Boat Insurance Policies, are about the same as auto insurance policies, but there
are some minor differences.
- Bodily Injury Liability: Florida law require boatowner's to carry a minimum amount of
liability in case of third party injuries, however insurance experts recommend purchasing
as much as three times the minimum in these times of expensive litigation. The liability
package also offers Guest Passenger Liability, coverage that offers injury protection to
anyone who might climb onto your vessel.
- Collision. This coverage reimburses you for
damage to your vessel in case of an accident - minus the deductible. Coverage extends only
to the factory parts of your vessel. If you get fancy & add anything extra accessories
- additional coverage will be required for compensation.
- Comprehensive. This reimburses you, less
the deductible, for circumstances other than accident, like vandalism, fire or theft.
- Uninsured Boats. If the person who hit your
vessel is uninsured, this coverage pays the medical bills and any lost wages you incur
while out of action.
- Underinsured Boats. This coverage
reimburses you if the person who hit you doesn't have enough insurance to cover all your
damages.
Insurance premiums are
determined by factors such as your age, driving record, what kind of vessel you own and
where you keep it. Unless you're high risk, there are ways to keep your costs down so you
won't have to pay exorbitant rates. Insurers look kindly on clean driving records, good
credit record and no accidents.
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