In Michigan, boat owners assess the best options for protecting their investments. The right coverage could lower the chances of a major loss for the owner. It can also mitigate risks after an accident occurs. The best policy provides boat owners with discounts that make their premiums more affordable. A Boat Insurance Agent in Monroe MI presents the terms of the policies to these owners.
Navigational Restrictions for Boat Owners
Boat insurance policies could present navigational restrictions for boat owners. The restrictions define the coverage area. It indicates the exact distance from the shore in which towing services are offered. If the owner travels beyond the restricted area, they cannot acquire coverage for the boat.
An Agreed Upon Value
An agreed upon value is a value that is acceptable to the owner. This could be based on a market value. This indicates that the value is the price at which the boat could sell today. This is based on the make and model of the boat. It is not based on the current condition of the boat after an accident or other damage.
Liability Coverage for Boat Owners
Liability coverage provides coverage in the event that an accident happens. This coverage pays medical requirements for the accident victim and for their property damage. The policy lowers the risks of a lawsuit and protects the boat owner. A liability policy doesn’t provide coverage for the policyholder’s boat.
Discounts for Boat Owners
Boat owners acquire discounts when they add the boat to an umbrella policy. This gives them a discount based on multiple vehicles or vessels on one policy. The owner can also acquire discounts when they store the boat during the off-season. The owner must present evidence of the storage unit to acquire the discount.
In Michigan, boat owners purchase policies to protect against serious losses. Boating accidents could present major liabilities if another party is injured. A boat insurance policy mitigates these risks. It also provides a replacement for the boat based on coverage levels. Owners who need to purchase coverage contact a Boat Insurance Agent in Monroe MI or visit our website for more details today.
