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Whether you have a fishing, ski, or pontoon boat, an insurance agent will help you find the right policy to cover you and your vessel against liability and damage following an accident. As with other policies, you can customize boat insurance to fit your needs. If you’re shopping around for coverage, you’ll find you have a couple of options. To help you pick the right one, here’s an overview of the available types and what affects your rates. 

Types of Boat Insurance

Agreed Value Policy

This type of insurance policy is based on an agreed hull value. Therefore, if the boat experiences a total loss, you’ll receive that predetermined quantity with no depreciation.

Actual Cash Value Policy

This is typically the more affordable option. However, if you face a partial or total loss, depreciation is factored in. Since any vehicle loses value over time, you will likely receive fewer funds than you paid for.

What Affects Boat Insurance Rates

Insurance agentThe type, age, length, value, speed, and condition of your boat are the key factors that affect your insurance cost. Where it will be operated is also part of the equation.

As with other insurance, the higher the deductible you choose, the lower your premium will be. On the flip side, the higher your liability limit, the higher your cost will be. Note that Wisconsin has no minimum liability coverage requirement for personal watercrafts

When determining your premium, insurance companies also consider your boating and driving record, and whether you've taken a formal boating safety course. If they consider you a safe driver, your rate will be lower. Your insurance agent may suggest add-ons to your coverage to cover towing, specialized equipment, cruising outside the country, or other specific circumstances, which could drive the monthly cost up.

 

When you are shopping for boat insurance, turn to the professionals at Northwoods Insurance Agency in Crandon, WI. Since 1985, these reliable insurance agents have been providing personal attention, comprehensive solutions, and affordable rates to businesses and residents in Upper Northeast Wisconsin. Learn more about their products online or call (715) 478-2215 to request a quote.

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