As a boat owner, safety is crucial for you and your passengers. However, you can’t always avoid accidents and injuries on the water, which is why having a boat insurance policy is a must. Here are a few considerations to keep in mind before contacting an insurance agency about coverage. 

A Guide to Boat Insurance

 What does boat insurance cover?

Different types of boat insurance offer different protections. Most basic policies include liability protection, which covers injuries and damage to third parties. Collision coverage pays for damage to your boat, while comprehensive coverage protects your boat against non-collision damage, such as theft. You can also secure coverage for personal property held on the boat, or medical payments insurance, which pays for injuries affecting you. 

How much does boat insurance cost?

There are numerous factors insurance agencies use when calculating the cost for coverage. The type of boat, how much it’s used, and its market value all play a role in determining how much insurance to buy.

While Georgia doesn’t specify mandatory minimum liability coverage for boaters, that doesn’t mean you should go without. Even a single accident can result in major damages to property and injuries to yourself or others. 

What’s the difference between the agreed value & actual cash value?

The agreed value of a boat doesn’t take depreciation of the vessel into account during the reimbursement process, whereas actual cash value policies do. Agreed value policies are more expensive, but you can rest assured that you’ll receive the full original value of the boat should you experience a total loss. 

Should I cancel my policy during the off-season?

Just because you're not using your boat in the off-season doesn’t mean it’s free of risk.  Damage caused by fire or theft is still possible when the boat is not in use, and if your policy is not active at this time, you’ll be obligated to pay for repairs or replacements. 

If you still have questions about boat insurance, Stringer Insurance Agency is here to help. As an independent insurer, these agents are free to shop around for the best policies at the most affordable prices. This company also has more than 89 years of experience, which means they can handle even the most complex insurance issues. Schedule a consultation with this trusted insurance agency today by calling (706) 864-3515. You can also learn more about coverage for boats, RVs, and ATVs by visiting the website.