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Make sure you know the difference between Agreed Value Coverage versus Actual
Value Coverage. Agreed value coverage is when you and your insurance provider agree
on the value of your boat. Lets say you and your insurance provider agree that your boat
is worth $20,000 and something bad happens to your boat a few years down the road.
You will receive $20,000 to buy a new boat under the agreed value coverage, but your
monthly payment will be higher. With actual value coverage, you pay less per month for
your insurance, but your insurance provider will only pay the depreciated value of your
boat if something bad should happen. In this case, your insurance costs less per month,
but 3 or 4 years down the road, you might only get $10,000 to $15,000 towards a new
boat instead of the $20,000 that it would take to buy a new boat.
Overall, make sure to shop around. You want to find the best deal for your coverage.
Don't just look at the price of the quote; look at the coverage that comes with it.
Value Coverage. Agreed value coverage is when you and your insurance provider agree
on the value of your boat. Lets say you and your insurance provider agree that your boat
is worth $20,000 and something bad happens to your boat a few years down the road.
You will receive $20,000 to buy a new boat under the agreed value coverage, but your
monthly payment will be higher. With actual value coverage, you pay less per month for
your insurance, but your insurance provider will only pay the depreciated value of your
boat if something bad should happen. In this case, your insurance costs less per month,
but 3 or 4 years down the road, you might only get $10,000 to $15,000 towards a new
boat instead of the $20,000 that it would take to buy a new boat.
Overall, make sure to shop around. You want to find the best deal for your coverage.
Don't just look at the price of the quote; look at the coverage that comes with it.
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