3 Questions to Ask Before Buying Boat Insurance

24 May 3 Questions to Ask Before Buying Boat Insurance

What to consider before securing a boat insurance policy.

We often get a lot of calls from first-time boat insurance buyers who are overwhelmed by the options available and don’t have a clear understanding of what boat insurance offers. It’s very important to understand what coverage you’re buying before you secure a policy so that you’re in the know. Check out these boat insurance questions to ask before you decide on a policy! A good marine insurance provider should be able to clearly answer these questions for you.

Should I get agreed value or actual cash value?

This may be the most important aspect to consider. Agreed value means that in the case of a total loss, insurance will cover the total value you agreed upon when you insured your vessel. Cash value, on the other hand, takes into account depreciation, and the effects of wear and tear over time to help determine a total loss payout.

What happens if you are injured by a boater who doesn’t have insurance?

Here, you’re asking about ‘uninsured boater’ coverage. Boat insurance is not mandatory and there are a lot of boaters who choose not to carry insurance. If you are injured by one of these boaters, your compensation is limited to how deep their pockets are. As we all know, medical costs can be expensive and if you can’t return to work immediately because of the incident, you may miss out on income. Fortunately, your own boat insurance can help with these expenses, should the boater not be able to cover it.

How can I protect my gear?

There are several layers of protection you can look for to safeguard your gear: personal effects coverage (for personal property like snorkeling gear) and unattached equipment coverage (for items like water skis and deck chairs). It’s important to know how much your personal property is worth so that you can receive adequate protection.

At Dougherty Insurance, we help boaters stay safe on the water with reliable boat coverage. Contact us today for unparalleled boat insurance in Illinois, Wisconsin, and Indiana.