Basic Coverages Of Boat Insurance

​Boat insurance is a type of insurance policy that helps protect you and your boat from liability and damages in certain accidents. If you plan to purchase a boat or own any watercraft vehicle, boat insurance can benefit you and your boat. Boat insurance can help cover damages to yourself and your boat.

This article will talk about boat insurance and all its basic coverages.

What Exactly is Boat Insurance?
Boat insurance can help protect boats, sailboats, motorboats, and other personal watercraft in instances involving an accident, theft, or, if covered, hazards damaging it. This type of insurance can also help you become protected from specific events, like if you accidentally injure yourself or others or damage other’s property with your boat.

Types of Boat Insurance
When finding the perfect boat insurance, there are two basic types: agreed value and actual cash value. The agreed value boat insurance policy can cover the boat depending on the value set when the policy was written. This type of boat insurance may cost more initially, but there is no depreciation for a total loss of the boat.

The second type of boat insurance policy is the actual cash value. This type of boat insurance policy is cheaper up-front but has some depreciation. Actual cash value boat insurance policy can only pay until the cash value of the boat at the specific time that it is declared a total or partial loss.

Coverage of Boat Insurance
The coverage of boat insurance changes based on your boat or another form of watercraft. There are certain coverages from the common boat insurance policy for you and your boat, such as damage to your boat, fuel spill liability, medical payments, uninsured boater protection, salvage coverage, and liability.

Regarding other parties, a typical boat insurance policy can cover damages like damages to another boat, other property, and bodily injury to another person.

Purchase a Boat with Boat Insurance!
If you are planning on purchasing your first-ever boat or watercraft, consider pairing your vehicle with a decent boat insurance policy. This type of insurance can help protect you and your boat from certain liabilities and damages to keep you safe from financial setbacks.

At UG Insurance Brokerage Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get insurance that fits your needs. You can get more information about our products and services by calling our agency at (718) 848-7777. Get your free quote today by CLICKING HERE. Topics and coverage discussed in this article are not guaranteed, consult with your agents to determine what your policy does and does not cover. We are more than happy to help!