Motorboat insurance covers motorboats and powerboats and offers protection against accidents, damage, fire, etc. The liabilities covered include physical damage, fuel spillage, towing, personal effects, uninsured boaters, theft, natural disasters etc.
Motorboats enjoy tremendous popularity with boat users and are capable of high speeds that often result in accidents. The increasing sophistication in hull and engine technology has led to an increase in the price of motor boats. This has meant that an uninsured boat could result in significant losses.
New boat owners may be able to avail discounts on motorboat insurance. However, it is important to take note of the conditions that need to be fulfilled for a motorboat to be insured. These may relate to the area in which the boat is based; age of the boat; a valuation report; towing toys, bareboat charter, skippered charter, inflatables, racing motor boats etc may not get motor boat insurance.
Motor boat insurance offers coverage for the following:
- The whole boat: This includes the boat fittings, machinery, motors, etc.
- Personal effects: This includes boating footwear, fishing gear, ropes, life jackets, etc.
- Additional expenses: The insurance company will bear the transport cost of each member of crew in case of an accident.
- This coverage has an upper limit that may vary with the insurance provider.
- Fire and safety equipment: This covers the costs of recharging and refilling equipment.
- Legal liability: Liability limits vary with the insurance providers and can be as high as $ 1 million. It covers an insured boat being used by a person who is not the owner.
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