No matter if you love to sail through the ocean looking for adventures with friends and family or simply like to enjoy a nice afternoon out on the lake, your boat and any other equipment you use for it is often a very expensive investment on your part. Understandably, boat owners want to make sure that their investments are taken care of in the event that an accident occurs. However, all that starts with obtaining the right boat insurance or yacht insurance policy, and before that, you need to ask the right questions.
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Thus the following includes five questions you need to ask before purchasing boat insurance.
1. Will the Insurance Company Pay an Agreed Value or Cash Value?
Most boat owners are likely to want to obtain boat insurance in order to recuperate any losses they may sustain from an accident. That is why it is so important to ask and receive a clear answer regarding the agreed value and cash value. Agreed value means that you and the insurance company agree on a concrete number that will be paid out in the event of an accident. A cash value involves the insurance taking into consideration things such as depreciation and the state of the boat at the time of the accident.
2. Does the Insurance Company Offer Discount on Added Assets?
Insuring a boat can be very expensive, especially if you’re using it for sport. That is why it is recommended for you to ask about discounts. One of the most common yet least utilized involves adding your boat onto your current insurer. Many insurance companies will provide people with discounts when they add multiple assets to their plan.
3. Does the Plan come with Emergency Assistance?
When your car breaks down on the side of the road, you have a lot of options at your disposal. You don’t have to worry about having someone come pick you up nor having to deal with an expensive tow truck. That, however, is not the case if your boat suddenly stops in the middle of the ocean or a large lake. That is why it is highly recommended to ensure that your insurance plan contains emergency assistance. The reason you need to ask is that many plans only offer this as an option and thus must be accepted when you sign up.
4. How Can I Further Lower my Monthly Cost?
There is no reason why you should continue to look for more discounts. All you have to do is ask. Although each insurance company will differ, most of them do have a list of things you can do to lower your cost. For example, by taking time to take a boating safety course, you are proving to the insurance company that you are responsible and thus often able to lower your monthly costs. Another route you can take is specifying when you are going to use your boat. That is because premiums for the summer months are usually lower than that of a year-round plan.
5. What’s Your Coverage Area
One of the most common misconceptions with boat insurance is that it can cover you anywhere you go. The reality is that most insurance plans will have a limit to where they are legally obligated to cover damages. For example, some plans will state that your coverage only extends within 75 miles of the U.S. Anything past that, and you will be liable for your own expenses if an accident occurs. If you are a boat owner you will also want to visit site General, there is many boat gear you might like to buy.
As you can see from the information above, there are a number of items that you need to keep in mind when buying a boat or a Pre owned boat for sale as well as looking for boat insurance. However, it is highly recommended to continue to expand your knowledge of the plans available to you as there is so much more to consider.