Already on ArticleSlash?

Forgot your password? Sign Up

Power Boat Insurance - The Necessity of Boating Life

 


Visitors: 272

Are you thinking of buying a boat? Do you already own a boat? When figuring out the total costs of your investment don’t forget about power boat insurance. If you are trying to avoid this purchase, Don’t! Your finance company will make it next to impossible to go with out it and they will demand that you have it, especially if you use it as collateral.

You should always purchase power boat insurance. It is a necessary cost of owning a power boat and the responsible thing to do. It can, in the long or even short run, save you money.

The power boat insurance world can be a complex one. It is basically an unregulated industry varying from state to state. If you have an incomplete understanding of if, it can lead to serious mistakes that could have been avoided if you devoted enough time in examining the various aspects of you, your boat, and by researching the company you are thinking of doing business with.

Be aware! Not all boats are created equal in the eyes of an insurance company.

Power boat insurance can range in accordance with the materials of the boat, the wooden boats increasing rates, and of course the type of boat. I hope you’re not surprised when I tell you that racing power boats will command a higher insurance rate.

You will also find that it will be necessary to check out the insurance company and their records. This can be done by checking out the company’s credentials with state agencies or visiting your local Better Business Bureau. If you already have a car or house policy with a company, find out their power boat insurance rates and policies.

In order to help you choose what policy you will want to go with and which power boat insurance company to consider, read and understand each companies policy. Will the policy offer comprehensive coverage? Many times after a natural disaster like a hurricane or tornado, many boats were abandoned by their owners because their insurance policy did not provide them with even the money needed to salvage their boats. So be aware of this.

You need to realize that there are various degrees of coverage and make sure to ask questions on what is and what is not covered. If you have a fuel spill are you covered? If you sail off shore, are you covered? Does your policy allow for third person liability coverage? If that person is driving your boat and they have an accident, who is going to pay for the damages to the boat, to the other boat or object, and to the people who were involved? Can the power boat insurance company you are asking provide concrete answers? Is it evasive? Make sure to listen carefully and consider which company provides the best coverage

Another important factor in power boat insurance is figuring out the value of your boat. An insurance company can provide you with a policy directed towards the agreed-upon true value or the actual cash value. This agreed value will cover the replacement of your power boat if you need to exercise this option. The actual cash value considers the boat in terms of a deprecating factor of around 10%. Most the time you will find that the agreed value will be the best policy.

I hope I gave you an idea on what questions you will need to consider when purchasing power boat insurance. Once you start doing your research, there will be many other questions that will become quite obvious when considering you and your boats particular needs.

If you are interested in purchasing power boat insurance, Brent has a site at Power Boat Insurance There you will find useful articles, news, links and other resources on all your questions about boat insurance. While there, don't forget to get your FREE GUIDE, “Tips, Tricks, and Resources for Financing the Boat of your Dreams!" Go there now, Power Boat Insurance

(693)

Article Source:


 
Rate this Article: 
 
Florida Beaches - Swimming - Boating - Fishing - Night Life
Rated 4 / 5
based on 5 votes
ArticleSlash

Related Articles:

Which Boat For Your Boating Summer 2007?

by: Nick Burton (June 08, 2007) 
(Recreation and Sports)

Boating Course - Buying Your First Boat Accessories

by: Juzaily Ramli (April 10, 2007) 
(Recreation and Sports)

Boating Accessories - Helpful Things to Have on a Boat

by: Wendy Pan (November 03, 2008) 
(Recreation and Sports/Boating)

Float Your Boat Enjoy the Freedom of Boating

by: Dave Gray (July 08, 2008) 
(Recreation and Sports/Boating)

New Orleans Boat Show A Grand Boating Affair

by: David Web (July 16, 2008) 
(Recreation and Sports/Boating)

Boating Equipment Every Boat Owner Needs - Safety Requirements

by: Matt Hick (June 01, 2007) 
(Travel and Leisure)

Boating Course - How To Choose The Right Type of Boat To Do Things You Love

by: Juzaily Ramli (April 16, 2007) 
(Recreation and Sports)

Boat Insurance - Various Ways To Protect Your Boat

by: Abhishek Agarwal (November 06, 2008) 
(Insurance/Watercraft)

Boating Accident Lawyers - Recreational Boating Injuries

by: Arran James (December 16, 2008) 
(Legal/Personal Injury)

Florida Beaches - Swimming - Boating - Fishing - Night Life

by: Robert Lipply (March 09, 2007) 
(Travel and Leisure)