For many people, there’s nothing like owning a boat. The joy of being on the water is a lifestyle decision. The decision to own a boat also comes with whether or not to purchase boat insurance from a company like Florida Insurance Quotes. Unlike auto insurance, boat insurance is not mandatory for most boat owners. This fact means if you’ve got a small fishing boat and don’t travel very far from the dock or shore, the choice of whether or not to have boat insurance comes down to liability. Do you want insurance in case someone gets injured on your boat? It’s a tough call, and considering that many boats like these cost $1,000 or less, you may find it better to be uninsured.
However, you should consider boat insurance as important as auto insurance if buying a more expensive boat. Here are three things to consider when shopping for boat insurance.
Two Types of Florida Boat Insurance Policies
The two most common policies are an Agreed Value Policy and an Actual Cash Value (ACV) Policy. These policies aim to determine what the company will pay you should your boat be declared a total loss. With an Agreed Value Policy, you and the insurer agree on a valuation for your boat. If you have to file an entire loss claim, that is the amount the carrier will pay you. With an ACV policy, the amount you would get paid will depend on the market value of your boat at the time of the accident. This value considers depreciation, so you will get less than what you paid for your boat. The same is true for partial losses.
What Discounts Will You Receive on Florida Boat Insurance
A boater often starts with a discount because they have not filed a claim against the policy. However, this discount may disappear once you make a claim. But if, for example, you have multiple items stolen from your boat, does this qualify as one claim or four? These are the types of things you should discuss carefully. Taking courses in boat safety can also help you lower the cost of your policy. And finally, you can reduce the cost of your policy by increasing the amount of your deductible. The more you can realistically pay out of pocket, the more you can save. And one more thing to consider. Do not overvalue the price of your boat, according to Florida Insurance Quotes here. Ensure it for the price it would cost to replace and not a penny more.
Read the Fine Print Before Signing
Here are just a few things you’ll want to make sure you are clear about:
- If you’re using your boat for commercial work, ensure your policy covers that. Many boat insurance policies cover pleasure boating only.
- Understand what items they depreciate and what things they cover in a loss. Can your homeowner’s insurance policy cover any of these items?
- Ensure your insurance is not limited to your state or area. If you take your boat on a winter vacation, ensure your coverage travels with you.
- Be sure your policy covers you the entire time you use your boat. If you plan on using your boat year-round, ensure you can cover it for all 12 months.
Now that you have these tips, you will better understand what is required to save money on Florida boat insurance. We suggest you take this advice and head to someone like Florida Insurance Quotes to get multiple quotes today. That guarantees you both protect your watercraft and get the best deal online.
