Don’t get caught out on the water without the right marine insurance cover.
If you’re a boat enthusiast, you know that owning a boat is a big responsibility. Not only do you have to worry about keeping your boat in good condition, but you also need to make sure you have the right insurance coverage. But what does boat insurance cover? And what should you look for when choosing a policy? Keep reading to learn more.
What is pleasure craft Insurance?
Boat insurance provides security to ensure that you have the freedom and pleasure you desire while still being able to enjoy your favourite things.
Pleasure craft insurance protects your boat from damage, theft, or accident. Legal liability protection can also be included, which will protect you if you are held responsible for any injuries or property damage caused by your boat.
Boat insurance also provides limited coverage for accidental death or serious personal injury.
Types of Marine Insurance Cover
Coast Insurance specialises in providing boat insurance for all types of watercraft and vessels. To read about the different boat insurance policies read our blog Boat Insurance 101: What You Need to Know Before You Buy.
Pleasure Craft or Personal Watercraft
We can provide comprehensive coverage for private boats, power or sail, stored in or out of the water, as well as yacht racing or water-skiing options. Your pleasure craft insurance should include:
- Cover for your vessel may it sustain physical damage due to theft, vandalism, fire or accidents, as well as damage from storms.
- For injury-related accidents; medical coverage is available.
- Third-party liability coverage for you and your passengers if you injure or damage another person’s property or if you collide with another boat.
Contact one of our specialist pleasures craft insurers for an obligation-free quote today.
So Just How Much Do You Know About Your Boat Insurance Cover?
It’s important to understand what you are covered for with your boat insurance. So, we want you to ask yourself these questions. If you are unable to answer them, it might be time for you to revise your policy or reach out to our friendly team at Coast Insurance.
Are You Familiar with Exactly What Is Covered and How Much?
A boat is much more than a hull. All those components, including the motors, as well as the sails, spars, and masts, are worth something. You can also add accessories like electronics and fishing gear as well as the TV and fridge. When choosing the right cover for your items, it is not only about making sure they are all covered but also about how much.
Although most people can remember how much they paid, can they recall if the item is covered under their policy? If you do have to make a claim, how much are all the parts covered for?
And talking of accessories…
Are Your New Accessories Covered?
Any boat show or chandlery will reveal how passionate people are about customising their boats. It’s the accessories and gear that we love as much as our craft, and boaties are guilty of spending thousands of dollars on them. Every year, there are a wide variety of gadgets, toys, and accessories released by manufacturers. These range from lures to next-generation electronic devices.
Let’s say you found a great deal at a trade show, and you are eager to get your next-generation 3D fish finder. While it might work great on the water, is your policy covering this expensive item?
You should be sure that those items are always included in your policy and that you know what you’re covered for if you make a claim.
Do you Know Who Can Drive Your Boat?
Anyone can drive a vessel in Australia with a boat license. But are they covered by your marine policy?
Boating is a social activity that often requires us to let others drive. You might have to let someone else take the wheel if the weather is bad as you are approaching a busy ramp, or if you are water-skiing or fishing, for example. Are you aware if your policy covers these drivers?
Who Is Covered If Your Boat Is Being Towed or Parked on The Ramp
Boat insurance claims can also be made for incidents that took place while the vessel wasn’t on the water.
It is one thing to find the right coverage for someone driving the boat on the water. But do you know who’s covered when the boat is being backed into the water?
Most insurance policies will require that all drivers have a valid driver’s licence if they are driving your vehicle or backing it into the water. It is important to note that the rules for alcohol and drugs on the water are the exact same rules as those on the ramp.
Are You Covered in The Event of An Engine Breakdown?
Usually, boat insurance does not cover motor breakdowns. And even though it might seem obvious, your boat insurance policy may not cover you if your boat is overpowered (according to the manufacturer’s guidelines), or if your boat is overloaded.
All these things could affect your policy. So, it’s important you understand these before you need to file a claim.
Is the Way You Use Your Boat Accurately Represented in Your Policy?
The way you use your boat will directly impact the premium you pay. A sailboat owner might be a keen competitor in weekend racing, while a wake boat owner will likely spend their weekends sailing and wakeboarding. The family runabout will likely be used differently, with more time spent fishing and a little bit of water skiing.
It doesn’t matter how you use your boat; it is important to know what coverage is available. Some activities may require an extra premium. And don’t forget to consider if your vessel needs additional cover for heading offshore.
Are You Paying Too Much When You Don’t Use Your Boat?
Most people use their boats less during the winter. So, why pay as if it were being used?
Lay-up insurance is a popular option for some. Lay-up cover allows you to keep the boat at a lower premium in winter or during a time when it’s not being used. This means that you will pay less during this time.
A higher excess is another option to lower your premium. You will pay an additional fee to make a claim, but it lowers your premium long-term.
Coast Insurance will never recommend that you under-insure your vessel. It is highly recommended you check out our Coast Insurance policy options, as these can help lower your premium.
Quality Marine Insurance
Boat insurance is not as complicated as it might seem. At Coast Insurance, we advise that you should always review the product disclosure statement from your insurance company to make sure you get the coverage you need for your boat.