How to Insure Your Sailboat
Ready to set sail this summer? Before hitting the water, it’s important to ensure that your sailboat is covered with the appropriate boat insurance policy. You’re probably thinking that your homeowners insurance policy will cover your boat, and some do in fact. But, in most cases, that coverage is very limited. The better option is to buy a separate boat insurance policy from the same provider as part of your bundle.
Your independent insurance agent is an invaluable resource when it comes to shopping for coverage. Be sure to discuss the following with your agent:
· Factors that affect your premium: Just like with your car, your boat’s make and model are taken into account when rates are calculated. So are other factors, such as the length, age, speed, condition and type of boat, along with cruising area, liability limits, deductibles and your driving record (both on the road and on the water).
· Type of coverage: The two main types are agreed value and actual cash value. Agreed value covers the value of your boat at the time the policy was written, regardless of depreciation. Actual cash value covers the value of your boat at the time a claim is filed, meaning that a total loss may mean a payout substantially less than what you initially paid for the boat.
· Options: You can purchase a comprehensive boat insurance policy or select the coverages that best suit your needs. If you customize your policy, you can select coverage options, such as liability, property, medical payments, personal effect, uninsured boater liability, towing and assistance, wreck removal and more. Ask your agent if your policy will cover equipment, such as oars, tools, seat cushions, lifejackets etc.
· Discounts: Boating insurance doesn’t have to be a large expense. Cut back on the cost by taking a boater safety course, raising your deductible, maintaining a good driving record, sailing in fresh water, bundling your coverage with your current insurance portfolio and asking for off-season layup discounts.
Rest easy knowing that your sailboat is covered from the unforeseen. Speak with an agent today.
We’re happy to help you find the right coverage. Call Cloverleaf Insurance at 800-530-5822 for more information on Illinois boat insurance.