Boating Insurance
What Boaters Need to Know About Boating Insurance – Pros and Cons
It is a true privilege to get the boat that you have always wanted, but simply buying a boat is not the only thing that an owner needs to think about. Investing in a new or used vessel requires careful consideration for how you will keep it out of harm’s way. Boat insurance is not a requirement in Florida, but it is highly recommended as the loss of a boat from natural disaster or water related accident can be an enormous expense. Having boating insurance gives you peace of mind, so you are able to enjoy the vessel to its full potential.
What is Boat Insurance?
Boating insurance is basically the same thing as vehicle insurance. All insurance is different, but most maintain that any natural or accidental damage to the boat when being used in the correct way on the water is covered by the insurance claim. That means that when you are out on your boat enjoying the sun and happen to run aground damaging the vessel from an unseen obstruction, you can have the boat repaired or collect the insurance money for the purchase of a new vessel.
Pro – Liability Coverage
It is unfortunate, but we live in a sue happy world. Boaters are particularly vulnerable to liabilities on the vessel as the mere fact that they own a boat can be viewed as a luxury by some non-boaters. Some people can take advantage of this fact and sue the boat owner for any injury they may receive onboard the vessel. Many boat insurance policies cover most of these liability issues, so the boater does not have to come out of pocket. It also covers the legitimate injuries in which the injured party has to seek medical attention. It pays the bills instead of the boat owner.
Con – Limited Coverage Areas
One of the issues that traveling boaters can find out the hard way is that not all boat insurance policies cover all areas. It is vital that you read the fine print on your policy to ensure that the areas you choose to use the boat in are actually covered by the policy. This not only includes various states, but also taking a vessel insured for coastal cruising out into deep sea waters.
Pro – Suspended Insurance
During the warmer months of the year, you will use your vessel quite frequently, but when the weather turns cold, it is time to store the boat for the winter. Most boat insurance companies allow boaters to suspend their insurance during this time without penalty. If the boat is held in dry storage for the season, the insurance of that establishment is liable for any damage to the vessel while stored, but if storing at home in a garage, be sure that your home insurance policy has a clause for boat damage or in the event that the vessel is stolen.
Con – Agreed Value and Market Value
This is the part of boat insurance that can get a bit confusing. The value of a new boat will depreciate when taken off the lot. Some boat insurance companies have been known to take advantage of this fact by offering a lower priced market value plan. This means that the boater gets only the market value of the vessel at the time of damage. The agreed value policy will cost more but the bonus is that the boat maintains the full value of the time of purchase without the depreciation. When getting boat insurance, be sure to understand the difference. It can cost a little more, but the agreed value policy can save you much more in the long run.
Are Your Currently Looking for a Boat for Sale?
The task of buying a boat can sometimes seem like an endless rollercoaster of disappointment. This is most noticed when utilizing the standard online boat classified sites in Florida. These sites can have very little inventory to choose from as they charge high seller fees and have a complicated posting format which drives sellers from the site altogether. We at Vessel Vendor understand that in order to maintain our substantial inventory, we must take care of our sellers as well as our buyers. We offer the lowest seller fees of any other site in Florida as well as an uncomplicated self posting format, so sellers are able to get their boats posted quickly and maintain more of the profits with the sale. Give us the opportunity to impress you. Visit Vessel Vendor today and discover what excellent boat shopping is all about.
