Boat Insurance Which One For You

Boat Insurance Which One For You



Boat Insurance - which one for you?
You might not have realised it,​ but boat insurance is​ the​ oldest kind of​ insurance there is​ .​
People have been insuring their boats since the​ 17th century,​ and over time a​ number of​ standards have arisen .​
The chances are,​ though,​ that you’re probably much more familiar with car insurance – so the​ good news is​ that car insurance and boat insurance are actually very similar.
Basically,​ there are three situations you​ can be insured against: your boat (or its cargo) being damaged,​ your boat sinking,​ and your boat hitting another .​
Although few countries make it​ a​ requirement that your boat must be insured (considering how many boats sail in​ international waters),​ you​ would be very wise to​ at​ least buy the​ third party insurance,​ in​ case you​ hit a​ boat that is​ very much more valuable than your own .​
You will probably find it​ quite unnecessary to​ insure your boat against total loss unless it​ is​ very valuable – it​ is​ mainly practical for large ships,​ and especially for ones carrying valuable cargo.
As with car insurance,​ policies come with an​ excess to​ discourage small claims – for boat insurance,​ this is​ usually quite a​ large sum of​ money,​ as​ the​ intention of​ the​ insurance is​ to​ cover you​ against substantial losses instead of​ just scratches and dents.
There are also a​ few kinds of​ insurance you​ can buy that are unique to​ boating,​ although it​ is​ unlikely that you​ will ever find yourself in​ need of​ them .​
If you​ get Increased Value insurance,​ your policy will pay out at​ your boat’s market value if​ it​ is​ more than the​ amount you​ insured it​ for – only useful if​ you​ expect your boat to​ go up in​ value .​
Finally,​ if​ you’re thinking of​ sailing into a​ warzone,​ you​ might want to​ get war risk insurance .​
Of course,​ you​ might also want to​ get your head checked out,​ if​ you​ know what I​ mean.




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