Boat Insurance Facts

Boat insurance is a means of hedging against the many risks involved in boating. Despite its importance marine insurance it can be overlooked by many boat owners. Jade Boat Loans takes boating insurance very seriously. We can assist with providing you with comprehensive insurance at an affordable rates from choice of popular insurance companies in Australia. You can call Jade Boat Loans on 1300 005 233 or complete the online boat insurance quote.

Secured boat loans in Australia require that your boat has full comprehensive insurance for the loan. Putting this aside it gives you peace of mind. Buying a boat is no doubt a substantial investment. The sea is fraught with danger. From reefs, bad weather to other boats there is good reason to be concerned about your vessel. Having a boat insurance cover helps you sleep soundly at night.

  • It covers you for replacement value of your vessel. This simply means if anything happens to the boat you get paid enough to purchase one just like it. Considering the alternative, insurance is definitely the better option.
  • Minor boating accidents can also be expensive to deal with. Not everyone lives near a boat repair shop. Getting your vessel fixed can hence be a costly affair. Insurance provides a safety net to help you handle whatever occurs.
    Not all insurance providers are the same though. That’s why getting your Jade Boat Loans consultant to recommend options for you. As with any insurance the premiums can vary a lot and the fine print of what is covered can be very different. Some factors when considering the right insurer are:
  • Customer service- You need a marine insurance provider that listens to you. They should also be readily available when you need them. The provider should have a large network of agents and branches.
  • Reputation – Get a provider with high standards of service delivery. Too often you hear stories of clients getting short changed by the unscrupulous insurers. Recommendations from friends and family are a reliable way of picking out boat insurance provider.
  • Coverage options – . You need an insurer with a wide variety of packages for you to choose from. What you need from your insurer might change over time. Different vessels also have varying marine insurance needs. The insurance needs of a used boat for instance might be different from a new one’s for instance.
  • Price- Premiums can vary from manageable to absurdly expensive. The lowest price isn’t always a good thing. You need to understand the policy and services behind the boat insurance quote. Make sure your insurance needs are covered. It is better to pay high premiums for quality insurance. Cheap might be costly in the long run.
  • Boat type- Policies vary for various kinds of watercraft. A raft for instance would have lower premiums than a cruiser boat. Also consider where you plan on using the boat.
  • Water liability coverage- This protects you in case you injure someone on the water. It also covers damage done to another boat if a collision occurs.
  • Coverage options within the policy-. This protects the vessel as well as passengers on it. Some policies cover the boat as well as medical expenses in case of any calamity.
  • Discounts- Different providers will give different discounts options. Examples of this could be: paying your premium upfront and multiple policy discounts when using the same insurer for other assets you might own.