Heading out on the water in your boat is one of the best parts of summer. No matter if you are taking a calm cruise, or towing kids on a tube, there are few activities that are more fun than boating. Before you back your boat into the water before the weather cools down for summer, it is important to make sure that you ensure that you are protected by the right boat insurance coverage.
When deciding how much boat insurance coverage you need, you should consider the value of your boat. Since your boat will start depreciating in value the second it is driven off the lot, you should think of the value of your boat the same way that your insurance provider will.
You have two choices when it comes time to insure your boat, market value and agreed value. With agreed value, you will decide on the value of your boat with your insurance agent. If your boat is totaled, that is the amount of money that you will receive as a payout. With market value, depreciation is taken into consideration, which means that you will get a payout of what it would cost to replace the boat based on its current value.
If you are concerned about the cost of your boat insurance policy, there are many discounts that are available that will help to keep the cost low. Taking a boating class or choosing a boat that is stocked full of safety features can help to make sure that you are paying the right amount for your coverage.
For all of your boat insurance needs, contact the insurance professionals at Steve Wilk Insurance Agency in Lombard, Illinois. We will work with you to make sure that you have the protection that you deserve, all at the right price.