BOAT INSURANCE

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Boat insurance policies can vary widely from one company to the next, unlike home or auto insurance. Which type is best for you? Boat U.S., the nation’s largest recreational boat owners association, has some tips for you.

  • Ask around: One way to find a good insurer is to ask friends who have had a claim in the past. Insurance companies may be good at taking monthly premiums, but how a company lives ups to expectations when something goes wrong is a better indicator. You can also research potential insurance carriers at www.ambest.com/ratings The ratings are the industry’s benchmark for assessing an insurer’s financial strength; look for an “A” rating (excellent) or better. State insurance regulatory agencies are also a good reference and can be found online.
  • Homeowner’s or separate policy for the boat? Consider buying a separate insurance policy for the boat, rather than adding it to your homeowner’s policy as the latter often limits certain marine-related risks such as salvage work, wreck removal, pollution or environmental damage. Whatever amount the boat is insured for, it should have a separate but equal amount of funds available for any salvage work. This means that you’re compensated for the loss of your boat and not having to pay additional, out-of-pocket costs to have a wreck removed from a waterway.
  • Agreed Value vs. Actual Cash Value: These are the two main choices that boater’s face and depreciation is what sets them apart. An “agreed value” policy covers the boat at whatever value you and your insurer agree upon. While it typically costs more up front, there is no depreciation if there is a total loss of the boat (some partial losses may be depreciated). “Actual cash value” policies, on the other hand, cost less up front but factor in depreciation and only pay up to the actual cash value at the time the boat is declared a total or partial loss or property was lost.
  • Your needs first: A good insurer will tailor your coverage to fit your needs so there will be no surprises. For example, bass boaters may need fishing gear and tournament coverage as well as “cruising extensions” if they trailer their boat far from home. You may want “freeze coverage” if you live in a temperate state because ironically, that’s where most of this kind of damage occurs. “Hurricane haul-out” coverage helps foot the bill to move your boat to dry ground.

This information is presented by Boat U.S., the nation’s largest recreational boat owners association. To learn more about Insurance options for your boat, review our helpful FAQs (http://www.discoverboating.com/buying/insurancefaq.aspx)
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BOAT INSURANCE
Types of Insurance Policies
Insurance Companies
Insurance Agencies by Regions > US
Claim Processing
^  ^  Filing a Claim
^  ^  Repair Facility Claim Procedures
^  ^  Claim Resolution
^  ^  Subrogation
^  ^  Claim Cases



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FROM Dewey: "Well Huey, to me It looks like most of the articles on this website are written by very informed people, like boating instructors, boat designers, boat builders, riggers, electricians, fitters, marine repair technicians and marine surveyors. Writing such articles helps establish them as knowledgeable professionals. After all, this website was originally created by a school for marine technicians and marine surveyors. The website is growing in content every day. They even had to move to a bigger, more powerful server on October 15, 2018 because the website's traffic has been growing exponentially."

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FROM Scrooge: "You rave about this website like it was the best thing since sliced bread. Well, I think it stinks. Sure, it has a lot of good information for boaters, and they're adding more every day, but it will probably never be finished. Furthermore, I don't even own a boat. And I wouldn't have a boat even if someone gave me one. Boats are a waste of money and time and energy and money! They're just a hole in the water you pour money into. If you gave me a boat, I'd sell it quicker then you could say Baggywrinkle. Then I'd lock up the cash with all my other money so I could keep my eye on it and count it every day. Bah humbug."

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