Buying a boat means you need to have an insurance for it. Having an insurance for your boat offers a satisfaction and secured feeling after investing heavily on one. If you happen to invest in a boat recently, congratulations as you should now be aware about the different types of boat insurance. Here are a few types you should know.
- Based on Liability – If there is a situation where someone instead of you causes damage to the boat, then liability insurance helps. The insurance company will cover for the majority of the damage. Plus, the liability insurance also helps if the individual gets hurt.
- Based on Uninsured Watercraft – Similar to the liability insurance, the uninsured watercraft insurance works in the same but in a different perspective. This insurance types helps the boat owner if he or she damages a property. The cost for the damaged property will be covered but not to the boat owner if he or she gets hurt.
- Based on Medical Payments – This is the type of insurance where the company pays for the medical bills of the boat owner who gets injured in an accident.
- Based on Property – If a boat gets damaged after an accident, then this insurance type comes handy. However, the boat owner responsible for the accident will need to pay some amount from their end as well for the damage caused to the boat.
These are the different types of boat insurance boat owners should be aware of. To know more, contact aluminium boat builders in Brisbane.