Choosing Discount Boat Insurance: What Not To Sacrifice

Discount boat insurance is a great resource during economically challenging  times.  Finding ways to make boat ownership affordable becomes more of a necessity during challenging times and since the cost of insurance can be high, discount insurance is sought after more often than not.  However, there are features that should never be missed. Here are a few things that should not be sacrificed:

A Solid Insurance Company

It is possible to purchase discount boat insurance from a reputable company. Research the insurance company before committing.  You can use the internet for your search.  The internet has many insurance rating websites.  Check for an “A” rating from Ambest or similar rating services. You can also research reviews at the library or inquire with your local boating community for first-hand accounts about insurance providcrs.

You want a financially sound company with a good history of paying claims.  Don’t choose a carrier based on discount boat insurance prices only.

Replacement Coverage

Replacement coverage for your boat is another critical aspect of insurance.  You want to purchase Agreed Value replacement coverage on your boat. There are good companies that offer discounted rates on this type of insurance.  Agreed value allows you and your insurance company to agree on the replacement value of your boat. There is no deduction for depreciation on the boat if there is a significant loss or total loss.

Actual value insurance covers the value of the boat during the time of accident or suffered loss, so depreciation and wear and tear are factored into the value of the boat. Although the payments would be lower for this type of insurance, the pay-out in an accident may not cover the cost to replace your boat.  Rather than scrimp on agreed value insurance, find a good company that will give you a good value on better coverage.

All Risk Coverage

Another area where you don’t want to scrimp on discount boat insurance is on all risk coverage.  Many companies offer named risk coverage, insurance where only named items are covered in the policy.

In contrast, however, an all-risk policy covers everything except specific exclusions it names. This is a much better and safer policy because you don't have to remember to include everything.

Instead of Scrimping. . . .

Rather than scrimp on these important items noted above, you can do other things to lower the cost of your boat insurance. For example you can install safety features on your boat to get discounts or you can take safe boating courses for a great boat driving record.

Ask your agent for more ideas to get discount boat insurance, they should be willing to provide you with beneficial ideas.

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