There’s nothing like owning your own boat for fun and relaxation. At the same time, boat ownership comes with its share of responsibilities. Getting the right insurance coverage is one of those responsibilities. The following tips from Integra Insurance Services in Huntington, TX can help in choosing the insurance coverage you need.
Work with a Trustworthy Insurer
Although you can obtain boat insurance as an “add-on” to your home insurance policy, it could limit the coverage you receive. Purchasing a policy from an experienced boat insurance agent gives you greater flexibility to choose the coverage you need. You’ll also get better service from an insurer that’s knowledgeable about boats when you need to make a claim.
Know Your Policy
Boat insurance gives you a choice of two kinds of policies to protect your investment: agreed value and actual cash value.
An agreed value policy is more expensive initially but has greater returns when making a claim as it covers the value as stated in the policy. If your policy has an agreed value of $75,000, that’s the amount you’ll receive if your boat suffers a total loss. This policy also enables you to replace damaged equipment with new equipment without deducting the cost of depreciation.
Actual cash value policies cost less but you only get the actual cash value of the boat or damaged equipment at the time of loss minus depreciation. If you own an expensive boat, you could lose out with this policy due to receiving a fraction of what your boat is really worth in the event of total loss.
Tailor Coverage to Suit Your Needs
Boat insurance isn’t one size fits all. You need to tailor your coverage to suit your needs. Working with insurance specialists from Integra Insurance Services gives you greater flexibility to get the protection you seek. Contact our Huntington, TX office for all your boat insurance needs.