If you need to get a winning Pennsylvania boat insurance deal, you got to make sure you make informed decisions. Face it! Understanding the nitty-gritty of boat insurance usually is pretty challenging. But we’re here to chew the bread for you… so read on!
Know your insurer
Fortunately, when it comes to buying boat insurance, you can consider adding onto your existing homeowner’s policy. So it makes perfect sense if you just get a Pennsylvania boat insurance quote from an insurance agent in PA and simply buy it as an added part of your homeowner’s policy. You can improve your chances of getting a better policy if you consult a marine insurance expert.
But regardless of where you get your Pennsylvania boat insurance rates from, you must buy the policy through only reliable and reputed agents. Buying directly from a marine insurer specialist is also a good idea. But just in case you didn’t know, homeowner’s policies sometimes limit or do not at all provide as much coverages related to salvage recovery. And don’t forget to inquire with your experienced boating pals when it comes to Pennsylvania boat insurance.
‘Agreed Value’ versus ‘Actual Cash Value’
These are the important 2 choices, when it comes to pa boat insurance and related depreciation. Take the instance of a typical “Agreed Value” policy, as it costs higher but ultimately pay more. It can cover stated values of your policy when a full loss occurs. As for an instance, total loss which occurs on $50,000 of agreed value policy could pay you as much as $50,000. But even more importantly, partial loss on a typical Agreed Value policy can replaces almost all items if “new for old” clause applies with little or zero depreciation, which depends on your carrier. Thus, claims for stolen 4-year-old GPS units could get the policyholder a brand new and comparable replacement of the GPS.
Knowing the salvage value
Have you chosen a standard “Agreed Value” policy? Then you should avoid those which limit your salvage coverage (the amount which might be paid to the salvor for rewarding him as he saved your vessel from danger and brought it securely to the repair yard. You should try to get a policy, which provides good salvage coverage – preferably as much as the Agreed Value of the boat. But at the same time it must not subtract these bucks, or the deductible of the policy from the underlying total amount which is available for fixing the damage.
Here’s a good example. Say, a $50,000 of Agreed Value policy has $50,000 available for salvaging the boat, if it sinks. Then it must pay as much as $50,000 for all the repairs. Or else, you might end up falling short while replacing or fixing the boat as some of the repair funds needed to be utilized for paying salvage costs. The boats which are added to an existing homeowner’s policy usually are exposed to such risks.