Unlike home or auto insurance, boat insurance policies can vary widely from one company to the next. So which type of marine insurance is best for you? Try these tips.
Boat Insurance Tips
• Know the Agent--One way to find a good agent is to ask friends who have had a good experience with the agent and/or Insurance Company.
• Agreed Value vs. Actual Cash Value--These are the two main choices that boaters face, and depreciation is what sets them apart. An “agreed value” policy covers the boat at whatever value you and your insurer agree upon. While it typically costs more up front, there is no depreciation if there is a total loss of the boat (some partial losses may be depreciated). “Actual cash value” policies, on the other hand, cost less up front, but factor in depreciation and only pay up to the actual cash value at the time the boat is declared a total or partial loss, or property was lost.
• Customize—fishing or water ski boaters may need gear and tournament coverage as well as “cruising extensions” if they trailer their boat far from home. You may want “freeze coverage” if you live in a temperate state because, ironically, that’s where most of this kind of damage occurs. A good insurer will tailor your coverage to fit your needs so there will be no surprises.
Our dedicated staff of insurance professionals are here to assist to protect you and your loved ones for years to come. With a vast knowledge of our many carriers, we are equipped to shop for the best policy to suit your needs. Our job is to help you navigate through the sea of policy options and clarify any questions or concerns you may have along the way. We’ve successfully served hundreds of customers and are determined to treat each individual with respect and compassion. Shopping for insurance can be difficult, but our staff does the work for you. Maintain your peace of mind knowing that our insurance professionals have your back.