Cox Yacht Insurance Agency is here to answer any and all questions regarding your vessel and your insurance needs.
What Does Boat Insurance Cover?
Boat insurance typically covers damage to your boat caused by accidents, theft, vandalism, and natural disasters. It may also include liability coverage for injuries or property damage you cause to others while operating your boat. Ask about specific coverages like hull coverage, liability coverage, and optional coverages like towing and personal property coverage.
How Much Does Boat Insurance Cost?
The cost of boat insurance can vary widely depending on factors like the type of boat, its age, its value, where it's stored, your location, your boating experience, and your chosen coverage options. It's a good idea to get quotes from multiple insurance providers to compare costs.
Do I Need Boat Insurance?
In many places, boat insurance is not legally required, but it's highly recommended. If you have a loan on your boat, the lender may require insurance. Even if it's not required, having insurance can protect your investment and provide peace of mind, especially in case of accidents, theft, or liability claims.
Are There Discounts Available?
Some insurance companies offer discounts for factors like completing a boater safety course, having a clean boating record, bundling boat insurance with other policies (e.g., home or auto), and installing safety features on your boat. Ask your insurance provider about potential discounts to lower your premium.
What's the Difference Between Agreed Value and Actual Cash Value Policies?
Agreed value policies pay out a predetermined amount (the "agreed value") in the event of a total loss, while actual cash value policies pay out the current market value of the boat, which can depreciate over time. Agreed value policies are often preferred by boat owners because they provide more certainty about the payout.
Remember that boat insurance can be complex, so it's essential to read and understand your policy thoroughly. It's also a good practice to consult with a knowledgeable insurance agent who can provide guidance tailored to your specific needs and circumstances.