The Ultimate Guide to Boat Insurance: Boat Insurance 101
New Wave Marine's getting started with boat insurance guide helps you understand the ins and outs of protecting your vessel with comprehensive coverage.
The Importance of Boat Insurance
If you are new to boat ownership or considering purchasing a boat, it is important to consider boat insurance. Having boat insurance is essential as it protects both you and your vessel in case of an accident or any unforeseen occurrence. With boat insurance, you can have the reassurance of financial security and peace of mind. To get started with boat insurance, you can research different policy options, compare rates, and consult an insurance professional to determine the best coverage for you and your specific needs.
At New Wave Marine Insurance, we are dedicated to helping boat owners like you find the coverage you need to protect your vessel. Our insurance professionals are here to assist you every step of the way, from researching policy options to answering any questions you may have.
Types of Boat Insurance
When choosing a boat insurance policy, it is important to consider the type of coverage that is needed carefully. Boat owners should consider the value of their boat, the type of boat they own, and the risks they may face while operating the boat. By understanding their needs and the types of coverage available, boat owners can choose the right policy for them and provide the best protection for their vessels.
Comprehensive boat insurance covers accidental damage, theft, and weather-related risks, while third-party boat insurance covers damage or injury to others. Our boat insurance offers more coverage options, such as liability, property damage, and personal injury.
The Cost of Boat Insurance
The boat insurance cost varies depending on several factors, including the value of your boat, the type of boat you own, the age of the boat, the coverage you need, and the mooring or storage method. In general, boat insurance tends to be more expensive for larger and more expensive boats and older ones.
In addition to the annual premiums, boat owners should consider other costs associated with their insurance policy. These costs may include minimum annual premiums and fees, as well as any additional fees for services such as salvage and removal costs in the event of an accident or damage to the boat.
WANT TO KNOW MORE
Check out our calculator tool for getting a quick estimate on how much boat insurance may cost for your boat
Making a Boat Insurance Claim
Making a boat insurance claim can be stressful and confusing, especially if you have never filed a claim. However, it is important to understand the process and what you need to do to initiate a claim in order to get the financial support you need to cover any damages or repairs. It's also crucial to note that boat owners should know national and state laws regarding boat insurance and registration.
It is important to note that the process of making a boat insurance claim can vary depending on the specifics of your policy and the circumstances of the incident. Be sure to familiarise yourself with the terms and conditions of your policy so you know what to expect during the claims process.
Factors Affecting Boat Insurance Premiums
Boat type and size
The type and size of your boat can impact your insurance premiums, as different types of boats may carry different levels of risk. For example, a high-performance speedboat may be more expensive to insure than a small sailboat due to its varying risk levels.
Age and condition of the boat
The age and condition of your boat can impact your insurance premiums. Older boats may have a higher risk of mechanical failure and lower value, resulting in lower premiums. Conversely, newer boats may have a higher value and be more expensive to insure due to their better condition and greater risk of theft.
Navigation area
The waters in which you navigate can also impact your insurance premiums. Your premiums may be lower if you primarily operate your boat in calm, protected waters, versus open, high-risk waters. Depending on your location, you may be required to carry specific coverage, such as third-party liability cover or lay-up cover, for your boat.
Boating experience of the owner
Your boating experience can also impact insurance premiums. More boating experiences may be seen as less risky and, therefore, may receive lower premiums.
Claim history
Your claim history can also impact your boat insurance premiums. If you have a history of filing claims or have been involved in multiple accidents, your premiums may be higher than someone with a clean claims history. It's important to be honest about your claim history when applying for insurance to ensure accurate pricing and coverage.
How to Choose the Right Coverage
Assessing your boating needs
Assess your boating needs before choosing boat insurance coverage, including type, frequency, and value. This can help determine the appropriate level of coverage needed, such as third-party only insurance or comprehensive cover.
Evaluating coverage options offered by New Wave Marine
New Wave Marine offers a range of coverage options, including liability coverage, property damage coverage, comprehensive coverage, uninsured boater coverage, and personal injury coverage. Evaluate each option and determine which coverage best fits your needs.
Steps to Getting Boat Insurance from New Wave Marine
Gather necessary information
Before applying for boat insurance with New Wave Marine, gather information about your boat and boating history, including the boat's make and model, age and condition, boating experience, and previous insurance claims.
Apply online
Apply for boat insurance with us online. If you choose to apply online, complete the application accurately to ensure an accurate quote.
Receive a quote from New Wave Marine
Once your application is submitted and your vessel fits our underwriting guidelines, New Wave Marine will provide you with a quote for coverage. Be sure to review the coverage options and premiums to ensure that they meet your needs and budget.
Accept and pay for coverage
If you choose to accept the coverage provided by New Wave Marine, you will need to pay for the coverage to activate the policy. This can typically be done online or through a New Wave Marine insurance agent.
Receive proof of insurance from New Wave Marine
After accepting and paying for coverage, you will receive proof of insurance from New Wave Marine. This can be used to prove that your boat is insured and to provide evidence of coverage in the event of an accident or claim.
Benefits of Choosing New Wave Marine for Boat Insurance
Comprehensive coverage options
We offer a range of coverage options to ensure you have the protection you need for your boat and boating activities. Coverage options include liability coverage, property damage coverage, comprehensive coverage, uninsured boater coverage, and personal injury coverage.
Experienced and knowledgeable
New Wave Marine's expert team will help guide you through the process of organising your boat insurance. We offer coverage options, answer your questions, and help you select the best fit..
Competitive pricing and discounts
We offer competitive pricing for your boat insurance coverage and discounts like completing a boating safety course, a clean boating history and installing safety equipment on your boat.
24/7 claims support
New Wave Marine provides 24/7 claims support after accidents or claims, with an expert and efficient team to guide you through the process. We work with you to ensure your claim is processed quickly.
Frequently Asked Questions
What does the New Wave Marine Boat insurance policy cover?
The New Wave Marine Boat insurance policy covers various aspects of boat ownership, including:
- Physical damage coverage: This covers damage to your boat and its equipment, including the hull, motor(s), equipment and accessories, sails, masts, spars, standing and running rigging, tender, and trailer caused by accidents, fire, theft, or vandalism.
- Liability coverage: This covers you if you cause damage to another person's property or if you injure someone while operating your boat. Also included is the costs for the rescue of you, your passengers or your crew, the costs of salvaging your boat and the costs of any attempt or actual raising, removal or destruction of the wreck of your boat
- Towing coverage: This covers the cost of emergency towing, You do not need our authority to take such action if it is an emergency. However, you must advise us as soon as possible after the action has been taken.
- Personal effects coverage: This covers personal items that are on your boat, such as clothing, binoculars, mobile phones, prescription glasses and sunglasses, waterproof gear, bags, eskies, wine coolers, shoes, wallets or purses (excluding cash and credit cards), toiletry articles, hats or caps, keys or pens, portable radios, MP3 players and compact disc players.
Are trailers covered?
Yes, trailers are covered while they are being used to transport your boat, or while they are stored at the same premises as your boat. However, please note that there are certain conditions and exclusions that apply, and it is recommended that you refer to the PDS for a full description of coverage.
Will I need a survey report to get cover with New Wave Marine?
The necessity of a survey report depends on various risk factors. To determine whether you need one, simply fill out the quick online quote form. If a survey report isn't required, you will receive an instant quote and can proceed with purchasing the policy right away.
Does the New Wave Marine policy offer 3rd party only cover?
Yes, New Wave Marine offers Third-Party Only coverage, simply complete our online quote form.
Does the New Wave Marine 3rd Party Only policy cover removal of wreck and pollution?
The New Wave Marine 3rd Party Only policy provides coverage for the costs associated with raising, removing, or destroying the wreck of your boat in case of any attempt or actual incident. Additionally, it also covers any sudden accidental discharge, release, or escape of fuel, lubricants, or sewage from the holding tanks of your boat. If such an incident occurs, you could be legally liable for any resulting loss, damage, or contamination. The policy offers coverage up to $500,000 for such liability.
How do I lodge a claim?
To complete the Claims Form, go to the New Wave Marine website and click "Make a claim", Login with your email address and policy number, Click "new claim", complete the quick online claim form, and click submit. Your claim will then be sent directly to Berkshire Hathaway Specialty Insurance acting through its agent New Wave Marine. If you require any assistance call us on 1300 121 046
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