| What is the Difference between Third
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| | boats, watercraft liability insurance.
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| Party Liability and Full Coverage
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| | Talk to your agent to find out how much
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| Insurance?
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| | coverage is required in your state.
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| Insurance can be very confusing for those
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| | Full coverage insurance, on the other
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| of us who are not in the insurance
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| | hand, will cover you, your boat, your
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| business.
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| | motor, your trailer, and your passengers.
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| Often, our insurance agents start
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| | It is often referred to as comprehensive
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| babbling about liability, comprehensive
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| | insurance, and it is available in
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| coverage, third party liability, and more
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| | different coverage amounts, with
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| - and we feel like they are speaking a
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| | different options that are available for
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| language we have never heard before. Well
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| | the policy. This type of insurance will
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| - in a sense they are.
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| | be required by most lenders who finance
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| Again, it is very confusing to those who
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| | boats, and most lenders will have their
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| are not in the insurance business.
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| | own requirements as to which optional
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| Unfortunately, if you are to get the
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| | insurance is purchased.
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| coverage that you need, at a price you
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| | Essentially, what it comes down to is
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| can afford, you must start learning some
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| | that third party liability insurance
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| of the terminology.
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| | coverage protects other people and their
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| For instance, many people do not
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| | property in the event of an accident that
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| understand what the difference between
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| | is your fault, while full coverage
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| third party liability insurance and full
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| | insurance protects you and your property
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| coverage insurance is. Third party
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| | - in the same way that the third party
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| liability coverage and full coverage
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| | insurance protects others.
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| insurance are much the same, but in other
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| | In fact, full coverage insurance will
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| ways they are uniquely different. Before
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| | cover you whether the accident was your
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| you determine which one you need, it is
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| | fault, someone else's fault, or even
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| important to understand exactly what each
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| | no-fault. In most cases, it is in your
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| type of coverage is.
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| | best interest to have both third party
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| Third Party Liability Coverage is
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| | liability insurance coverage - which is
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| essentially coverage that protects you in
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| | required - as well as full coverage
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| the event of an accident that is your
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| | insurance - which may be required if you
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| fault.
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| | have financed your boat.
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| It generally covers other people and
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| | Again, even if the boat has not been
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| their property that is damaged in a
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| | financed, you should strongly consider
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| covered accident. It does not cover you,
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| | purchasing a full coverage or
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| your passengers, your boat, your motor,
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| | comprehensive policy. Many people even
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| or your trailer. Furthermore, third party
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| | continue to carry the full coverage
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| liability coverage only goes into effect
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| | policy long after the boat has been paid
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| if your boat is in an accident that
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| | off.
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| occurred when the boat was being used in
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| | Boat repairs are expensive, and anything
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| a private capacity, as opposed to a
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| | can happen.
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| commercial capacity.
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| | Most full coverage policies will cover
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| Third party liability coverage is
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| | you in the event of mechanical failure,
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| required by most states, and each state
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| | theft, and vandalism, as well as losses
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| will have its own requirements as to the
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| | caused by storms, fires, explosions,
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| minimum liability coverage amounts that
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| | sinking, and much more. Talk with your
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| you have.
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| | insurance agent to find out about the
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| This type of insurance is generally
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| | different options available for full
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| required whether your boat is financed or
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| | coverage policies, and make sure that you
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| not. Third party liability insurance
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| | get the coverage that you need!
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| coverage is often simply referred to as
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| | CopyRight Ian D. Major 2005.
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| liability insurance, or in the case of
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