A boat is likely one of the most expensive investments, right after the home and cars. Just like anything else in life, a boat is exposed to many types of risks that are beyond human control. Although it may not be possible to eliminate the risks of unforeseeable dangers to a motor boat, it is possible to avoid the losses incurred by buying a motor boat insurance coverage. Motor boat insurance provides financial protection in the event that a boat or its contents are damaged. It also pays for injuries or damages caused to third parties during an accident. Here are some essential details to know about Motor Boat Insurance in Wellington OH.
What is covered by a boat insurance policy?
Most motor boat insurance policies cover damages caused by perils such as fire, theft, storms, sinking, collision, capsizing, stranding and explosion. Generally, floods, earthquakes and poor boat maintenance are not covered by most boat insurance policies. It is highly recommendable to contact a proficient insurance agent to determine what is covered or not covered by a standard motor boat insurance policy.
What are the different types of motor boat insurance coverage?
Motor boat insurance can typically offer a large variety of coverage:
* Liability coverage: This coverage is vital when one is involved in an incident where there is damage to some else’s property or injury to others.
* Medical payment coverage: Some boat insurance policies may cover medical expenses if the boat owner or someone is injured when on the water.
* Towing and assistance coverage: This type of coverage can include gas delivery, roadside assistance and transportation for the boat to a repair facility.
* Physical damage coverage: It covers losses incurred if a boat is damaged in a collision with another boat or a submerged object.
How does an insurance firm determine the amount to pay if a risk occurs?
There are two methods used by insurance companies to calculate the amount to pay if a risk occurs: actual cash value and replacement value. Actual cash value means that the insured only gets an amount equal to the current value of the boat less depreciation. Replacement value means that the insured gets the value that it costs to replace the boat today.
These are just some essential details to know about Motor Boat Insurance in Wellington OH. For more information about boat insurance, please visit or their Facebook page.
