Boat insurance can be very confusing, particularly if you are new to the world of sailing. Marine Insurance Now explains the basics in their beginner’s guide to insurance.
Your prized yacht is ready and waiting for its first adventure. But before you set sail on the open sea, it’s important to make sure you have the right insurance in place. After all, that yacht didn’t come cheap and you can’t afford to make any mistakes. We all know accidents happen but preparing for them is key! Discover everything you need to know about protecting your vessel with this handy guide to boat insurance from Marine Insurance Now.
The guide provides you with all the information needed to make informed decisions when purchasing insurance, starting with an outline of coverage types. As explained in the report, without adequate coverage in place, you can find yourself with significant financial burdens when accidents occur. After shelling out the cash on the yacht itself, you are not in a position to be giving away any more!
Go to https://marineinsurancenow.com/how-does-boat-insurance-work/ to find out more.
To secure the best deal when purchasing boat insurance, you are advised to consider your own personal risk factors, such as navigation location and previous boating experience. When offering quotes, insurance companies will also assess risk based on their own criteria. Providers may consider prior accidents or claims as well as boat type, age, value and horsepower.
Marine Insurance Now also recommends three add-ons - total loss replacement, fishing equipment coverage and emergency assistance coverage - to give you additional protection and peace of mind when out at sea. With emergency assistance coverage, you can rest assured that towing assistance, fuel delivery or battery jump-starts will be provided when unexpected events occur. Because let's face it... no one wants to be stranded at sea!
In addition to personal risk factors, you are also advised to consider deductibles when choosing your boat insurance policy. This refers to the amount of money you will pay before the insurance coverage takes over. Although higher deductibles often result in lower premiums, you should assess your own financial circumstances to check if you can pay the deductible if an accident were to occur.
Other tips for lowering boat insurance premiums include taking a boating safety course and installing safety and security features such as alarms and GPS tracking systems. Alternatively, boat insurance can be added to your current auto or home insurance policies, which often results in significant discounts.
The report features some of the common exclusions and limitations often set out in boat insurance policies including wear and tear, consequential losses and racing competitions. Marine Insurance Now suggests that you read policy documents carefully so that you are not caught out by unexpected costs.
Remember... with knowledge comes power! Taking the time to understand the ins and outs of boat insurance means you will be prepared for anything. Read the full article at https://marineinsurancenow.com/ and set sail in peace.
