Boat insurance is the coverage of damage or loss in most types of watercraft, including paddle boats, fishing boats, yachts, leisure crafts, and pontoon boats. If you are a watercraft owner and you are thinking of buying boat insurance, here are several things that you need to take into consideration:
The Use Of The Boat
The way you are going to use your boat will affect your insurance. Therefore, when choosing boat insurance, here are some questions you should ask yourself: how often am I going to use my boat? Will I have passengers regularly? Will my boat travel at high speeds? The answers to these questions will help you understand what kind of coverage you need.
Actual Cash Value Or Agreed Value
If your watercraft is insured for agreed value, you will receive the amount on your plan, without depreciation. If the boat is insured for agreed cash value, the insurance company will pay you the "blue book" value of your watercraft and any damaged parts of the boat at the time of the loss. The policies with agreed value are more expensive but provide better compensation, especially if your boat is not new and has many accessories.
For example, if you have a yacht, it is recommended to find an insurance company that specializes in insuring this type of watercraft. Also, if your boat is new and expensive, it is vital to make sure that you get adequate coverage for your luxury possession. Talk to an insurance agent and make sure that the company is able to provide the best possible premium for your type of boat.
If you are a boat owner from Erie, CO, and you are looking for an insurance company to get coverage for your watercraft, Advantage Service Insurance is ready to help and guide you through the process of getting a perfect insurance policy for your boat based on your budget and needs. Do not hesitate to contact Advantage Service insurance serving Erie, CO to find out how you can protect your boat and yourself.