What You Need To Know About Marine Insurance Coverage

What You Need To Know About Marine Insurance CoverageAustralians have access to such pristine waters, it’s not surprising that so many own a boat. People who don’t already own a boat are usually thinking about a buying one in the future. It’s the only way to see all of the beautiful landscape that Australia has to offer. However, whether you’ve already bought your boat or are just planning on it, it’s important to remember that actually buying the boat is only the first step.

Your boat isn’t ready for the waters from a legal perspective the moment it’s purchased. There are a couple more very important steps you need to take before you can enjoy the waters on your new boat. The most important of these steps is properly insuring your boat. Without the right insurance coverage, the slightest accident could spell disaster for your new boat. Insurance policies help protect your investment and keep you on the water, even if the worst should happen.

You have a lot of different options when it comes to marine insurance. There are not only a variety of different insurance providers available in the area, but they each offer a variety of different policies. Some polices cover more, some cost more, and some offer more of a return should an accident occur. You should review all of your possible options and choose a policy that best suits your budget and your needs.

You also have to think about other parts of coverage, such as medical and personal insurance for yourself while on the boat and the possible costs of salvaging your boat if it can’t return to shore. All of these instances could cost you a lot of money, but with the right insurance plan it might not cost you anything at the time of the accident.

Basic Coverage

Your basic watercraft coverage is very similar to typical automobile insurance. Should an accident occur, you may be reimbursed for the value of the watercraft. You may also be covered for any physical harm that occurs during the accident. Basic watercraft insurance often comes with some degree of personal liability protection as well.

You may have two options in terms of valuing your watercraft and you’ll have to decide before signing the contract because it will stay with you throughout the duration of your plan. The first option is setting a constant value for the watercraft, which is usually the value of the water vehicle at the time of the policy signing. These policies cost more, but the value of the watercraft won’t depreciate with time. You’ll be reimbursed for the full constant value.

The other option is offering reimbursement equal to the current value of the watercraft at the time of the accident. These policies are always cheaper, but you usually get less in return. The vehicle depreciates with time, which means it will probably be worth less at the time of the accident than it was when you signed the policy. It’s much cheaper than a standard value on a monthly basis.

A Few Tips

If you’re new to the world of boating and marine insurance, then you might find these few tips helpful. One tip to keep in mind is to always learn as much about a potential insurer as possible before signing the contract. There are a lot of options available in the local area so you aren’t forced to settle with anyone you don’t like.

You’re encouraged to contact multiple insurance providers and receive several quotes. Compare these values to your budget as well as comparing the different levels of coverage offered for the cost. Don’t always settle for the cheapest option, but use that information to determine what companies have fair pricing and what companies are trying to squeeze money from you.

If you have friends or family who are into boating, then you can always turn to them for suggestions and recommendations. It can be a great place to start your search for a local insurance provider. Follow up with a quick search online to review their website and history.

One of the best insurance providers in Australia is Hamilton Brokers. The professionals at HamiltonBrokers.com have lead the insurance brokerage field for many years now. They have great deals and comprehensive policies that have been designed with the client in mind.

This information may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information. Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your own objectives, financial situation and needs before acting on it.