| You might not have thought about it, but | | | | Almost all boat insurance policies will |
| boat insurance is probably the oldest | | | | cover the cost of replacing the vessel, |
| kind of insurance there is. The Marine | | | | engine and the boat trailer but Actual |
| Insurance Act ensures all marine craft | | | | Cash Value boat insurance plans only pay |
| like boats are legally obliged to have | | | | for replacement less any vessel |
| insurance cover. As with car insurance, | | | | depreciation from the point of loss. |
| policies come with an excess to | | | | When the craft is a complete insurance |
| discourage small claims and for boat | | | | right-off then the second hand value of |
| insurance, this is usually quite a large | | | | the boat is used to estimate its market |
| sum of money, as the intention of the | | | | value. Optional insurance usually |
| insurance is to cover you against | | | | includes coverage for reasonable |
| substantial losses instead of just | | | | repairs, emergency services to your |
| scratches and dents. There is little | | | | boat, motor, or boat trailer, and wreck |
| difference between the two types of | | | | removal. Where there has only been |
| policy except the amount of cover | | | | limited damage to the vessel, partial |
| provided with boat insurance is | | | | damage repairs include the restoration |
| considerably larger. | | | | less any items that can be deducted. |
| Almost all states make the standard boat | | | | Agreed amount value boat insurance |
| insurance a requirement so it is | | | | policies mean that the owner of the boat |
| important to abide by the law and obtain | | | | and the insurance company have decided |
| boat insurance as soon as you become a | | | | on the cost of the boat, and in the |
| boat owner. Strangely, in the eyes of | | | | aftermath of a total loss the owner will |
| the Marine Industry, a houseboat is in | | | | be compensated with that amount. Agreed |
| the same category as pleasure boats like | | | | amount value policies also replace old |
| sailboats, jet boats and cabin cruises | | | | objects with new ones, exclusive of any |
| for instance. A speedboat for instance, | | | | assumption for depreciation. The |
| is capable of high speeds requires a | | | | majority of agreed amount value boat |
| much different type of insurance than a | | | | insurance policies necessitate actual |
| small fishing vessel would because of | | | | cash value on specific destroyed assets |
| the potential liability for the | | | | like sails, protective covers, |
| insurance company that comes with a | | | | batteries, dinghies, trailers and aged |
| speedboat compared to a fishing boat. | | | | outboard motors, lower drive units etc. |