Many people find boating to be quite an exciting activity. However, it’s important for boat owners not to allow their excitement to cloud their good judgement. Similar to houses and cars, having a boat requires making an investment in an insurance policy that will protect it and its operators. However, buying a boat insurance policy isn’t always a straightforward process, and it’s vital that boat owners know what they’re doing before they sign their name on the dotted line to purchase a policy. Consider the following boat insurance tips that will help ensure that consumers end up with a policy that’s right for them.
Types of Policies
There are two basic types of Watercraft Insurance policies: “agreed value” and “market value.” An agreed value policy is just that-;the owner and the insurer agree upon a value for the boat when the policy is signed and, if anything happens to the boat, the owner will get that amount awarded to them. On the other hand, a market value policy (also known as an “actual cash value” policy) takes depreciation into account, and the boat owner will only be able to recoup the depreciated market value of the boat in its current condition. Market value policies tend to cost less and are, therefore, often more attractive to boaters. However, agreed value policies often prove to be better in the end as they allow for a higher payout
Obtaining Discounts
Boat owners need to know that there are ways to get a discount or lower the cost of the premium they pay for Water craft Insurance.
• Purchase a boat-specific policy. This saves the owner from paying yacht policy prices for a small motorboat.
• Take safety precautions in order to lower the risk of a claim. Boat insurers love extending discounts to those who are willing to take boating classes or install safety features like a wireless engine kill switch to be activated should anyone fall overboard.
One of the best things any boat owner can do is to contact an independent agent to help them create a boat insurance policy that works for their individual situation. Not only can an agent help boaters assess their insurance needs, but they can also help them find the coverage they need at the most affordable rate. Start an Online Quote Now at visit us website and discover the wonders of being able to enjoy boating adventures with no worries.
Follow us on Twitter and get latest updates.
