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Boat insurance: What to expect when protecting your marine vehicle

11 April 2014

Many people across Australia dream of owning a boat at some point in their lives. The freedom and leisure that can come from owning a marine vehicle and spending warm, sunny days out on the sea is the fuel of many daydreams across the nation. Therefore, it's only natural to want to protect your investment after purchasing your boat.

There are a number of instances that need to be investigated and covered when it comes to looking after marine vehicles. The ocean can be a savage environment, so it's important to take your time to look into all the options available before committing to a particular insurance product.

Repairing or replacing a boat without the proper cover can be a costly endeavour, but luckily most insurance policies cover all the basic issues and complications that can arise. Things like theft or damage to the hull, motor or boat trailer, as well as issues concerning accessories or safety equipment, are all protected by these policies. Furthermore, you can get access to cover for legal liabilities if necessary - as well as sailing racing boats or water skiers if you need.

Your boat insurance may cover damage caused by stormy weather, fires and other natural disasters, as well as theft or damages caused in the instance of attempted theft. Furthermore, unforeseeable damage potentially caused by the sea could also be covered - especially something that caused the boat to sink.

This cover will protect your boat within 250 nautical miles of Australia - including while your boat is tied up at the marina. However, some things that could not be covered include any boat capable of exceeding a speed of 60 knots, so it could be worth getting in contact with the experts to discuss the options available to you.

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