It is important to get Online Boat Insurance if you’re the owner of a boat that will be used frequently. Boat insurance is similar to home and auto insurance. It covers damage or loss to the boat in the event of an accident. Boat insurance will typically cover fishing boats, pontoon boats, motor boats, yachts, leisure crafts, and paddle boats. However, boat insurance is typically not offered for kayaks and canoes. Check out these three tips about Online Boat Insurance before signing up for boaters insurance.
Types of Boat Insurance
There are two main categories of boat insurance. The first is called “agreed value”. “Agreed value” is simply a policy that covers the boat based on its overall money value. The second is called “actual cash value”. “Actual cash value” is a policy that covers the amount of money the boat is worth once it is damaged or deemed inoperative. This means it will be declared a partial or total loss. When looking to pay less upfront, go with “actual cash value” policies. These types of policies factor in depreciation.
What They Cover
The type of protection received depends solely on where and how you typically boat. An “all risk” policy will be the best option for those who boat frequently. However, this type of protection does not cover every single type of loss. For example, if the boat is damaged due to ice and snow then an “all risk” policy will not cover those damages. If a boat is damaged due to animals or design effects, it also will not be covered under an “all risk” policy. There are also ways to add additional coverage for things like towing, uninsured boaters liability, and personal effects. Of course, the additional coverage will end up costing a bit more.
Cost Factors
When shopping for boat insurance, the insurance company will consider quite a few things to determine the overall cost of the policy. The cost of a policy will vary depending on where you boat, your age, if formal boat training and certification has been completed, and if boating and driving records are satisfactory,
Consider these three tips before buying Online Boat Insurance. Visit Iotx.com to view their boater insurance policies and find one that works perfectly for your individual situation. You can also connect with them on Facebook.