Once you get a proper insurance policy for your boat, you’re set! Right? Well, not exactly. An annual review of your boat insurance policy is a smart way to ensure you’re still getting the right coverage you need at a fair price. Here are some factors that are considered.
What Is Your Boat’s Current Value?
The main reason why you should review your boat insurance policy every year is that your boat’s value could change. If you’ve recently put money into repairs or upgrades on your boat, your boat is probably now worth more money. However, as your boat ages, it could be worth less than when you originally obtained your insurance policy. An annual review ensures you have the adequate amount of coverage you need depending on your boat’s value.
Is Everyone Covered?
Maybe your teenager has finally come of age to drive the family boat. Or perhaps you’ve decided to loan your boat to your brother. An annual review is a great time to make sure all your boat’s drivers are covered.
What Are Your Storage Arrangements?
How, where, and when you store your boat can change the type of coverage you need. For instance, if you store it with a company in a boatyard, do you know if you need insurance if your boat is damaged while being stored? On the other hand, if your boat is stored on your property, you may need different coverage. Since storage situations can change from year to year, this is an important factor to consider in your review.
Do you have the right insurance coverage for your boat? Is it time to do a yearly review? Ask the experienced agents at Leigh Agency, and we’ll make sure your boat insurance policy is up to date and covers all your bases. Give us a call today!