Benefits of a Specialized Boat or Personal Watercraft Insurance Policy

Coverage that is not available when a boat or personal watercraft is added to a homeowner’s policy is what can be offered along with competitive rates, broad acceptance and specialized coverage for boat and personal watercraft (PWC) owners.

These policies can include:

• Consequential sinking, explosion, burning o r collision caused by wear and tear, latent defect or mechanical breakdown.

• Subject to local customs as long as the boat is winterized according to the manufacturer’s specifications, freeze damage to the boat and engine(s).

• No charges for betterment or depreciation. Example, a six-year-old bimini top is torn off during a windstorm; it will be replaced with a new one rather than pay a small percentage of its original value.

Policy Features:

Agreed Value – Available on any boat eligible for Physical Damage coverage. In the event of a total loss, this pays the rating base regardless of the Actual Cash Value. Optional for full coverage policies. Protects against depreciation.

Total Loss Replacement – Available on newly purchased boats up to one model year old. In the event of a total loss, replaces the insured boat with a new boat. For the boats over five model years old. They pay the purchase price. Protects against depreciation and inflation.

Navigation – Coverage applies to all inland waterways and all bodies of water within 75 miles of the U.S. and Canada; 125=miles navigational limit endorsement.
Environmental damage – Fuel spill and wreckage removal coverage included with all policies.

Roadside Coverage – Covers breakdowns while the boat is in tow- even if the tow vehicle isn’t the insured by the insurance carrier.

Watersports activities, waterskiing, wakeboarding – included with Liability and Med Pay coverages.

Replacement costs for the on-board items -Offers primary coverages for personal effects and fishing equipment.

Emergency on-water towing – Provides reimbursement for on-water towing and labor costs when the boat becomes disabled on the water.

Propulsion Plus – Provides coverage for the lower unit of an outboard motor and the upper and lower units of a stern drive motor, in the event of a mechanical breakdown, including those caused by wear and tear.

Disappearing Deductibles – Deductibles are reduced by 25 percent for each claim-free policy period. After four claim-free policy periods, the deductible is zero.
Small Claim Forgiveness – Premium doesn’t increase if a customer has one or more claims that require a payout of $500.00 or less.

Did you know that in the United States one in eight vehicle-owning households has a boat.

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Personal Watercraft Insurance is a Must

If you own a personal watercraft you know that they can be exhilarating and fun and yet you are probably fully aware of how dangerous they can be. This is why personal water craft insurance is a must. The kind of insurance available varies from company to company and the kind of insurance you will most likely need varies from state to state.

There are some good recommendations on the American Watercraft Association website to bring you up to speed on the issues concerning water craft and these can give you a pretty good idea of the types of coverages you should be seeking.

Going skinny on coverage could prove to be disastrous in the case of a huge lawsuit due to an injury involving you or your watercraft it is deemed to have been partially your responsibility. The liability of such a judgment going against you could bankrupt your family and there are some horror stories to prove that.

If you bought your watercraft on time and borrowed money most likely you were required to buy the basic coverage. Nevertheless, this might not be enough that therefore you should be checking into extended coverages, even such things as trivial as theft and emergency towing need to be considered seriously.

I was concerned about injuries to riders or water skiers I tow and once I had someone bump me in their boat and damage my watercraft, they didn’t have insurance and the derelict (opinion) was basically broke. This really upset me and prompted me to do what I should have done in the first place. I should have called an expert on insurance to help me.

Do not make that mistake, call an expert to explain to you what you need and why. I certainly hope this article is of interest and that is has propelled thought. The goal is simple; to help you in your quest to be the best in 2007. I thank you for reading my many articles on diverse subjects, which interest you.

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