You’d Be Sunk Without Boat Insurance

 In Blog News

Boat owners, listen up! It’s time to protect your investment.

Those who have a boat tend to take excellent care of their investment. Whether you scrub it annually or make everyone take their shoes off before stepping in – boat owners want to keep their investment on the water for as long as possible. This means taking care of it.

Despite this, many are lacking proper coverage for their boat – insurance. We don’t think twice about getting auto insurance for our cars sitting in the garage, so why hesitate on boat coverage?

Here’s what you need to know about boat insurance:

Do I need boat insurance?
Many boat owners are under the impression that homeowners insurance covers the boat. Sadly, in most cases, it doesn’t. In addition, your boat may not be covered by your auto or home insurance when on your trailer. For all accidents and liability issues, boat insurance is a ‘safety net’ (pun intended) that you can fall back on.

What should a boat insurance policy include?
Coverage for the boat, engine, equipment, and trailer! Medical payments coverage for onboard injuries, liability coverage for any property damage or bodily injury that you’re legally responsible for!

Should I get Agreed Value or Market Value coverage?
Policies are written as either Agreed Cash Value or Agreed Value. Here’s the difference:

  • Agreed Cash Value: For total losses, your payout is based on the current market of your boat. You’ll receive the value of the loss, minus depreciation and the deductible for partial losses.
  • Agreed Value: An agreed policy value means that you know exactly how much you’ll be reimbursed in the event of a total loss. For partial losses, they are subject to the deductible and depreciation.

There are additional coverages such as personal effects coverage, ice and freeze damage, and depreciation waivers for those who desire to fully protect their investment.

Set sail this summer safely and contact American Advantage – IFS Inc. for all of your boat insurance needs! Set sail today on your customized policy in Pewaukee, Wisconsin so that you can cruise worry-free!

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