If you’re a boat owner, then you know that there’s nothing quite like spending a day out on the open water. Whether you’re fishing, sailing, or just enjoying the scenery, being on your boat is an enjoyable experience. However, accidents can happen even when you’re being careful. That’s why it’s important to have boat insurance. Consult with Spring Grove Insurance in Spring Grove, IL for expert insurance advice.
Here are five things you need to know about boat insurance:
1. It Covers More Than Just Your Boat
Boat insurance doesn’t just cover your boat. It also covers any damage that your boat may cause to other boats or property. In addition, it can provide liability coverage in the event that someone is injured while on your boat. In addition, many policies also cover personal belongings that are on your boat.
2. There Are Different Types of Policies
There are different types of boat insurance coverage available. The type of coverage you need depends on the type of boat you have and how you use it. For example, if you use your boat for racing, you’ll need a different policy than someone who uses their boat for leisurely cruising.
3. You Can Buy Additional Coverage
In addition to the coverage that is included in your policy, you can also purchase additional coverage. This can include things like towing and labor coverage, as well as fuel spill coverage. You can also purchase coverage for items that are not covered by your regular policy, such as fishing equipment.
4. There Is a Difference Between Agreed Value and Actual Cash Value
When you’re shopping for boat insurance, you’ll see that there are two different types of coverage available: agreed value and actual cash value. Agreed value means that in the event of a total loss, you will receive the full value of your boat. Actual cash value means that you will receive the depreciated value of your boat.
5. Your Homeowners Insurance May Cover Your Boat
In some cases, your homeowners’ insurance policy may cover your boat. However, it’s important to check with your insurer to see if this is the case. Some insurers will only cover certain types of boats, and others may have limits on the amount of coverage they will provide.
Get Boat Insurance in Spring Grove, IL
Now that you know more about boat insurance, it’s time to get your own policy. Spring Grove Insurance offers comprehensive boat insurance policies that will give you the coverage you need. Contact us today to get a quote.