If you’re in the market for boat insurance or would just like some information, this article may help you.

When choosing physical damage coverage for your boat insurance companies often give you options on how the value will be covered. Two common options are “agreed value” and “actual cash value”. The agreed value option is a pre-determined, agreed-upon amount that the insurer will pay in case of a total loss, while actual cash value (ACV) is the depreciated value of the boat at the time of the loss. The agreed value option is the better of the two and will cost more than the actual cash value option. Some insurers may require a marine survey if the boat is over a certain age. The survey may confirm that the value is accurate as well as attest that the boat is seaworthy and in good condition.

Navigation range is another consideration when purchasing boat insurance. Policies often limit the distance from the coast that a watercraft can be used. For example, a carrier may limit the navigation to 75 miles from the coast of the United States and their respective territories. If deep sea fishing is your thing you may want to inquire about the navigation limits on your policy and make sure it’s large enough for your boating plans.

In addition to the physical damage, boat policies include liability coverage which is sometimes referred to as “protection and indemnity”.  This coverage protects boat owners from third-party liabilities arising from boat operation including collision, bodily injury and pollution exposure.

Insurers may offer additional coverages such as towing and mechanical breakdown. Getting stuck on the water is no fun whether it’s from running aground or a stalled motor. It can happen to anyone. A tow back to the marina can be expensive so it’s a good idea to add towing coverage to your policy.

Some other factors to consider when purchasing boat insurance include boating safety certifications such as US Coast Guard or Power Squadron courses. These certifications provide the insurance company with an assurance that you have a certain level of boating knowledge and may provide you with a lower premium. Other factors that may affect your insurance premium are your driving record and your credit score. Boaters with good driving records are looked upon more favorably than drivers with tickets or accidents. A good credit score may also help in getting a lower premium on a boat policy.

If you’re interested in getting a price quote on a boat policy or if you just have some questions, feel free to call us. The Bay Harbour Insurance Agency represents several marine insurance companies and we would be happy to help you find the right policy for your boating needs.

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Contact us for boat insurance coverage in Patchogue, NY.

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