Important Things To Know About Boat Insurance

Important Things To Know About Boat Insurance
Posted by Raymond Smith, Jan 06, 2015 3:56 PM
If you are looking for boat insurance, then it is important to know about some of the basic questions, before going to any insurance agency. Here in this article, you will get information on what you need to know when you are shopping for boat insurance.

Let us, go through some of the basic points to keep in mind, while purchasing a boat insurance:
1. Need for boat insurance:
Many of us believe that our homeowners policy will also cover our boat as well, but that is not true for all. So it is important to understand that your boat is mobile like your car, which means you need a separate policy apart from your home policy. What you can do is; you can combine it with one or two policies to realize significant savings.
1. Difference between other insurance types:
Boat insurance can be considered a mashup of auto and home insurance. Your boat coverage includes bodily injury, property damage to another boat or yours. You can also get comprehensive coverage for fire, flood, vandalism, theft. Also, you can go for property coverage for uninsured boaters, fishing gear and even for the roadside assistance for those time you need a tow. As you can see boat insurance can emulate auto insurance and as well as home insurance.
1. The difference between the agreed value and market value policy:
With agreed value insurance, the insurer and the insured person agree upon the value of the boat beforehand. If something happened to your boat, then the insurer will be paying you the amount on which you both agreed upon. You won’t be getting less than or more than that, in spite of whatever the current market value is going on.

The market value differs from the agreed value insurance; as here in market value insurance, you will be given enough amount of money for your boat which has got destroyed, according to the year in which you had bought the boat. Like for example, if you have bought your boat in 2004 and it got destroyed in 2012, then you will get enough money from the insurer, according to the purchase value of the year, in which you have bought.

So before you buy boat insurance, read the above important points and then decide which boat insurance policy will suit your needs.

To get a boat insurance quote and answer any questions about this type of insurance call 239-282-1343 or fill out the form below.
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