Protect Your Boat from Risk
Winning Yachts understands the gravity of protecting your investment; the last thing we want is for you to suffer a loss over something you pooled so much capital into. This is why we do not take the issue of securing your boat lightly. We would do all we can to prevent any occasion of loss of any form.
This is the backdrop of boat insurance. Boat insurance is extremely important to protect your boat and give you total peace of mind that your vessel is secure, no matter what happens.
We at Winning Yachts greatly encourage you to get insurance for your vessel to give you a totally pleasant boating experience. It can assist in covering diverse risks of theft, accident, lightning, etc.
We would also tell you it is much more reasonable to make your vessel insurance different from your homeowner’s policy. Reason being that the homeowner’s policy is quite restrictive and does not exactly cater to all the necessaries that should be covered by proper boat insurance.
Although we do not offer insurance services to our clients at Winning Yachts, we have a wide range of partners and collaborators that offer insurance services, and we would be glad to link you up with them to have your vessels insured.
There are various boat insurance coverages and packages. These packages are solely determined based on the policy employed by the insurance company.
Forms of Boat Insurance
Actual Cash Value
This insurance package covers the cost incurred in the purchase of the boat subtracting the value of depreciation encountered by the boat as at the time of the accident. Should the boat be entirely lost, there are other ways to determine the price of the insurance.
Apart from this, partial losses are figured out by considering the total cost of fixing the boat minus the value of depreciation.
Agreed Cash Value
This package is majorly determined by the amount you pre-agreed upon, should an accident occur. They do not subtract any depreciation value. The amount agreed upon for this insurance package will replace the old items with the new ones if a loss is occasioned.
There are some specific damages or accidents that typical boat insurance should cover. They include:
- Injury to any part of the boat, including the exterior, engine, internal wiring, hull, etc.
- Theft of the boat is also covered by boat insurance. Either theft of the boat or any belongings inside the boat.
Cost of Boat Insurance
Getting boat insurance has no fixed or pre-determined price. The price varies a lot, depending on certain factors. Some of these factors include:
Insurance Policy
The form of insurance policy selected, coupled with the discount available on that package, determines the price.
Type of Boat
The type of boat being insured, including its size and general outlook, also determines the price.
Vehicle Usage
The Cost of boat insurance is also determined by the vessel’s use and storage location.