Motor Boat Insurance Basics

Sailing off into the blue yonder, has the salutary effect of blowing cares and stresses away with the winds. However, before you sail away in your new boat, consider the merits of these questions. Do you have boat insurance? Moreover, are your insurance needs fully met?



Marine insurance defines vessels according certain measurements. A boat is defined as one measured between 16 feet and 25 feet, 11 inches in length. If that's the length and width of your seaworthy vessel, then you have a boat.



Here are the pertinent components your boat insurance policy should have:



Physical Damage Coverage



The insurer pays you for the repair or replacement of your boat, under the following circumstances: Theft, vandalism, lightning, fire, tornadoes, or hurricanes. Included in this coverage is the boat itself, outboard motors, engines, and your boat trailer.



Excluded from the coverage are the following items, which are not, considered a part of your boat's operations: camera or video equipment, clothing, fashion accessories, or jewelries, food or beverages, cell phones, stereo equipment, portable television, personal computers or scuba gear. Alternatively, you can ask for separate coverage for these items.



Tip. Read the fine print and so that you know what restrictions could apply to your coverage. Can your boat be stored at your place of residence? Alternatively, should the boat be at your vacation spot? Where does the coverage begin? Some policies specifically limit the uses of your boat and list the exceptions.



Liability Coverage



You'll find this coverage quite useful. You may also wish you'd paid a bigger premium, when there's an accident and your boat is liable for damaging another boat, property, or injury.



Uninsured Boat Coverage



This is the marine insurance equivalent of the road vehicle's uninsured motorist coverage. In this case, your boat's repairs are covered, in the event the owner of the property your boat collided with has expired insurance or worse, doesn't have it.




Passenger Medical Coverage



This coverage pays for the medical expenses incurred by people on your boat. This is a must-have clause and the limit can be inexpensive, from $450.00 to $10,000.00, is quite common.



Towing & Assistance Coverage



With this coverage, you'll get reimbursement for the costs you've incurred for availing of emergency services. Examples of these, your vessel breaks down, and a commercial outfit tows your vessel to the port, you've paid for delivery to replace your fuel, oil, or engine parts, or for someone to repair your engine.



The bottom line to all this? Be pro-active and arm yourself with knowledge, which among the different policies possible, your boat insurance should have.



Then, you'll sail confidently into the sun, because your insurance policy will cover you where it's most necessary.

Article Source: http://www.articledashboard.com

Mansi Gupta recommends that you visit www.independent.ws/2006/01/motorboatinsu.html for more information on motor boat insurance.

Be Wary of Guaranteeing a Loan

You need to be wary of guaranteeing a loan. What would you do if a friend or relative asked you to guarantee a loan? You would probably like to help them by agreeing to guarantee the loan but consider your actions carefully first and make sure you understand what it involves.

You are being asked to guarantee a loan. Think carefully before you do. If the borrower does not pay the debt, you will have to. Be sure you can afford to pay if you have to, and that you want to accept this responsibility.

You may have to pay up to the full amount of the debt if the borrower does not pay. You may also have to pay late fees or collection costs, which increase this amount.

The creditor can use the same collection methods against you that can be used against the borrower, such as suing you, garnishing your wages, etc. If this debt is ever in default, that fact may become a part of your credit record.

Studies of certain types of lenders show that for guaranteed loans that go into default, as many as three out of four guarantors are asked to repay the loan.

If you guarantee a loan and your friend or relative misses a payment, the lender can immediately collect from you without first pursuing the borrower. In addition, the amount you owe may be increased - late charges - if the lender decides to sue to collect. If the lender wins the case, your wages and property may be taken.

Despite the risks, there may be times when you want to guarantee a loan. Your child may need a first loan, or a close friend may need help. Before you guarantee a loan, consider this information:

Be sure you can afford to pay the loan. If you're asked to pay and can't, you could be sued or your credit rating could be damaged.

Even if you're not asked to repay the debt, your liability for the loan may keep you from getting other credit because creditors will consider the guaranteed loan as one of your obligations.

Before you pledge property to secure the loan, such as your car or furniture, make sure you understand the consequences. If the borrower defaults, you could lose these items.

Ask the lender to agree, in writing, to notify you if the borrower misses a payment. That will give you time to deal with the problem or make back payments without having to repay the entire amount immediately.

Make sure you get copies of all important papers, such as the loan contract. The lender is not required to give you these papers; you may have to get copies from the borrower.

You may freely reprint this article provided the author's biography remains intact:

John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

Is it a Good Idea to Consolidate Debts?

It is not a good idea to move forward until you know the pros and cons of debt consolidation loans, consumer credit counseling services and companies providing debt consolidation services.

Basically you have two choices to consolidate your debts. First option is you can either take personal loans or you can borrow money to payoff your debts. Second option is to use Debt Consolidation and Consumer Credit Counseling Services.

Deciding what will meet your needs will have a lot to do with whether you can qualify for low mortgage rates on debt consolidation loansimp, and the total amount of debt you need to consolidate.

Check out the Pros and Cons and compare before you decide which one is right for you.

Personal Loans or Borrow Money:

Pros:

- You can make an immidiate payment for your credit card debt or any other debt to eliminate debts

- Your credit rating wont be affected, infact your credit rating might improve

- Debt collection actions eliminated

Cons:

- You may need to qualify to get the personal loan or mortgage

- Risk of losing house/property if unable to maintain payments

- It doesnt actually eliminate debt but it restructures your debts. Which might cause false sense of security

- Easier to get overextended again

Debt Consolidation and Consumer Credit Counseling Services:

Pros:

- Your monthly payments decreases dramatically

- It might eliminate or reduce interest rates and fees

- Debt collection actions reduced

- You may learn money management skills

Cons:

- Unable to use credit under consolidation

- Must meet qualified unsecured debt minimums

- Only works with unsecured debt

- Some unsecured debts may not qualify

- Possible negative impact on credit rating

Making The Right Choice

One thing you won\'t hear us say is which option to consolidate debts is right for you. Your choice has to be based upon your own personal financial situation, as well as make a good fit with your own belief system and lifestyle.

Our goal is to provide you as much information as we can about the various debt consolidation options to make the right choice towards eliminate your debt. If you still aren\'t sure whats the best choice for you, Please contact us and you will get a free, no obligation, customized Debt Relief recommendation to help in your decision for debt consolidation and lower your monthly payments.

Paras Shah
http://www.debtconsolidationconnection.com : Debt Consolidation Loans - Consolidate Debts - Debt Consolidation - Credit Counseling