If you own a boat, you’ll need to make sure it is covered under a good boat insurance policy. Like other types of vehicle insurance, boat insurance can be complex, and with so many different factors to consider when choosing an insurance policy, it’s easy to get frustrated or confused.
The most basic forms of boat insurance policies include coverage for physical damages to your boat and liability coverage for another person’s boat or injuries. This is standard across all vehicle insurance policies. For boats, insurance is further divided into agreed value policies and actual cash value policies. Agreed value policies cover the initial value of the boat at the time the policy was written. This option is typically more expensive. Actual cash value policies only cover the cash value of your boat at the time it is damage or considered a loss, which leads to a lower up-front cost than agreed value policies.
There are many different add-ons you can choose from if you want additional boat coverage, such as towing and cruising extension coverage. These add-ons will obviously increase the cost of your insurance rate. Speaking of rate, it helps to know what influences your boat insurance premium. The age and condition of your boat at the time the policy is written play significant roles in determining your premium. Other important factors are your boating and driving records as well as whether you have taken a boating training or certification class.
We here at Pietila Family Agency are devoted to helping you find the best insurance policies for your life, including boat insurance. Call us today to set up a time to go over your needs and find a policy you feel good about.