Your dreams come true! You are a boat owner. You may take your family and friends somewhere to the lake for a holiday, or even think about a sea voyage, or… There are no limits to fantastic plans and ideas. But don’t forget to think over some practical issues, for example, how to provide safety for your new means of transportation.
Property insurance policy:
The first instrument for protection of your just – bought boat is a proper insurance policy. Such policy may cost you a good sum of money, and it is reasonable to inquire if it is obligatory for all law-abiding citizens owing yachts and boats in your state. According to the laws of some states boats and yachts do not require special separate insurance policies. You may ask for the information about state laws concerning yachts and boats at the registration office getting the boat license.
Multiple coverage policies:
Representatives of the insurance company you deal with also may be of great help.
Believe it or not, many insurance companies are ready to save your money. They usually suggest certain discounts for the complex policies, that is, for the policies which include many valuable items and objects: a house, an auto any business, and as such; sometimes it may be health or life. They are called “multiple coverage policies”. You may simply add your boat insurance coverage to the policy you have already had.
Insurance company specializing in boat insurance:
It is worth knowing that there are insurance companies which specialize in boat insurance. They may suggest the type of insurance policy which will take into account your boat and its peculiar characteristics. The policies may be different for a boat (a vessel under 26 feet in length), or a yacht (a vessel of 26 feet or more in length) or some other small vessels.
Whatever type of a policy you choose, the usual boat insurance coverage includes liability, collision, comprehensive, and uninsured boater coverage. Ask your insurance agent to give detailed information on the point, and make sure that you understand everything.