance would also cover damages to boat or injuries caused to someone else or to yourself. You can choose between the actual cash value, that is, the boat’s current value and not the price that you paid when you bought it, or the replacement cost if the boat is beyond repair.
Also, if someone is injured on your boat, say a neighbor, their cost of medical treatment will also be covered. Other aspects of boat insurance extend to comprehensive and collision coverage, also known as ‘hull insurance’, bodily injury, & property damage.
In addition to the coverages listed above, the insurance could insure salvage costs, fuel-spill cleanup and damage from water sports.
A boat insurance policy covers a vast variety of problems that a boat may incur during while it is operational. There are other types of add-on coverage options that you can get along with a boat insurance in Stanton, CA.
● Roadside assistance and on-water towing
● Coverage for fishing equipment or carry-on personal property
● Mechanical breakdown coverage
● Ice and freezing damage coverage
● Hurricane haul out coverage
● Trailer trip interruption
How can you get a boat insurance in Anaheim?
Contacting a boat insurance agency is the best course of action for anyone seeking boat insurance within the State of California. You need to get in touch with a marine insurance specialist who has experience in dealing with claims as a result of water sporting activity or liability coverage, etc.
Rais Insurance is a leading boat insurance provider in California with customized packages including liability coverage, water sports, and damages to the vessel. Check out the various plans and what they cover before making a decision on which policy to buy. An important thing to keep in mind is that boat insurance should cover both domestic and international waters.
Sailing and navigating confidently with your family or friends on your yacht or a cruise is a memorable experience and a boat insurance will ensure safety to everyone on the boat including the vessel itself.