Three things to remember when you’re selecting a boat insurance policy

Boat insurance is vital to cover you against liability damages. Boat insurance is also essential to protect the investment you make in your boat. We can help you find an acceptable boat insurance policy to cover your watercraft at OFS Insurance Agency, LLC.

The following are three things you should remember when you’re selecting a boat insurance policy in Madison, Jackson, or Clinton, MS.

The distinction between actual cash value and agreed value policies is important.

One choice you’ll probably have to make is whether you want an actual cash value policy or an agreed value policy. An actual cash value policy compensates you less in the event of a total loss. That’s because actual cash value policies reduce the amount you get on claims based on the depreciation of your boat’s value.

An agreed value policy means you’ll get back a predetermined amount in the event of a total loss that won’t change over time. An agreed value policy offers better coverage and means you’ll generally get more for claims. 

You might enjoy savings by bundling policies.

When you buy boat insurance, it’s a good idea to look into bundling discounts. If you buy your boat insurance and other types of insurance from the same provider, you may be eligible for discounted coverage. 

It’s a good idea to get 100 percent salvage coverage. 

When it comes to boat insurance, salvage coverage is essential. Salvage coverage pays the costs of retrieving a boat that has experienced an accident out on the water.

Boat salvage can be expensive, but you may be required to pay it to remove boat debris in the event of an accident. Investing in a policy with 100 percent salvage coverage can be a financial lifesaver if you ever get in a severe boating accident. 

Do you have questions about boat insurance in Jackson, Madison, or Clinton, MS?

We can help you find the answers you need to make the right insurance decision at OFS Insurance Agency, LLC. Get in touch with us to learn more.