No one wants to file a claim, but what’s worse is filing a claim only to find out you purchased the wrong boat insurance policy.
Here’s our quick and easy guide to interpreting the basics of your boat insurance quotes:
Third party liability – this means the coverage you’d need in the event your boat is involved in damaging another marine vessel or injuring someone.
Agreed value – is coverage that will pay for an agreed value if there is a total loss that qualifies under your coverage. Repairs for a partial loss would be covered based on buying new replacements for the old.
Cash value – is coverage whereby any losses will be settled based on the depreciated value of the boat or yacht. For obvious reasons, this may not be in the best interest of many boat owners.
Hull insurance – will cover damage to the boat or yacht, typically including repairs and the agreed value for severe and irreparable harm.
Insurance premium – this means the amount you will pay for your boat or yacht insurance each year.
Premium discounts – there are discounts available for various reasons. Some carriers will discount boat insurance if the owner or operator has an excellent safe boating record, a boating license in the state has taken boating safety courses, or has a vessel that passes the Coast Guard’s safety inspection. There could be discounts available for storing your boat in a secure indoor facility.
When in doubt, ask a trusted boat insurance specialist to review your policy options with you.
You can call the boat insurance professionals at Global Marine Insurance our knowledgeable team will provide a complimentary review of your coverage.