Quality Boat Insurance Coverage
Once you are out on the water, the last thing you want to think about is your boat insurance. At Absolute Insurance, we help our clients insure a variety of boats including power boats, fishing boats, pontoon boats, and personal watercraft at a great rate. Whether you use your boat for fishing, a fun day of water skiing, or just relaxing and making memories with your family and friends, we’re here to help you protect the investment you’ve made in your watercraft.
Boat insurance policies provide coverage for you and your passengers with liability coverage, physical damage, and uninsured/underinsured boaters coverage. Your boat insurance policy can be customized to meet your insurance needs with any number of options like coverage for fishing equipment, on-water towing and labor, and navigation coverage. Some of our companies also offer a disappearing deductible or small claim forgiveness.
As an independent insurance agency, we are able to work with different companies to find the best insurance policy for you and your boat. Select companies that we work with also offer:
- Propulsion Plus: Repair or replace the lower unit of an outboard motor, or upper & lower units of an inboard/outboard motor if you have a mechanical breakdown—even if it’s caused by wear and tear.
- Sign & Glide: Towing on water: Pay for towing, fuel delivery, soft ungroundings and jump starts if your boat breaks down on the water.
- Total Loss Replacement for a new boat: You can purchase this coverage if your boat is no more than one model year old. If it’s totaled within 5 model years, we’ll either buy you a new one or give you the amount you originally paid for your totaled boat—your choice. If you’re outside the 5-year window, we’ll give you the original purchase price you paid. No depreciation. No estimations. Just extra cash for you.
When a boat is covered for full coverage, it is usually insured one of two ways - either Actual Cash Value (ACV) or Agreed Value (AV).
- Agreed Value (AV): Agreed Value means that if we have a boat insured for $10,000, and it is determined to be a total loss in a covered claim, the insurance company would pay the agreed value of $10,000.
- Actual Cash Value (ACV): ACV pays up to the amount an item is insured for, but the insurance company determines the value. An insurance company might use NADA and comparables to look up the value of a boat With the same example above, the insurance company might determine (after looking at NADA and comparables) that the value is $8,000 so they pay $8,000 if the boat was determined to be a total loss in a covered claim.
Agreed Value is better coverage for your boat so we recommend changing to that type of coverage if your policy is not currently written with that value. Agree Value fixes the issue when an insured's boat value differs from what NADA and comparables show.
We understand that boating is a lifestyle, and we want you insured correctly. The time to find out what is and what is not covered should not be after a claim.
Do you have a boat or personal watercraft that you would like to insure? Contact your Absolute Insurance agent at (515) 279-2722 today!