Making The Most Of Your Boat Insurance Policy

​If you have a yacht or a small boat, chances are you already have it insured and you may be asking yourself how you can maximize your benefits as life changes? Fortunately, the subsequent paragraphs have the answers that you seek.

How Can You Maximize Your Existing Boat Insurance Policy?
The key to maximizing your existing boat insurance policy is being aware of your existing coverage. Usually, boat insurance covers physical damage to the vessel, loss, and theft, much like auto insurance.

But, as an insurance holder, you can also apply for additional coverage points, such as coverage for extra fuel tanks, batteries, and other components of the ship itself. Coverage depends on the specific policy. So you have to be aware of your current policy before you update. 

You would also have to be aware of the state laws relating to your existing boat insurance policy. This way, you can contact your insurance company and make adjustments as necessary.

The Different Kinds of Boat Insurance Policies
Full Coverage
As a policyholder, you are entitled to three different boat insurance policies. There is the full coverage boat insurance which encompasses full-on collision and damage from fires and other natural calamities in the sea.

Damage coverage also applies to the different parts of the boat and the accessories that come with it. For example, suppose you have damaged anchors for whatever reason. In that case, the insurance company may cover the expenses of replacing or repairing them.

Agreed Value
The second kind of boat insurance coverage has to do with the policy's price as it was written. It is what we call the agreed value. It may cost more at first, but depreciation will not affect it.

Actual Cash Value
Actual cash value refers to the policy's price subject to depreciation. In short, your payout would be according to how much the boat would currently cost and not the price when it was initially bought.

Conclusion
Knowing the specific policies and options will help you better understand what you're getting yourself into when handling your boat insurance. You will also know the best option for boat insurance as life and circumstances change.

At Arnold Insurance Agency, LLC, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (318) 965-5953 or Click Here to request a free quote. Coverage discussed in this article is not guaranteed. Please contact our agency to go over your existing coverage. We are happy to help you make sure your needs are being met!