Boat insurance is very customizable and can include just basic liability coverage or can cover fully for a wide range of perils and loss.

The liability portion will pay if you are responsible for other’s injuries or damage due to an accident. This could be hitting another boat or you have a guest who is injured due to your negligence.

Physical damage is for collision loss and loss due to theft, vandalism, fire, storm, and other covered loss. It will cover the hull, motors, and if a loss occurs in transit, it will also cover damage to the trailer.

The important difference between auto and boat is the settlement agreement for replacing your boat if it is a total loss.

  1. Actual Cash Value (ACV): ACV will use the approximate value of the boat minus depreciation.
  2. Agreed Value: You and Affordable Insurance Agency will come to an agreement on the value of your boat. If your boat is totaled, you will be paid the agreed value minus applicable deductibles.
  3. Replacement Cost: This type of coverage will give you enough to replace your boat with a boat of similar quality and type up to the value specified on your policy.

These differences are very important to note because it drastically changes the benefit payouts and premium costs.

Contact us now and we can go over all your boat insurance needs.