When shopping around for yacht insurance quotes, it is important to take into account your basic needs and to consider how much of a risk insurance providers may consider your boat. Both of these factors affect rates.
Insurance companies typically use factors like claim history, motor vehicle record, navigation area, ownership experience and storage location to determine whether you are low or high risk. Some providers offer discounts for the completion of boating safety classes.
Your Needs Affect Your Coverage
Regardless of your unique situation, you should make sure your policy includes three types of coverage: bodily injury liability, collision damage and property damage liability.
While it is always fun to host passengers on your boat, it is imperative that you prepare for any accidents your guests may have while on board. Bodily injury liability protects you if any of your passengers sustain injuries while on board. This coverage pays their treatment costs.
Nearly all yacht insurance quotes will take into account collision damage, which you will need if anything happens to your craft. This provision covers the cost of any repairs that may need to be made or replacement of your vessel in the event of a total loss.
While waterways are rarely as congested as roads, you still run the risk of colliding with other boats and property like docks. Fortunately, property damage liability will protect you from any collisions that may occur.
Sail away from your cares this boating season. Getting accurate yacht insurance quotes will give you the peace of mind that comes with knowing you are fully covered.