Regarding Boating Insurance, What Factors Determine My Premium?

Several factors are weighed when a company considers offering a policy to a boat owner. Some are based on the boat and others on the owner, for example: age, size, value, condition and maximum speed of the boat are important considerations.

The experience level, training, and prior boating accidents of the boat owner are also taken into consideration before a policy is issued.

Obviously there are many others but these can give you a good idea when trying to figure out how much your premium will be.

When It Comes To A Boat: Replacement Cost, Actual Cash Value or Agreed Value … Which Is Better?

Only you can answer that question. The best answer must be based on two things; a thorough knowledge of your options and a realistic view of your current needs. We will help you work through this step.

Replacement Cost is very simple; your policy is designed to pay the cost of replacing your boat in the event of loss.

Actual Cash Value (ACV) is based on the actual market value of your boat. Actual cash value is computed by subtracting depreciation from the replacement cost. Establishing a useful life of the item and determining what percentage of that life remains usually calculates the depreciation. This percentage times the replacement cost gives the ACV.

Agreed Value (AV) is also fairly simple to understand. Both parties involved agree on an amount that will be paid in the event of a total loss.

What Kind Of Features Can I Expect On A California Boat Insurance Policy?

Liability Coverage: Liability coverage responds when an insured (you) becomes legally responsible for damages arising from the ownership, maintenance or use of your boat. The coverage is provided for your protection and is subject to listed exclusions or limitations, which will vary depending on the boat liability insurance carrier.

Physical Damage: Physical damage coverage helps to cover the cost of repairs to your boat that could have been caused by a variety of perils (such as weather, vandalism, collisions, etc.). Normal wear and tear, and routine maintenance is typically not covered.

I Recently Purchased A Boat, What Kind Of Coverage Will I Need?

Boating is not only fun, it is a big responsibility. Every responsible boat owner wants to make sure that potential risks are covered. Whether it is the loss of a cell phone or a catastrophic event, which involves personal injury, your insurance policy should offer you peace of mind knowing that your claim will be taken care of. Unfortunately, all too often boaters purchase stripped down policies in order to save a few dollars only to find out it cost them thousands in losses not covered. Your boat is a luxury item; having adequate insurance on your boat is not!