Three key considerations when you’re buying boat insurance

As a boat owner in Salt Lake City, UT, it’s important to invest in boat insurance coverage. We provide boat insurance coverage at M8 Insurance. 

The following are three key considerations when you’re buying boat insurance.

The distance you’ll be traveling with your boat

One thing you need to understand about boat insurance policies is that they’ll usually only cover you within certain geographical limits. You’ll have to invest more in coverage if you’re going to be traveling far from your home port. 

Make sure you know how far you’ll be routinely traveling. You don’t want to deal with an unpleasant surprise that you won’t be covered for damages that happen when you’re particularly far from home. 

The coverage value you want

When you purchase boat insurance, you can generally choose between an agreed value policy and an actual cash value policy. An agreed value policy will likely compensate you for more, but could also cost you more in terms of premiums.

Be sure to evaluate the various advantages and disadvantages of investing in agreed value versus actual cash value policies. 

The liability coverage you need

When you purchase boat insurance, you shouldn’t only be thinking about coverage for your boat. You should also be thinking about coverage for liability expenses.

Liability coverage will cover the costs of damages you cause to other watercraft and personal property in your boat. This type of coverage also covers medical bills in some situations where you are involved in an accident that results in physical injury. 

Investing in boat insurance is important for boat owners in Salt Lake City, UT. At M8 Insurance, we can offer you boat insurance coverage. Contact us to learn more about the policies we offer.