Although there is no official standard such as ISO within the yacht insurance industry to guarantee complete consistency across carriers, most policies have developed many common denominators.
Hull, protection and indemnity, medical payments, personal effects, uninsured boater's liability, towing and emergency assistance and even pollution coverage have all become accepted as essential elements within a policy.
However, as we know the devil hides in the detail and the subtle nuances between seemingly similar policies can lead to very costly uncovered loss, in turn resulting in an expensive claim on your own professional indemnity cover.
Environmental damage, Ice and freezing, mechanical break down, and defense costs are some of the key areas that if cover is not adequate can lurk beneath the surface of a policy waiting to cause such exposure if attention to detail is overlooked.
We live in an age of increase environmental awareness and as such the laws designed to protect our beautiful planet are now rigorously purposeful in their intent to hold boat owners accountable for their actions. If you are the owner of luxury sports/fishing yacht in Queensland for example, a minor accident running aground into one of the local reefs could leave a bill that would leave Richard Branson feeling slightly worried.
Allstate has accident forgiveness that they are advertising heavily on the radio and television. All of their ads only speak of the provision in relation to cars and do not mention boats, but it is a great feature especially if you will have new drivers on your policy whether it will be for your car OR boat. Your best bet for online insurance quotes are the regular insurance web sites like esurance.com, insureweb.com and others.
They all have options to enter boat in for the type of insurance you are looking for and will then be able to compare premiums from the various major insurance companies. Once you have some of those in hand you should try several boat specialty insurance companies and get their rates as well.
Before you decide to get insurance for your boat, try any and all other means possible to make a good comparison about the different insurance quotes that are being offered. In fact, you can easily ask for reasonable quotes on the web. Yes, insurance companies are now selling policies online and they usually offer to get you a good quote without the obligation of getting yourself signed up for a policy if you don't really want to.
Their main competition is Boat US which also offers a towing service and authorized service from marine dealers around the country. My father in law bought the Boat US membership that cost him 0 for a year and within a month of owning his used boat had to be towed in from the bay and the bill would have been over 0 so he paid for his membership for two years with the one tow
Resource Author Francisco Rodriguez H.
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