Do you own a boat in Lees Summit, MO? Do you have boat insurance? Unfortunately, many boaters like talking about boating experiences, but shy away when asked about boat insurance. One of the reasons many boaters don’t carry boat insurance is that it’s not mandatory in Missouri. For other boaters, they think boating accidents are unlikely to happen.
Unfortunately, when perils like accidents, theft, and fire strike, uninsured boaters are faced with massive losses – it’s only then they realize the power of a boat insurance policy. The good news is that you don’t have to wait until it’s too late. You can purchase boat insurance today from Epic Insurance. But before then, here are a few basics you need to know about boat insurance.
Boat insurance may be required
While Missouri doesn’t require boat insurance, your federal-regulated lender may require you to purchase watercraft insurance until you pay off your outstanding loan.
Understand the difference between the actual value and agreed value
When it comes to loss settlements, you need to know what actual, and agreed value means. The agreed value would be the amount pre-agreed between the insurer and the policyholder if the boat suffered a total loss. In this case, you will receive the agreed value less your deductibles, but without reducing the depreciation factor.
The actual value is the replacement cost of your boat today, less the depreciation factor. While the premiums are cheaper than the agreed value, the compensation amount is less than the agreed value.
Understand different boat insurance coverages
Just like auto or home insurance policy, boat insurance comprises various coverages to suit different needs. While you are not required to purchase all coverages, understanding different coverages helps you choose those that fit your needs. Here are some coverages to consider:
- Emergency assistance
- Medical payments
- Uninsured/underinsured boater
- Wreckage removal and oil spillage
Do you need to learn more about boat insurance? Don’t hesitate to get in touch with Epic Insurance for more information. Else, you can pop in our Lees Summit, MO offices to speak to one of our agents.