All boaters expect their insurance to cover damage, theft and bodily harm, but boating insurance policies vary greatly and can include even more benefits such as emergency towing, tournament fee reimbursement and trip interruption.
It's important for boat owners to understand that on-water insurance coverage can be more complex than vehicle coverage. Additionally, protection and available policies vary greatly depending on your provider. It is important to understand these factors in order to ensure you're getting the coverage you need.
For example, fishermen not only need to consider boat coverage but they also need to evaluate equipment coverage. Equipment coverage helps you pay for your gear if it is lost, falls overboard or gets stolen. This coverage is generally an optional add-on, and if it's something you'd like to have contact your agency or provider to verify the details of your coverage. It is crucial you take photographs, save receipts and keep a detailed inventory of all your insured equipment.
Naturally you will also consider the value of your boat. One area of specialized coverage that can help protect you from depreciation is agreed value. Agreed value means that if your boat is ever declared a total loss your insurer will pay you the amount the boat was worth at the time the policy was purchased.
You are covered for that amount for as long as you maintain your policy, even if a total loss occurs years later. On the other hand, cash value coverage will pay the value of the boat at the time of the loss.
If you routinely venture far off the coast, then talk with your agent to make sure your coverage applies. In general, most policies cover international waters within 75 miles of the U.S. coast. All policies have limits, so make sure you communicate your needs to your agent.
Taking this information into consideration, make sure you consider the value you're getting from your policy. Value doesn't always mean discounts and savings. It's about getting the most from your policy to fit your particular needs. If you need help comparing insurance, contact NBOA Marine Insurance.
NBOA Marine Insurance is committed to keeping you, your family, and your boat safe. If you have questions regarding boat safety or if you would like more information on NBOA Marine Insurance, please visit www.nboat.com or call one of our marine specialists directly at 1-800-248-3512.