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If you have read a few articles and have got some information on boat insurance policies then you must have understood by now that there are many different types of boats sailing on water and each of them has their own specified needs of insurance. A single broad coverage can never cover boats of all types, there has to specially designed insurance policies for different types of boats. If, we look deeply in to the types of boats available in the market, we will see that they can be broadly classified into two groups: normal boat insurance and yacht insurance. Normal boat insurance consists of boats of small and medium size, that are used for every day to day business like fishing, transportation etc. these kinds of boats has medium power motors, though some small kayaks don’t have any motor. They are generally built to sail in medium speed and in water near shores, although some good fishing boats are built to sail deep inside ocean. Since, normal boats have these specified standards, their insurance policies are also built accordingly to cover every unprecedented mishap that it may face. On the other hand, yachts have a separate kind of needs for coverage. Yachts are big luxurious boats that are also termed as pleasure boats. They are used to travel deep inside oceans to enjoy the serene nature and quietness of deep seas. They are much powerful than normal boats both in terms of power and speed. They are built to travel in very deep waters and thus are much stronger. Since, they also have different kinds of standards their insurance coverage are specifically built to suit their needs. Since, by now, you have known the main two categories of watercrafts and the difference between them, you can easily chalk out what type of boat insurance you will need. Remember to keep in mind two valid and crucial points while going for any of these two types of insurances. Firstly, be very careful about agreed values and actual cash value statements. One must be very clear about this while buying boat insurances of any types because an agreed value settlement is far more favorable to the boat owner and an actual cash value settlement is favorable to the boat insurance company. This is because in an actual cash value settlement, the company considers the assent value related to the time when the theft, accident or vandalism had occurred. This could be a troublesome affair for you if you are not an actuary knowing what the insurance company should pay you at a particular point of time. Thus, for a tension free life and for the sake of your pocket it is always safe to go for an agreed value policy wherever possible. The second most important thing that one should keep in mind while buying insurances for both the categories is the deductible amounts. Do a lot of study to know from before about the actual amount of deductibles on your policy. One needs to have a sound knowledge about boat insurance to track the deductibles that are different for different types of policies. For example, if you consider hull damage, then it is going to be 3% deductible on a yacht, while the deductible for windstorm damage is a completely different story. Thus, it is always better to know some basic important points before buying a boat insurance policy. Logon to www.boatinsurance.org to learn more about boat insurance and important facts related to them.
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