| As with car insurance, policies come with an | | | | trailer but Actual Cash Value boat insurance plans |
| excess to discourage small claims and for boat | | | | only pay for replacement less any vessel |
| insurance, this is usually quite a large sum of | | | | depreciation from the point of loss. When the |
| money, as the intention of the insurance is to | | | | craft is a complete insurance right-off then the |
| cover you against substantial losses instead of | | | | second hand value of the boat is used to |
| just scratches and dents. There is little difference | | | | estimate its market value. Optional insurance |
| between the two types of policy except the | | | | usually includes coverage for reasonable repairs, |
| amount of cover provided with boat insurance is | | | | emergency services to your boat, motor, or boat |
| considerably larger. | | | | trailer, and wreck removal. Where there has only |
| Almost all states make the standard boat | | | | been limited damage to the vessel, partial damage |
| insurance a requirement so it is important to abide | | | | repairs include the restoration less any items that |
| by the law and obtain boat insurance as soon as | | | | can be deducted. |
| you become a boat owner. Strangely, in the eyes | | | | Agreed amount value boat insurance policies mean |
| of the Marine Industry, a houseboat is in the | | | | that the owner of the boat and the insurance |
| same category as pleasure boats like sailboats, | | | | company have decided on the cost of the boat, |
| jet boats and cabin cruises for instance. A | | | | and in the aftermath of a total loss the owner will |
| speedboat for instance, is capable of high speeds | | | | be compensated with that amount. Agreed |
| requires a much different type of insurance than | | | | amount value policies also replace old objects with |
| a small fishing vessel would because of the | | | | new ones, exclusive of any assumption for |
| potential liability for the insurance company that | | | | depreciation. The majority of agreed amount |
| comes with a speedboat compared to a fishing | | | | value boat insurance policies necessitate actual |
| boat. | | | | cash value on specific destroyed assets like sails, |
| Almost all boat insurance policies will cover the | | | | protective covers, batteries, dinghies, trailers and |
| cost of replacing the vessel, engine and the boat | | | | aged outboard motors, lower drive units etc. |