Performance boats are defined by their performance, engines, speed and design – often reaching speeds of at least 65mph these vessels require adequate insurance coverage. The speed and thrill of the ride found with no other craft means that performance boat insurance is often much more expensive than cover for other vessels. The thrill and adrenaline rush that users get from a speed or motor boat is fantastic, so don’t let it be compromised by finding out you are unable to claim in the event of an accident.
As well as being much riskier for the insurance company, performance boats are usually much more expensive to buy that other types of vessel due to their nature. This also has a significant impact on the cost of annual premiums, but due to the risks involved with riding a speed boat, owners should never neglect obtaining a full performance boat insurance policy.
There are several things that speed boat owners will want to ensure are included into their policy so here is a quick explanation of what they are and why you will need them.
If your vessel is damaged in an accident with another sailor or out at sea then you will need the insurer to pay out for any repairs required. The amount that the insurer will compensate you will depend upon the specific policy terms and whether you have a market value or agreed value policy.
Should you become involved in an incident with another vessel where the driver is uninsured, you and your passengers will be protected. This is particularly important because it is not a legal requirement for sailor to be insured, therefore increasing the number of people without adequate cover.
Towing & Assistance
As you would require with a car, towing and assistance means that your performance boat insurance will provide cover when you need your vessel towed after an accident.
You are bound to have all sorts of personal belongings on board your boat, but what happens if your boat sinks? Without personal property coverage you would be unable to claim for these, leaving you at a loss.
There are all sorts of other things that could be included into performance boat insurance so make sure you consider every angle before purchasing a policy.