What are the basics for boat insurance? – Have you discussed it with your insurance agency yet?
Are you truly familiar with the differences between marine and boat insurance? Just like many other boat owners out there, there are plenty of people who don’t understand the basics of boat insurance and thus have to deal with a lot of problems along the way.
You should be aware that there are variations beyond the basic coverages common to both. In fact, there are important differences that set boat and yacht policies apart.
What is the essential coverage form of the standard marine policy and how does it affect boat insurance?
Any marine policy is structured from liability and physical damage coverage. But do you know the differences that can be found in these two policies? If you take liability coverage, for example, you should know it is responsible for covering legal obligations to third parties due to injury, loss of life or property damage.
Physical damage coverage, on the other hand, reimburses for damage to the boat and its machinery. It is recommended that you select a policy that continues to cover your vessel even when it is stored or being transported by trailer.
Do you know the difference between agreed value and actual cash value?
Agreed value – it reimburses a policy that continues to cover your vessel even when it is stored or being transported by trailer.
Actual cash value – it provides less coverage and takes into account depreciation and the condition of the boat at the time of loss
How to calculate the total cost of your boat insurance?
The total amount of money that you will have to pay for your boat insurance will depend on several different factors such as: the value of the boat, its length, age, the type or the mooring location.
Speak to your insurance agency about the boat insurance that is right for you in your area of Newton, Norfolk, Needham, Norwood, Dedhem and Wellesy, MA today!