Boat insurance is an important asset for those who own and operate watercraft on either a regular or seasonal basis. The degree of protection afforded to those who purchase damage policies can remove the worries of an accident and even assist in the overall process of repairing the vehicle. However, there are certain limitations commonly put on the average boat insurance policy, requiring boat owners to recognize what kind of vehicle they are using and what kind of insurance policy applies to that watercraft.
For some insurers, size or value may immediately disqualify a vehicle from receiving coverage. This largely becomes an issue because of the cost of repairs on these vehicles, which can easily become prohibitively expensive for insurers who offer comprehensive damage coverage. Although insurers may determine what they are willing to take a risk when setting these limits, large boats or vehicles worth greater than $250,000 may need specialized insurance policies that handle more valuable or massive vehicles. Similarly, personal watercraft can occasionally be assigned a limit on worth.
The age of the boat may also be a concern for some insurers. Generally speaking, a hazardous collision is more likely in an older vehicle, as there is a greater chance for a malfunction to occur either with old propulsion systems or worn down navigation systems. Particularly, a company may have a policy range between 15 and 20 years, making any boat that is older than that limit ineligible for certain types of coverage or policy options.
Finally, boats must fit legal standards and expectations, as well as insurance definitions of a boat. This immediately disqualifies houseboats, as they generally do not fit the insurance industry's concept of a vehicular boat. Instead, these boats may be treated differently altogether. On the other hand, boats that violate state or federal regulations for watercraft may be treated likewise, and may not be given an insurance policy.
To learn more about boat insurance options and limitations, contact an auto insurer.
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