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Allen, TX 75013

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How to Choose the Best Boat Insurance Policies to Meet Your Needs

Are you planning on buying a boat or have you purchased one recently? If you plan to operate it, you’ll need at least a basic insurance policy. You’d benefit from talking to an agent from Texas Independent Insurance, which serves Allen, TX and beyond. 

Basic Types of Boat Insurance 

Two main types of boat insurance exist. You’ll want to know the difference between them before choosing what’s best for your needs. 

An agreed value policy covers the value of the boat at the time of writing the policy. There isn’t any depreciation on the value when you experience a total loss. 

An actual cash value policy does factor in depreciation. It only pays up to the actual cash value of your boat, determined at the time it’s deemed to be a partial or total loss. Once your boat ages, your insurance agent probably will recommend that you get this type of policy. 

Boat Insurance Coverage Types 

Boat insurance covers a range of boats and other types of watercraft. You can get a policy for your yacht, sailboat, dinghy, charter or other professional boats, and rentals of boats and watercraft. You also can get coverage for boat clubs, which will cover each member of the club while they’re operating a boat. 

All-Risk Policies and Beyond 

The type of coverage you should have depends on how and where you use your boat. Since you can’t always predict changes to what you do with your boat, it’s in your best interest to get an all-risk policy. 

Even though this tends to offer the best possible protection, it doesn’t cover all loss types. This is why it’s important to ask about extra coverage, typically called an umbrella policy. Some options that may be available to you include uninsured boaters liability, towing and assistance, medical payments, and personal effects. Keep in mind that most policies do cover equipment that’s permanently attached. 

The agents at Texas Independent Insurance of the Allen, TX area can assist you with finding the right policy type for your needs. Reach out to us today and discuss your situation and needs to get boat insurance coverage. 

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