This overview will help you make a decision when you’re ready to buy the insurance of the boat. Boat Insurance programs are designed to cover boats up to 26 ‘overall length. If the size of your boat is over 26 feet, is generally considered a “vessel” and therefore qualifies for yacht insurance.

Boat insurance provides physical damage coverage to repair your boat if it is accidentally damaged or destroyed by a covered risk, such as collision, fire, theft, storms, lightning or vandalism. This coverage is comprehensive, providing coverage of the vessel, including its machinery and auxiliary equipment, outboard motors, boat trailer and personal property.

A boat insurance policy can provide coverage for property damage in an actual cash value (ACV) or an agreed amount value basis. Both types of boat insurance policies offer important coverages for your boat, but there are significant differences. Actual cash value policies pay for replacement costs less depreciation at the time of loss. In case of total loss, used boat pricing guides and other resources are used to determine the approximate market value of your vessel. A partial loss is resolved by adopting the cost of the repair less a percentage of depreciation.

Quantity Value agreed the boat insurance policies mean you and the insurance company have agreed on the value of your boat and in the case of a total loss to be paid that amount. Quantity Value agreed policy of replacing old with new in case of partial loss, without deduction for depreciation. Most Agreed Amount Value policies require actual cash value on certain damaged property such as sails, covers, batteries, boats, trailers and outboard motors of age, the decline in the unit or units, outdrives.

Physical damage coverage is usually subject to a deductible. The boat motor and usually have the same deductible additional deductibles for the trailer and personal effects. The deductible is the amount you are willing to pay in the event of a loss. The higher the deductible, the lower your insurance premium. Boat policy deductibles are usually calculated as a percentage of coverage (1%, 2%, 3% of the value of the vessel) or can be in fixed amounts of $ 250 or $ 500.

A good boat insurance policy also provides personal coverage to provide protection for those items not intended for normal operation of your vessel, such as portable televisions, mobile phones or cell phones, stereos, radios and cameras.