9 Things About Boat Insurance in Arizona
If you have a boat, you will need boat insurance in Arizona. Boats are expensive, and the upkeep can drain your financial reserve. If you are in an accident or the vessel gets damaged, you could be in dire straits financially. Boat insurance can then help. Boat insurance will cost money, but it will not cost as much as a damaged boat without insurance.
Here are 9 things you should be aware of before you purchase boat insurance:
The Real Cost
The average annual cost for boat insurance is 400 dollars. Since this is the average, some policies are cheaper, around 200 dollars, and others are nearly 500 dollars. If you own a big yacht, you can even pay anywhere from 1 to 5 percent of the cost of the boat.
The Home Insurance Dilemma
You have probably heard from a friend or family member that homeowners insurance covers boats as well. That is only partly true, as your homeowners insurance will cover a canoe or a kayak. Any motorized watercraft, however, would not likely be covered by homeowners insurance.
Before you go out and get boat insurance, it is best to check with your homeowners insurance. They may be able to offer partial coverage. If not, you can get back to searching for boat insurance. With the help of an insurance professional, you are sure to find the right boat insurance package in no time.
It is All About Seasons
The great thing about boat insurance is that you do not have to have it year-round. If you live in an area with different seasons, you probably are not using your boat year-round. Boat insurance companies recognize that this is the case for most boat owners. Consequently, they offer a discount for not using it during the cold winter months. This discount gives your wallet a break and allows you to enjoy your boat during the warm summer months.
You Can Bring Your Cost Down
Ultimately, you can bring your boat insurance cost down in multiple ways. One way is by using the boat for only part of the year. You can also talk with a professional and look at all of your options together. There may be another insurance policy out there that is cheaper than your current (or desired) plan.
Boat insurance can also be fairly flexible. You can have different coverage options that increase or decrease your payment cost. Do some research into the specifics of boat insurance in Arizona. You can find out what coverage you need and do not need.
Different Kinds of Boats
Yes, different kinds of boats will determine how much you need to pay each year. There is general boat insurance and yacht insurance, and there are also insurance packages for other watercraft. Sailboats go under their own category for insurance costs. If you are a professional or are going on tour, some policies can offer you specific coverage for your touring. Being a part of a boating club that offers insurance plans can also cover you.
Years and Models
When you think about the year and model of something you may think of car insurance. This is also true for boat insurance in Arizona. Your boat’s year, model and make are going to play an important role in your insurance policy.
The insurance company may also ask for your driving record on your boat. If you have had a lot of accidents in the past it may increase your insurance costs. Where you go boating can also be a factor in price. If you travel a lot with the boat it may factor into the cost as well.
There are a lot of different boat insurance options. Did you know that if you own a yacht, you will need yacht insurance? If your boat is larger than 27 feet, it is also put under yacht insurance. Yacht insurance is going to have a deductible just like medical insurance.
For boats that are less than 27 feet, there are usually two different options. These options are known as agreed value or actual cash value. The first option is a value based on what it will cost you to replace your boat. An actual cash value is an agreement based on the boat’s cash value year to year.
The great thing about boat insurance in Arizona is that you do not have to do this on your own. There are boat insurance professionals that know all of the ins and outs of boat insurance policies.
At Insurance Professionals of Arizona (IPA), you can be sure that you are getting the right coverage for your situation. Talking about your boat and what you want to be covered can give them a better idea of what you need in terms of coverage. It can also allow your insurance agent to know which package is right for you.
Broad vs Specific Coverage
If you do not remember anything else about boat insurance, imprint this on your brain: insurance is flexible. There is no such thing as one boat insurance policy to cover every type of boat. There are a lot of different options for coverage.
You can get broad coverage that covers everything from towing to barnacles. You can also get very specific coverage that covers only what you need. That allows you to cut costs while allowing you to enjoy your boat. Keep your options open, and do not say no to boat insurance right away. Know that you can change your coverage if your situation changes.
Boat insurance can get tricky. That is especially true if you have never had boat insurance before. Let us take the stress away from you and make boat insurance easy. Set an appointment with us at Insurance Professionals of Arizona today.
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