Boat insurance is an excellent way to protect your vessel, as it covers repair costs in the event of damage. However, a common query among policyholders is whether boat insurance extends to cover the cost of a blown engine, providing peace of mind in the event of this specific type of damage.
Boat insurance has its limitations, and not all aspects of your boat are covered under the policy. There are some cases where your bot insurance will not cover occurrences on both sides. Boat insurance covers a blown engine, unless it’s due to negligence or lack of maintenance.
Most boat insurance policies cover damage to an engine if it is a result of a collision or heavy weather. If you are a policyholder with a boat insurance policy that covers your boat value, your blown engine will be covered because your policy covers every part of your boat, including your boat engine.
Does Boat Insurance Cover a Blown Engine
Depending on your boat insurance policy, boat insurance can cover a blown engine. If your policy is specific to a specific aspect of your boat, chances are that your blown engine will not be covered. However, if you get coverage that includes your engine, the expenses for your blown engine will be covered under your boat insurance policy coverage. Below are some of the boat insurance coverages for blown engines.
Manufacturer’s Warranty:
If your boat is still under the manufacturer’s warranty, the warranty will cover repairs to a blown engine and other mechanical systems, making boat insurance coverage unnecessary in this case. It covers all the payments required for repairs and replacements of damaged parts.
Depreciated Value:
In cases where your boat is damaged either by a blown engine or any other mechanical issue, this insurance policy covers the actual cost of the boat. This includes the condition, age, time of loss, and other factors of the boat.
Mechanical Breakdown:
This type of coverage covers any mechanical breakdown of a boat. It offers coverage for damage to a boat’s engine or other mechanical system. The cost of repairs and replacements for damaged parts is covered under this policy.
Endorsement:
Endorsement coverage is a type that allows you to add other coverage options to your insurance policy. It allows you to add additional premiums to your policy.
Emergency Hauling and Assistance:
For instance, if your boat engine gets damaged while on water, you will need to be hauled back to shore by a repair team. This coverage handles the payments for the boat’s emergency hauling back to shore for repairs.
It is mandatory to review your boat insurance policy to know if it covers a blown engine or not. This also gives you insights into what your policy covers and its limits.
How does Boat Insurance cover a Blown Engine?
Boat insurance policies cover every mechanical system of a boat, including the engine. If your blown engine is a result of negligence, your insurer may decide not to cover it. Also, this is depending on what your insurance policy covers, your blown engine can be covered. All you need to do is file a claim under your insurance coverage, and your insurer will cover your blown engine.
As your boat engine gets older, it begins to fail, and this may also cause it to damaged. Using actual cash value coverage; you will get a lesser amount than the actual amount you paid for your engine. This is due to the depreciation of your engine.
With an agreed value, your boat insurance company will cover the expenses for a new engine without keeping a record for depreciation if it’s a few years old. However, the cut-off for depreciation depends on the boat insurance company. This ranges mostly between 3 and 7 years. Unfortunately, most insurers have limits on the replacement of your boat engine.
When will Boat Insurance not Cover a Blown Engine?
This insurance covers expenses for incidents that are not avoidable or preventable. You will need to first determine if your policy covers a blown engine. If your policy does cover blown engines, your damaged engine will be covered under your policy. However, if your engine gets damaged due to wear and tear, improper maintenance, defective machinery, or marine engine damage, your boat insurance policy will not cover your blown engine. It is important to maintain your engine regularly.