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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. 

A Thorough Overview Of Boat Insurance

Texas Independent Insurance serves the Allen, TX community, and the surrounding areas, by offering residents multiple types of insurance coverage. We want to help our clients find policies that align with their individual needs. We proudly serve as an independent agency.

Boat Insurance Options

During humid Texas summers, thousands of residents enjoy boating every day. However, there are a lot of risks involved with boating. Inclement weather such as hail or lightning causes damages. During the most severe cases, hurricanes and tornadoes can be deadly. That’s why it is important that you have boat insurance. Boat insurance covers against some of these challenging risks as you enjoy your time on the water.

You will be protected if your boat collides with another watercraft or object and damages occur. You will also be covered if your boat is vandalized or stolen. You can amend your policy to cover any damage to your personal items and equipment on the boat as well. If you any special equipment onboard or attachments to your boat, you’ll have to add extra coverage to protect you if those items are stolen or damaged.

Liability coverage is an asset. Liability coverage protects you if you are held liable for your boat causing damage to someone else’s property. If you have passengers on your boat, liability coverage will protect you if someone suffers an injury while they are on your boat. You can amend your policy to include emergency assistance if your boat suffers engine failure and becomes disabled.

Pay attention to your policy’s navigational limits. The navigational limits will outline the areas around Allen, TX where you are allowed to operate your vehicle and still maintain coverage. If your boat suffers damage outside of the outlined navigational area, you may not be covered.

Texas Independent Insurance Will Assist You

Visit our website today to learn more information about boat insurance.

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