Stay Protected on the Water with Boat Insurance
If you’re a boating enthusiast, you know nothing can beat the thrill of being on the water. But are you and your loved ones sufficiently protected? And are you getting the best value for that protection? The Huntingdon Insurance Group in Huntingdon Valley, PA, provides all the information you need to make an informed decision about the proper boat insurance policy for you.
Important Information About Boat Insurance
Agreed Value vs. Actual Cash Value
Depending on what you need from your boat insurance, you’ll want to understand the difference between the Agreed Value and the Actual Cash Value. When you purchase Agreed Value Insurance, you agree on the value or amount received in the event of a loss. It has the advantage of letting you know exactly what you’ll be getting in the event of a loss. It can, however, be more costly than Actual Cash Value Insurance. With Actual Cash Value, the boat is insured up to the value of the boat at the time of the loss or damage – which factors in depreciation and wear and tear. While coverage under Actual Cash Value may not be as comprehensive as in Agreed Value Insurance, the cost savings upfront may make it worth considering depending on your needs.
Seasonal Use Discounts
Most companies will only charge for the period, mostly in the warmer months, when the boat is in use and not charge during the “lay-up” period where the vessel goes unused. However, be aware that if you decide to use the boat during the lay-up period, there is no coverage in the event of a loss. Fortunately, if you want or need to use the boat during the layup period, you can contact us and request an endorsement of the policy for temporary use of the vessel. This will ensure you’re covered should you need to take the boat out during that time.
Boats Covered on Land
There are typically two places your boat will be when not in the water, that is, attached to your car or parked on your property. When you are transporting the boat attached to your vehicle, it is, in most cases, covered under that vehicle’s policy. Similarly, if the vessel incurs damage while parked on your property, homeowners’ insurance may provide some coverage. However, in both of these cases, coverage may be limited and subject to the limits of the car and/or homeowners’ policy. Therefore, it is a great idea to get umbrella coverage to kick in on top of auto and homeowners’ coverage.
Ways to Save
The level of coverage you choose can affect the cost of your insurance but be aware there are also discounts. If you take a boating safety course, or “bundle” your boat policy with a homeowners or auto policy, you can save money on insurance. It’s also important to shop around for the best rates Huntingdon Insurance can help “navigate” you in the right direction by assessing what your needs are and shop around for the best price.
Contact the friendly professionals at Huntingdon Insurance today and find out how much money you could be saving right now on boat insurance. Call 215-942-0616 for a FREE, No Obligation Quote.
