Business Quote Homeowners Quote Automobile Quote Life & Health Quote

image of boat on eagle mountain lake in fort worthOperating a boat means a lot of fun, but it also means a lot of risk. Should an accident strike the vessel, the damage could be severe. Certain accidents may completely destroy the boat, leading to hull loss.

If you lose your boat, you might want to replace it. Boat insurance policies cover replacement differently. Boat owners should make sure they have adequate coverage to cover some or all of the replacement.

Standard Boat Insurance for Hull Loss

Should you need to replace your vessel, boat insurance can serve as a vital asset to you. It can help you access the funds to replace the boat without having to dip into your own savings.

More than one hazard could cause a loss of the vessel. An individual boat policy can usually cover the vessel from a variety of standpoints. Policies usually divide the different hazards into different coverage designations.

  • Collision Coverage: An accident or collision could totally damage the boat. Collision coverage will usually cover the replacement or repair of the hull.
  •  Comprehensive Coverage: Comprehensive insurance often covers hull losses that stem from hazards other than collisions. These may include fires, theft or other damages.

It’s imperative that boaters verify that their policy covers them wherever they use the boat. Ideally, a policy should cover the boat both in and out of the water. It should also cover boaters on the specific body of water on which they intend to sail.

Varying Types of Hull Replacement Coverage

When you lose your boat, you will likely want to replace the vessel. Each policy may cover such scenarios differently.

  • Replacement coverage: Pays the full cost to replace the boat or make total repairs
  •  Agreed-amount coverage: Pays a pre-determined amount for the replacement of the boat. If the boat insurer and the boater agree on a price of $25,000 for the boat, then that is the coverage maximum.
  •  Market value coverage: A boat’s value depreciates over time. Your boat may have been worth $100,000 five years ago, but is now worth $50,000. If replacement coverage comes at market value, you may only receive the boat’s current value in compensation. This may not be enough money for you to replace the vessel.

If you can afford repairs, then agreed-amount or market value coverage may work. But, if you cannot afford repairs, consider replacement value coverage. While this determination may impact your policy price, you could face more financial hardship without the right coverage.

Call All About Insurance at one of our three locations - Mid-Cities at 817-589-0006, Fort Worth at 817-626-3339 or our Mansfield/Arlington office at 817-453-5524 now! We can help you get a fast, free boat insurance quote

Share |

No Comments

Post a Comment
Required (Not Displayed)

All comments are moderated and stripped of HTML.
Submission Validation
Change the CAPTCHA codeSpeak the CAPTCHA code
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013
  • 2012
  • 2011
  • 2010

View Mobile Version
Quick Links Our Latest Blog Featured Service
Make a Payment
Employee Directory
Our Reviews
Mechanical Inspection
Featured Service
Need help assessing your vehicle's repairs? Let us evaluate it for you.
read more... learn more...
Home|Locations|Get a Quote|Employees|Make a Payment|File a Claim|Testimonials|About|Contact
dotted divider
Mid-Cities Location
7716 Glenview Dr.
Richland Hills, TX 76180
Phone: (817) 589-0006
Fort Worth Location
5840 Jacksboro Hwy
Fort Worth, TX 76114
Phone: (817) 626-3339
Mansfield/Arlington Location
1209 N Highway 157
Mansfield, TX 76063
Phone: (817) 453-5524
Serving the Dallas-Fort Worth area in Texas.
© Copyright 2017. All rights reserved. Powered by Insurance Website Builder
Social Networking Review us on Google Blog RSS Feed Follow on Twitter Connect on LinkedIn Like us on Facebook