Monroe Boat Insurance Tips

Buying boat insurance can be confusing, but it is necessary if you own your own boat. There are many marine specific risks that insurance will protect you from, like environmental damage, wreck removal, pollution, or salvage work. Deciding what kind of policy you need can be complicated, as there are a variety of factors to consider.

There are two different types of boat insurance. They are “agreed value” and “actual cash value”. The simplest way to break them down is to say that “agreed value” doesn’t cover depreciation, and “actual cash value” does.

“Agreed value” is more costly upfront, but it covers the cost of the boat on the day the policy is issued, rather than the boat’s depreciated value. “Actual cash value” is more inexpensive upfront but only covers the amount of your boat on the day that you file a claim, and your boat is classified as either a total or partial loss.

When selecting a policy there are several different considerations to be made. The following are important questions to ask when determining which policy is best for you:

  • What is the age of your boat?
  • What is your boat’s length and value?
  • How fast does your boat go?
  • What condition is your boat in?
  • Is it your primary residence?
  • What type of boat is it?
  • Is it homemade?
  • Does it have a motor?
  • Are there two owners?

As these questions are answered, you policy can increase in price. Some additional factors that can influence the cost of your policy are cruising area, your level of training in boat safety, your boat certification, your driving record for both your boat and car, the liability limit, and your deductible.

There are also several different types of coverage, but “All Risk” is basic and offers a lot of protection. “All Risk” means that your policy will cover anything that is not specifically excluded.

Boating insurance can be confusing and a hassle, but Latorre Insurance Group is here to make your life easier. We work with a number of top insurance companies, and we will help you get the policy that you need for the best price possible. Call Latorre today for all of your Monroe boat insurance needs.