You know boating,
but not like this…
UNFORGETTABLE MOMENTS on the water
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involved in an accident, especially if there are injuries.
Usually, homeowner policies won’t cover boats larger
than a certain size and greater
than about 16 feet in length
and worth more than about
$3,000, and they rarely have
the necessary provisions to
cover losses that may occur
with a boat, such as fuel-spill
liability or wreck removal. The
more your boat is worth, the
more important insurance
becomes to protect yourself from financial loss.
Not all policies are created
equal; look closely at the
policy provisions outlined
in the sidebar on page
26 when you’re deciding
which policy to buy.
Now that you’ve had
the boat inspected, paid
the seller, and are holding the keys, the boat isn’t
EXTENDED-SERVICE CONTRACT FACTS
■ Service contracts aren’t legal warranties with the weight of federal laws
behind them; they’re really insurance policies.
■ Some service contracts don’t cover consequential damage. If your water
pumps fails and ruins your engine, they may only pay for the water pump.
■ You may still have out-of-pocket expenses. Many service contracts have
deductibles and won’t pay, for instance, to have the engine removed or the boat
hauled for repairs.
■ Dealers make money on service contracts, but their prices can be negotiated.
■ You’ll need preauthorization before having repairs made, though manufactur-er-based contracts perform more like a warranty when it comes to service.
■ Most service contracts are transferable, a great point when it comes time to
sell your boat.
■ Most service contracts aren’t backed up by manufacturers. Those that are
usually have better coverage. While these may cost more, they typically offer
superior service because the manufacturer’s reputation is on the line.
really yours until the seller signs over title.
(But not all states require titles; go to www.
BoatUS.com/Gov to see a list of the states
that do.) Look over the paperwork carefully
and make sure the HIN on the boat matches
the title. Most states require trailers to be
registered as well, so make sure you have
those documents, too. In most states, boats
with motors will have to be registered. Larger
boats may need to be documented.