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Watercraft Insurance: Why It Is Important

There are many outdoor activities worth trying out but one of the most exciting is watersport. Sailing across the beautiful ocean waters on your watercraft Insurance promises to be a delightful experience. Since it’s a much-loved activity, you may be so unlucky to find out all vessels for that special boat trip have been fully booked.

How can you prevent this unpleasant experience from happening again? The answer is simple: get your own watercraft. New watercraft are expensive but you can always find used boats in great conditions. Used watercraft values Winnetka CA doesn’t have to put a hole in your pocket. You can always find one that’s fits your budget.

While sailing the water is an incredible activity enjoyed by all, it has led to thousands of injuries and in extreme cases death. Due to the risk of injury, personal watercraft insurance is a necessity. Just like your car, you should ensure your recreational vehicle.

Note that a homeowner or vehicle insurance policy does not cover boats or any water vessel. You may need to ensure your watercraft separately. More so, the policy should cover injuries to the boat owner or a third party. It should also cover passenger liability, property damage, theft, and medical costs.

Different insurance companies offer varying policies but usually cover a set maximum limit payment for injuries sustained to a third party or damage to property. There will also be a set deductible for medical coverage and theft. This will be determined by the provider. Some insurance companies offer policies that cover risks related to watersports activities such as waterskiing.

Types of Watercraft Insurance

Basically, there are two types of watercraft coverage. This coverage can be based on the Agreed Amount Value or the Actual Cash Value of the vessel. For the actual cash value, the vessel will be covered based on the current market value at the time of damage, or loss.

The current market pricing guides will help ascertain this price.

The Agreed Amount Value covers the vessel based on the agreed amount reached between the insurer and the insured.

Depending on your policy, you can request your insurance company to add a few extra options to the coverage. These extra options include damaged vehicle removal, sinking, towing and assistance, and pollution liability.

 Determining Insurance Cost

There are many factors that determine whether or not your vessel is eligible for insurance and how much it is to be insured for. Some of the factors that may affect the cost of watercraft insurance include the following

  • The age limit of the operator and owner must be 16 years and above.
  • Possession of a valid driver’s license
  • Good driving record
  • Fewer repeat claims

Many people think that a homeowner’s insurance policy covers their watercraft until it gets damaged. So before you take that boat out on the waters, make sure it is properly insured. Insuring your watercraft, whether new or used, gives you peace of mind knowing that you are protected.


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