Protecting your Boating Investment With Insurance
Buying a boat is a huge financial investment for any boat owner and will take a long time commitment to protecting that investment. Of course there is always a cost associated with protecting any investment and protecting a new boat is no different. New boats vary in cost by a wide margin ranging from as low as $10,000 to over $200.000. This is important to consider when buying a boat is that the more expensive it is the more expensive it will be to protect it with boat insurance. While you may want a $100,000 fancy boat it will not be of much use if you can’t afford to insure it.
Many state laws in the United States do not require that boat owners carry boat insurance. However it is important to note that if you intend on financing your new boat the company issuing the loan will often require full insurance coverage. Whether you get full coverage insurance or not is a personal choice but it is always wise to get insurance of some kind. Almost no one would consider buying a home or a car without insuring it so a boat should be no different. The idea of insurance is to keep yourself and your loved ones if an accident should occur.
There should be a delicate balance in trying to get the best deal in boat insurance and being sure that you are completely protected. Just in case an accident happens the last thing you want to think about is how much money you’re going to be paying to fix the damage. And if you don’t have boat insurance those repairs for an accident that no one ever thought could occur, can add up very quickly.
Once you have boat insurance you can ease your mind by knowing that accidents and personal injury will be taken care of just in case. If an accident happens then you can know that everything is covered, which will make you feel safer every time you go out on the boat. Be sure to consider not only how you can save some money on boat insurance but also how you can get the most of the insurance you’re paying for.
Getting Boat Insurance with a Marine Survey
The first thing to consider when getting boat insurance is the age of the boat. If the boat is over 10 years old then most insurance carriers will probably require that you receive a Marine Survey. This certifies that the boat has been examined and has been found to be seaworthy and safe. A Marine Survey will also help the insurance carrier determine more accurately what the vessel is actually worth according to the fair market value. This is a very important part of getting the best boat insurance.
Whether the insurance carrier is requiring you to get a marine survey it can benefit you by getting it done anyway. This thorough survey is designed to identify potential problems with the vessel that the owner may not be aware of. This is always valuable information to have whether you are required to obtain it or not. Being aware of any potential problems can prevent you from finding yourself in an unwanted accident or broken down in the middle of the waterways.
During a marine survey the marine surveyor will examine the entire hull and the frame of the vessel. Anything else that is exposed and vulnerable to problems like the engine will also be inspected. It is not unusual for the marine surveyor to identify problems before they become a problem and offer suggestions for how to repair it. When the boat owner knows what could potentially cause a problem then they can take appropriate preventative measures so that nothing bad happens.
How long the marine survey will take will depend on the size of the vessel and how much work is needed. Larger vessels will naturally take longer to inspect and will naturally be more expensive. However, the cost of the survey is nothing compared to how much it may cost in increased insurance premiums or repairs if the worst happens.