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Whether you’re a seasoned boating professional or new to the hobby, boating insurance is of critical importance. There are several different components of the boating insurance policy, Knowing as much as possible about policies will help you select the option that’s right for you.
- Boating liability: Liability coverage is essential in the event that there’s an accident in which you are responsible for property damage or bodily injury to another person. It is important to include uninsured/underinsured boaters coverage in your boat insurance policy.
- Agreed value or agreed cash: generally, boating insurance policies will be agreed value, meaning that the policy will pay out specified value when the boat is involved in any loss, where is an actual cash policy uses depreciation to determine value.
There are many different reasons to acquire a boat insurance policy. First of all, many marinas mandate proof of insurance before allowing you to more or launch your boat. Secondly, insurance can protect you in the event of a major loss or in the event of bodily injury, protecting you from sudden and devastating expenses. A boat insurance policy can be customized to your individual needs, providing you the most effective coverage at a reasonable price. Boat insurance can also be expanded to protect you against loss or theft while on board. Maintaining a boating insurance policy is prudent practice an important protection for your assets.
Boat Insurance Tips
- Ensure that your policy covers your trailer if you own one.
- Generally, you’re better off purchasing an individual boat insurance policy rather than adding it to homeowners coverage.
Several coverage add-ons exist, such as on water towing and assistance, personal effects, fishing equipment, and lay-up option. These add-ons can significantly increase the protection for your boat.