There’s nothing like going out to explore the beautiful ocean on your very own boat. However, there’s always a chance that something can go wrong on the water, in the marina or even in transit. What do you do to protect yourself and your boat? NZ boat insurance is the perfect way for New Zealand boat owners to safeguard their prized possessions.
What Is Boat Insurance?
Marine insurance is coverage that protects boat owners in case their boats get damaged, stolen, vandalised and more. Boats are a significant financial investment, including initial costs, maintenance fees and marina fees. So, it’s essential to stay protected to prevent financial loss.
Your coverage will depend on your policy. Marine insurance policies typically cover factors such as:
- Property Damage. Your boat can be damaged by accidents, poor weather, etc. Coverage can help with these costs.
- Liability Protection. Your NZ boat insurance can cover legal costs and damages if you damage another boat.
- Theft, Vandalism And Loss. You may receive financial protection if your boat is stolen, vandalised or damaged beyond repair.
Insurance can cover many other aspects as well, so be sure you thoroughly read through your policy before you agree to anything.
Of course, you should also take additional steps to protect your boat. Keep it well-maintained, drive it properly on the water, moor it correctly and do your best to prevent damage to your vessel, yourself and fellow boat owners.
Why Do You Need Boat Insurance?
Unfortunately, accidents can happen when we don’t expect them, and insurance can save you from serious financial hardships.
- Protection Against Damage And Loss. Boat repairs and replacement parts can be seriously expensive. Insurance will protect you if your boat receives covered damage, reducing your financial strain.
- Liability Coverage. Damaging property or injuring others can lead to expensive legal troubles, even if the damage was done by accident. Liability coverage can cover, property damage and legal fees.
- Peace Of Mind. Aside from financial help, NZ boat insurance can give you peace of mind. How can you relax on the water when you’re constantly worrying about every little thing? When you’re covered, you can focus on your adventure and let yourself have a good time.
How Do You Get Boat Insurance?
Boat insurance can provide you with so many benefits, but how do you secure a policy that suits you?
- Understand Your Situation. Before you do anything, make sure you assess your own situation so you understand your circumstances better. Examine your boat and learn its market value, age, model and condition. Next, think about how you use your boat. Do you use it for leisure, fishing, commercial purposes or for anything else? Some policies cater to specific activities. This way, you can get an insurance policy that’s tailored to your particular marine vessel. The status of your boat will also affect your boat insurance premiums.
- Work With An Insurance Broker. Navigating the world of insurance is complicated; don’t do it alone. An experienced insurance broker can take care of the hard work for you, connecting with reputable insurance providers so you get the best coverage possible. Ask your broker about:
- Specialisation. Do they specifically work with NZ boat insurance? Find a broker who’s well-versed in the world of marine coverage.
- Claims. What is the claims process like? Go over the claims process so you know what you’ll have to do if you need to make a claim.
- Compensation. How are they compensated? They should be transparent about whether or not they’re being paid to advertise specific products.
- Conflicts of Interest. What happens if you have a problem with a boat owner who’s also a client of your insurance broker? How will they handle the situation?
- Identify Potential Risks. Always review potential risks like theft, accidental damage, weather damage and liability. Think about each risk and how you should handle it. Always go through what you’re covered for and what you’re not covered for before you agree to your new policy.
- Consider Additional Coverage. General NZ boat insurance will protect you from many situations, but to really protect your boat, you may also want to consider additional coverage. For example, trailer boat insurance protects your boat when it’s trailered and in transit or stored, and moored boat insurance protects it when it’s moored in the marina. Getting comprehensive coverage can protect all aspects of boat ownership, regardless of whether you’re out on the water or your vessel is safely moored at your chosen marina.
Setting Sail With Confidence
Contact us at Baileys Insurance today to learn more about marine insurance, including general coverage, trailer boat coverage and moored boat coverage.
To reach us, call us on 0800 898585 or send us a message online. We specialise in helping our clients find tailored coverage that works for them.
Baileys Insurance: Stay protected and have peace of mind on the water.
