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Boat insurance tips
Hello, I’m Keith, the boating guy, telling you what kind of insurance you will need for your boat and you will need insurance. First of all, let me tell you, boat insurance very widely across the board, the first thing you should do is talk to all your friends and other boaters you may know to find out who they have for insurance, what kind of insurance do they have, and how they have to deal with any fall in of claims. Any good insurer out there will tail the coverage to fit your needs.
First of all, you should buy a separate policy for your boat, than to add your boat to your home’s owner’s policy or your automobile policy. The two main choices a boater would face are between agreed upon values and actual values. Agreed upon value policies covers the boat and whatever values you and your insurer agree upon. For example, if you buy a $20,000 boat and you agree upon that, five years upon the road if something happens to your boat and it gets lost you get reimbursed that $20,000 to buy you a new boat.
The actual cash policy costs less upfront, however for claims they facture in depreciation and they only pay the actual cash value of the boat at the time of its loss. So, you buy a $20,000 boat, five years later something happens to that boat, you may only get $10,000-$15,000 for your boat, whatever the actual declared value is at the time of the loss.
So determine which type of policy is right for you: the actual value or the agreed upon value. Talk to your friends and neighbors and other boaters, find out who is a good company to use. Hopefully you will never have to use your boat insurance company and hopefully I will see you out on the water. So, good luck to you.
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