Navigating the Common Types of Boat Insurance

You’ve put a good deal of money and time into maintaining your boat, and now you need to protect it with the right boat insurance. As a savvy buyer, you want to keep your watercraft protected, while also ensuring your costs remain affordable. To do that, you should choose the right type of boat insurance. There are several options available that may fit your specific needs. 

Most boat insurance policies offer customizable solutions. That is, you can choose to create a policy that meets your unique needs. Here are some types of coverage you may wish to discuss with your independent insurance agent. 

• Discount Boat Insurance Packages: Lower coverage amounts with limited liability and property insurance. This type of policy is often best suited for storage or minimal risk situations.
• Standard Boat Insurance: This type of policy is often a step up. Though policy details differ from one location to the next, these policies tend to offer agreed value settlement, diminishing deductible (depending on the provider), hurricane haul-out coverage and higher amounts of property and liability insurance.
• High-End Boat Insurance: These packages allow you to continue to add additional coverage options. For example, some will offer dinghy coverage, hoist and boat lift coverage, coverage if you take your boat to Mexico or the Bahamas and other risk coverage.
• Personal Watercraft Coverage: This type of policy is for smaller boats and for watercraft for one user. It tends to be inexpensive, as it matches a small watercraft’s lower value.
• Classic Boat Insurance: For those who have a boat that’s more than 26 years old, this can be the ideal choice for coverage. It’s best for antique and collector boats, or vintage boats that are less frequently used.
• Performance Boat Insurance: For those who use boats that are meant for high speeds (and usually higher risks), this type of insurance is often best. It may include additional levels of coverage, such as trip interruption coverage and boat lift and hoist coverage. 

When buying boat insurance, consider the value of your boat, the way you use it and the amount of financial protection you want to have in place to safeguard your investment. In nearly all cases, having adequate insurance is a must. 

Do you have the right level of coverage? Contact Amco Auto Insurance for more information on boat insurance.