You might not have realised it, but boat insurance is the oldest kind of insurance there is. People have been insuring their boats since the 17th century, and over time a number of standards have arisen. The chances are, though, that youre probably much more familiar with car insurance so the good news is that car insurance and boat insurance are actually very similar.
Basically, there are three situations you can be insured against: your boat (or its cargo) being damaged, your boat sinking, and your boat hitting another. Although few countries make it a requirement that your boat must be insured (considering how many boats sail in international waters), you would be very wise to at least buy the third party insurance, in case you hit a boat that is very much more valuable than your own. You will probably find it quite unnecessary to insure your boat against total loss unless it is very valuable it is mainly practical for large ships, and especially for ones carrying valuable cargo.
As with car insurance, policies come with an excess to discourage small claims for boat insurance, this is usually quite a large sum of money, as the intention of the insurance is...
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