About Boat Insurance
These are some factors (not all) that Heritage Insurance Agents will assess in determining which of our companies fits your risk management needs. We will then shop the price to ensure the best fit within those companies.
Factors for Boat Insurance Premiums
The following factors can affect your boat insurance premium:
- Boating experience
- Driving record
- Credit score
- Financial stability
- Type of boat
- Value of the boat
- Engine size
Total Loss Replacement – replaces insured’s boat with a brand new one of similar make and quality
Actual Cash Value- subtracting depreciation from replacement cost
Agreed Value- in the event of a loss the stated amount is paid without any adjustment for depreciation or appreciation.
- Liability- covers the driver and passengers
- Physical Damage (refer to the three settlement options above)
- Medical payments- be sure this amount covers any passengers, as it is a total amount paid, not per person
- Emergency Towing and Labor- provides on-water towing service
- 24-hour Roadside Assistance- covers trailer and tow vehicle
- Replacement Cost Fishing Equipment- tackle, rods, and reels
- Replacement Cost Personal Effects- protects the insured’s personal items including cameras, clothes, cell phones, etc.
- Vanishing Deductibles- reduces the deductible at each claim-free renewal
- Ensuing Loss- “wear and tear” claim would be a covered loss