Tips to get the right boat insurance for your needs.
As a boater, you know that the open water can pose some very serious risks. This is why it’s so important to have the right insurance coverage in place. But how can you select the right boat policy? Try out these tips to get the right boat insurance for your needs.
Choose a Policy That’s Tailored for Your Boat
From yachts to fishing boats to sailboats, there are many different types of boats out there. Naturally, different watercraft will have different insurance needs. To ensure that you are securing enough coverage to meet your needs, you need to check that the policy you are considering is specifically designed to cover the type of boat you own. For instance, make sure that your policy accounts for the following:
- Age of your boat
- Size and horsepower of your boat
- Overall condition and seaworthiness of your boat
- Number of boat owners/operators
Determine Your Boat’s Value
In the event of a total loss, your insurer will reimburse you for your boat’s value. However, your boat’s value can be determined differently depending on the type of policy you have. The two most common coverage types are actual cash value and agreed value. Actual cash value policies will offer compensation for your boat’s market value (the amount that you could sell your boat for at the time of the claim). When you have an agreed value policy, you and your insurer will set a value for your boat. In the event of a total loss, you will receive this pre-determined amount without depreciation factored in.
Consider Insurance Add-Ons
While many boat owners are satisfied with their basic policies, this coverage may not be enough to address all their needs. This is why many insurers offer the opportunity to secure insurance endorsements that expand what your policy will cover. Some common boat insurance endorsements include the following:
- Consequential damage– covers the losses caused by mold, rot, corrosion, or other forms of wear and tear.
- Salvage– covers the cost of removing your boat from the open water or a dock after it has suffered major damage from a collision, mechanical failure, or another issue.
- Towing– covers the cost of having your inoperable boat towed in from the open water.
- Specialized coverage– covers your boat’s specialized equipment or upgrades (navigation equipment, customized engine, expensive props, etc.)
Try out these tips to get the right boat insurance. Do you need help securing the right boat coverage to meet your needs and your budget? If so, then contact the experts at Power Sports Insurance Agency. Our dedicated team is eager to assist you with all your motorsports equipment insurance needs today.
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