FRIDAY, JANUARY 14, 2022
With the weather heating up, it’s time to take your boat out with friends and family. It’s also time to make sure your boat is protected with the right insurance policy. While home and auto insurance are both very similar, boat insurance has a bit more variety among policies.
To make sure you’re up to speed and can pick the best policy, here are some tips from BoatU.S., the Boat Owners Association of the United States.
First off, it’s important to think of purchasing your own policy for the boat instead of including it on a homeowner’s policy. Having it added to your homeowner’s policy can bring with it some added problems such as limits on salvage work, wreck removal, pollution or environmental damage. Make sure that for the amount the boat is insured for, it have the same amount of money for salvage work. Basically, this means you have money for the cost of the boat in addition to not having to pay extra to get the boat taken out of the water.
Secondly, you have to decide on “agreed value” and “actual cash value.” These are two big policies that boaters have to agree on. For “agreed value” policies, the policy covers the value that you and the insurer agree on, regardless of any depreciation. With this policy, the boater will typically pay more up front. “Actual cash value” is much cheaper up front but the policy adds in depreciation and will only pay the cash value of the boat at the time it’s a loss. Let us know what you fits your needs and we’ll help you get the right type of policy.
Lastly, make sure to customize your policy. No two boaters are the same, so some Bass boaters may additional equipment and coverage for other assets like a trailer. Some boaters might need coverage that protects from freeze damage. We’ll be able to take care of you and make sure we find the right policy you need for your boat.
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