Categories: Business & Finance

Boat Insurance: Do You Need It?

April 13, 2016

It doesn’t matter whether you are an affluent personality or a citizen of Orange city in California, you can always own a boat. Boating in calm and serene waters of a river or a lake can be very therapeutic. If you love speed, then you can invest in a speed boat or motor boat and go racing in the deep blue seas, and if you like to spend lavishly, then you can always go for a luxury cruise liner.

Be it any kind, buying a boat is a worthwhile investment. Boating is a great way of relaxing and spending time with family. Also, you can earn second income if you have a boat. You can always give your boat to the fishermen or rent it out to families who wish to spend quality time in the seas.

However, while you are considering to buy a boat, you should also apply for the boat insurance in Orange, California or anywhere else. There are some important reasons to take boat insurance. Let us discuss them.

  1. Easy loan– You will need boat insurance to convince your bank manager to approve your loan to buy a boat. Your bank manager will only give approval once he sees the insurance papers that covers your entire cost as well as the losses that may occur. This is because in the case of the loan the bank becomes the co-payee of the boat.

  2. Insurance while boating– A boat insurance is needed to cover for unfortunate incidents that occur while boating in the water. The insurance will also cover the losses that occur due to wearing and tearing of the boat over the years.

  3. Insurance for boats off the seas- It is very important to have insurance when you are not using your boat. You should not cancel the boat insurance during the off season as the boat can also be damaged or punctured even when it is on land.

  4. Boating equipment– You need boat insurance because the insurance policy also includes coverage for fishing equipment, oars, anchors, propeller, motor, life-jackets and seats of the boat. Hence, if any of these items gets damaged, you need not worry about buying the new one. Also, whether all of these things are included in the insurance policy must be discussed with the insurance agent.

Apart from the reasons mentioned above you need the boat insurance in Orange City in order to cover towing and assistance charges. These charges include taking the boat to the repair shop, fuel, delivery, etc. All of these small charges can add up to your overall cost to a great extent and therefore it is better to be insured.

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After completing MA in Marketing from London School of Economics in late 90's, Ellina James chose to work for Marketing Research firms in Europe only.

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