What better way to enjoy a sun-soaked summer day than taking the boat out on the water? Whether it’s fishing or speeding through crisp white waves, the opportunities for fun are incredibly appealing. Unfortunately, just as dangers lurk on the roads, the same is true in lakes, rivers, and oceans. As the area’s premier agency for quality and affordable boat insurance, North American Underwriters in Farmington, CT, explains that you should be prepared for the risks involved with summer fun.
Here, they share what you need to know about boat insurance:
- What’s Covered: A typical plan covers property damage to other vessels, docks, and other structures. It also includes bodily injuries sustained during an accident caused by a boat. Most policies can extend protections against perils such as fire, theft, vandalism, and floods.
- Coverage Areas: In addition to all waterways around the continental U.S., many insurance policies provide coverage on vessels on inland water. Depending on the plan, the coverage area can extend up to Canada.
- Out-of-Water Coverage: When a boat is not on a waterway, it is typically either covered by an existing auto or home insurance policy. For instance, if a boat is attached to a vehicle and damaged while being transported, a car insurance plan may cover repair or replacement expenses. A home insurance policy can also extend protection to vessels that are damaged while on the policyholder’s property.
- Deciding Value: When it comes to boat insurance, most providers offer two options: market value, which is the depreciated cost, and agreed value, which is the agreed price of the vessel established by the owner and the insurance carrier. If a boat is considered a total loss, the market value is the most current price, not the cost the owner initially paid. Newer boat owners generally prefer the agreed value option.
- Discount Availability: Depending on the insurance provider, discounts may be available on monthly premium payments when the vessel is out of service due to the season. Other discounts are also applicable to those who complete boating safety classes.
Shopping for the right type of boat insurance doesn’t have to be confusing. The team of professional agents at North American Underwriters specialize in getting clients the best policies and rates for a wide range of vessels. To get started, call (860) 674-4000 for free insurance quotes. Check out their website for extensive information on policy options.