We have researched some of the most common question pertaining to boat insurance. We hope this information will bring clarity to the process of buying boat insurance.
Q:
What is actual cash value policy?
A:
This type of policy only pays the actual value of your boat and its contents. The actual value is determined by deducting the depreciation due to the age of your boat along with other variables.
Q:
Will the insurance company pay if I make a claim?
A:
This will depend on the type of claim you are making and what you are covered for as stipulated in your policy. There are many things an insurer must take into consideration before paying a claim. You can find out more on the claim process in our claims section
Q:
Should I include my boat insurance with my home and contents insurance?
A:
It is generally advised to separate insurance for your boat. Home and contents insurance will not pay for salvage work or towing service if your boat is on the water. You may find that your boat insurance is cheaper if you include all your insurance policies through the same provider.
Q:
If my boat is totaled, will the insurer give a replacement cost?
A:
This will depend on what is stated in your policy. Not all NZ boat insurance policies are the same. It is important to check you policy carefully to ensure you are covered for every eventuality.
Q:
If my boat injures a third party, will the insurer cover the medical cost?
A:
Yes, but if the injury was caused when the boat was used in a race, the insurer will not support the claim. The type of medical coverage will determine the extent of coverage and up to a certain limit. Policies differ so you will need to check what your policy states. If you are unsure, contact your insurance provider.
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