As an experienced boater or just a boat owner, you probably know about the importance of boat insurance. You need to carry this type of insurance to be fully protected if you get into a boating accident. If you have just started looking for boat insurance and have no idea where to start, Kempton Insurance Group serving clients in Charlotte, NC has prepared the list of tips for purchasing the perfect boat insurance policy:
Determine what type of boat you have
Do you have a fishing boat that you use for fishing on weekends, or is it a party boat where your family and friends gather regularly? The type of boat you have affects the cost of your boat insurance. For example, an insurance policy for vessels greater than 27 feet is more expensive than regular boat insurance.
Know the basic two types of boat insurance: Agreed Hull Value (AHV) and Actual Cash Value (ACV)
With the AHV policy, a boat owner and the insurance company agree on the amount that the boat owner receives from the insurance company if the boat is totaled. The AHV policy costs more, and the premiums are higher, but the coverage offered is also bigger than ACV coverage. With ACV coverage, a boat owner is given the current market value of the boat in the event of a total loss.
Make sure that the policy includes towing assistance coverage.
You should make sure that the boat insurance you chose handles an on-water towing coverage endorsement. If it does not, you may end up paying a huge bill out of pocket.
Whether you have just purchased a new boat or you have been using your boat for a while, boat insurance is an investment you need to make to protect your precious possession, all the belongings, and yourself. If you live in Charlotte, NC and need some help with choosing the right policy based on your insurance needs and budget, do not hesitate to contact the Kempton Insurance Group and talk to one of our experienced agents.