What should you ask your boat insurer to get the best coverage?

Boat InsuranceAs you get ready to launch your boat for the first time this year, it’s important to make sure that you start by purchasing your boat insurance and that you obtain the right level of coverage for the best price.

To accomplish this goal, you’re going to want to make sure to ask the boat insurance company a few questions before you make your final purchase:

• How much coverage is there for someone who borrows the boat? Different policies provide varying degrees of coverage for passengers, crew, and people who borrow the boat with your consent. Choose the insurance that provides an equal amount of coverage to anyone who is aboard the vessel.

• How much of the boat’s equipment and gear is covered by the policy? Carefully go over the types of equipment that will be covered by a policy you are considering. You will want to make sure that you will not be paying too much if your boat has very little equipment –f or example, if it is simply a dinghy – or that you will have enough coverage to protect your investment if you have a larger boat such as a luxury yacht.

• Does your boat coverage include a “new for old” element? Though some policies will replace damaged equipment with its new equivalent, others will only cover the second hand/depreciated value of the equipment.

• Is there a limit in the insurance policy for the amount of damage that is covered? Before you purchase a policy, make sure that you know if there is a maximum limit to the coverage that it provides for damage to the boat or its equipment. If it does, it means that you will need to pay for any costs beyond that limit in order to repair or replace the damage.

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