If you’re new to owning a boat in Snellville, GA, purchasing an insurance policy to protect your investment is a crucial step after completing the purchase. While boat insurance policies share similarities with auto insurance, there are additional considerations due to the unique nature of watercraft. Toney Insurance Services is here to guide you through the process of evaluating policies and making informed decisions.
Coverage Types
At first glance, your boat insurance policy may resemble an auto policy, with coverage sections such as liability, physical damage, uninsured/underinsured boater coverage, personal property, emergency towing and assistance, and medical payments. The liability section is particularly important. Within this section, ensure there is a provision for wreck removal, especially if the wreck poses environmental hazards. Another key consideration is having sufficient liability insurance limits to cover accidents that result in injuries to passengers or others. Many policies offer up to $1 million in liability coverage, but if you feel this amount is insufficient, you can add an umbrella policy for additional liability protection.
Valuation and Other Essentials
If your watercraft is completely destroyed in a wreck, the compensation you receive will depend on whether your policy is based on agreed value or actual cash value. Actual cash value policies are more affordable but provide less compensation if your boat is totaled. Additional coverage options to consider include fuel spill liability, trailer coverage, and hurricane haul-out coverage if you moor your boat in a coastal area.
Find the best boat insurance policy for your needs in Snellville, GA by contacting the experts at Toney Insurance Services. Call today to schedule an appointment with our team of professionals.
