Questions To Ask When Shopping For A Boat Insurance Policy

If you've recently bought a boat or are thinking about doing so in the near future, then of course you'll also need to purchase an accompanying boat insurance policy. This way, you can protect your investment in the event that your boat is damaged or totaled. At the same time, there are many questions to consider as you shop for a boat insurance policy. By taking the time to ask the right questions, you can ultimately choose the best coverage for your needs.

What Type of Coverage Is Best?

Understand that there are two main types of boat insurance policies: actual cash value (ACV) policies and agreed-upon value policies. With ACV coverage, the amount your insurance company pays out for a claim will be based on the value of your boat at the time of the incident. With an agreed-upon value policy, your amount paid out will be based on a value amount agreed upon by you and your insurance company at the start of your policy; that number will not change so long as you carry the insurance policy.

What Discounts Are Available?

Many boat insurance companies offer some substantial discounts to policy holders who meet certain criteria, so make sure you research your discount eligibility and take advantage of any savings available to you. For example, you may be able to receive an insurance discount if you enroll in and complete a boating safety course. Furthermore, some insurance companies will offer discounts for every year you don't file a claim.

What's Covered Inside the Boat?

In addition to coverage for the boat itself, make sure you find out about coverage options for equipment or belongings kept inside your boat. Your home insurance policy may already cover some of these items, but you won't want to assume that this is the case; check with your insurance company to be sure, and purchase additional insurance for anything that's not covered by your standard boat policy or your home insurance policy.

Is Partial-Year Coverage Offered?

Finally, if you live in an area of the country where the climate only allows you to use your boat a few months out of the year, make sure you find an insurance company that offers partial-year coverage. This way, you don't have to pay for the months out of the year when your boat is in storage and not being used, thus saving you money. Contact a local insurance company, like The Flechsig Insurance Agency Inc, for more information.