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Buying watercraft and boat insurance
If you own or are considering owning a boat make sure you get insurance for your watercraft. Sometimes people don't realize that they need this type of insurance on their boats. Some don't even know you can get boat insurance. Bottom line is if you own a boat you need insurance. Before you insure your boat here are some things you should know.
There are a lot of states that now require this type of liability coverage on your boat. What this insurance does is protect you against any damage that you cause to others or their property with your boat. It's a good thing to have. This type of insurance will also protect you for vandalism, stranding, fire, sinking, collision and even theft. Check online or call your insurance agent to see what's required in your state.
Besides liability there is another type of coverage you should consider. Thats insurance coverage that will pay for the recovery of your boat or wreckage removal. In most area's it's your responsibility to remove the sunken wreck or the wrecked boat. It's also required by law to remove the wreck in most area's and that can get expensive. Depends on what price boat and how easy you think you can recover it.
Wreckage removal coverage will pay for all of the above. You might also want to consider adding coverage that pays for repairs to anything mechanical as well as towing charges if you need to be towed back to shore for any reason. Although anything mechanical should be covered by your boat warranty if you got one.
Another thing to be aware of is not all insurance companies will cover everyone who runs the boat. It's something you should always ask about. Fining out who is covered and who isn't is to your benefit. There are some insurance companies who will only cover the owner of the boat. Make sure that your insurance agents puts down who make operate the boat.
Call your current company first when you shop for boat insurance then check other companies for their rates for the same coverage. You can probably do it online. Just remember when you call your own agent to ask if you get any type of discount because you have other items insured thru him. Insurance agencies compete with each other and they'll work with you a little to get you to use their insurance. Let each of them know about the best rate you got quoted and see if they'll do better.
Even before you start shopping for boat insurance think about the money you have tied up in your boat. Boats are not a cheap investment and replacing or repair them can get very expensive very quickly. Always make sure you get enough watercraft insurance coverage to protect yourself against anything that could happen with your boat.
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