The Salvage Truth - Boat Insurance Buying Tips

By: John Morris


The water may be your element. You may find the sea quite stirring yet in here you find your own serenity. Yes, the mere sight of the vast sea may stir in you quite a number of various emotional responses. Not a few of people from all walks of life are motivated to build their dream houses near the beach where an overlooking view of the sea is possible. Of course, there are also those who truly enjoy riding on a boat. Some would even resort to buying and owning their own craft such as a yacht or motor boat. These sea vessels are not only bought and owned for the sole purpose of joyride or sea adventures but they are also employed for business reasons.

1. Boat Insurance - Just Like Car Insurance

It is wise to secure boat insurance for security reasons. You may never know what may happen to you and your boatís occupants when it fares out into the vast sea. Cases of theft, salvage, and natural disasters are some of the problems you may be faced with and they can be truly irritating on oneís part. It may be a real challenge to be looking for the best boat insurance that will cover all of your needs and demands. Remember to be smart. Be inquisitive. Make the right choice with your boat insurance.

2. One Size Does Not Fit All

Each of the types of the sea vessels requires different boat insurance policies. It is best for you to conduct a thorough research before contacting any insurer. Go for the advice of friends and colleagues. Ask them which boat insurance provider will best satisfy you.

3. Know Your Insurer Well

Boat insurance can be procured from either an independent insurance agent or from a direct marine insurance specialist. The purchase of boat insurance from either of the two proves to be a good and wise move. It is necessary to be buying the boat insurance policy from none other than a reputable agent or provider in order to save yourself from the annoying possibilities of scam.

4. Use the Laymenís Terms in All Business Affairs

Always listen well to the boat insurance agent. Treat the conversation as you would to a daily discourse. And if you come across some unfamiliar terms, ask for an explanation in the language you will best understand. It is important to know what your boat insurance policy will cover as well as those that will not be covered. If you see some loopholes, then be inquisitive.

5. Look Over Coverage Closely

It is best to secure that your boat insurance policy will work out to be not just fine, but it will be perfect to cater to all your claims. Essential coverage includes salvage recovery, accidental damage, fire, flood, and storm damage, theft, vandalism or malicious acts, liability cover, and most importantly, an easy access to a 24-hour helpline in case of emergency.

6. The Agreed Value versus the Actual Cash Value

These two are the choices in terms of the mode of payment on the boat insurance policy that a boater will want to avail. However, it is the depreciation that sets the difference between the two. For the Agreed Value Policy, the boater will have to pay more for the boat insurance. In the event of total loss, the insurer will not only pay you but will also replace most items with new ones. On the other hand, the Actual Cash Value costs less yet in the event of loss, the insurer will only be paying the actual cash amount that is at hand during the time of the propertyís loss. This mode is best for clients who donít really give a deal about total loss and for least expensive purchased boats.

7. The Salvage Truth

In case you have decided to stick with the Agreed Value boat insurance policy, then make sure that you do stay away from those that limit salvage coverage. Salvage coverage policy ensures the payment to the salvor for saving the boat from danger or by bringing it to a repair yard. You would want a handsome amount to fix the damages done to your property and surely enough you would not want some deductions from the agreed value just because some payments are to be made to the salvage costs. Definitely, this scheme of payment will leave your budget short for some of the repairs that you will need.

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