Be prepared before securing boat insurance.
Presumably, before you purchased home or auto insurance, you did a little research beforehand. A quick review of what you need and what to consider will help to stand you in good stead when navigating the minefield that is insurance. The same is true of purchasing a boat insurance policy. Before you purchase insurance, ask these questions.
Am I required to carry insurance?
This answer might surprise you. No states legally require boat insurance to own or operate a pleasure craft on the water. That said, there is no shortage of reasons to insure your boat. You should know that your home and auto insurance policies will not cover your boat, despite the pervasive myths that they will. Naturally, you want to protect this investment. You are gambling with that money if you fail to insure your boat.
Does coverage include emergency assistance?
Generally, most boat insurance policies do not include emergency assistance. Even if your auto insurance covers the trailer when you tow the boat on the road, you’ll almost certainly want coverage for assistance should you get stuck out on the water.
What value is covered?
There are two types of value you should know about when insuring your boat: agreed and actual cash. Agreed value means that your insurer and yourself will agree on a set amount of coverage for losses at the time the policy is purchased. On the other hand, actual cash value is subject to depreciation over time, wear and tear. In turn, actual cash value offers a lower payout in the case of total loss. If possible, look for a policy that offers agreed value.
Make sure that your boat is protected with the right boat insurance policy. Contact us at Sausman Insurance Agency for tailored insurance policies in Mifflintown, Millersburg, and Lewistown, Pennsylvania today.