• Home
  • Get A Quote
  • Customer Service
  • Refer a Friend
  • About Us
  • Location Map
  • Employee Directory
  • Privacy Policy
  • Contact Us
 
Herbert L. Jamison & Co., LLC
1-800-JAMISON1-800-JAMISON (1-800-526-4766)(1-800-526-4766)
  • Home
  • Need a Quote
  • Customer Service
    • Change My Policy
    • File a Claim
  • Blog
  • Resources
    • Conventions
    • Refer a Friend
    • Insurance Glossary
  • About Us
    • About Us
    • Our Locations
    • Executive Bios
    • Employee Directory
    • Client Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter
Risk Services RISK
SERVICES
Private Client PRIVATE CLIENT
Commercial Lines COMMERCIAL
LINES
Financial Institutions FINANCIAL
INSTITUTIONS
Program Services Division PROFESSIONAL
SERVICES DIVISION
Privacy & Cyber Security PRIVACY & CYBER
SECURITY
Employee Benefits EMPLOYEE
BENEFITS
Home > Blog > How the Age of Your Boat Can Impact Your Insurance Coverage
THURSDAY, SEPTEMBER 1, 2022

How the Age of Your Boat Can Impact Your Insurance Coverage

If you're a new boat owner, you might not be clear about the types of boat insurance available. Much like cars, boats can depreciate, so a lot of boat owners decide to get coverage in line with the age of their boat. In some instances, insurance companies only provide a certain type of insurance because of the age of the boat. Let’s take a closer look at the types of coverage that are best for boats of different ages. 

New Boats 
New boats are generally classified as vessels that are three years old or newer. If you own a new boat, you will probably want replacement cost coverage. Should you suffer a total loss, you’d receive the amount the boat is worth from your insurance provider. For example, if you boat is worth $25,000 and you suffer a total loss, you'd receive that amount from the insurance company; this would allow you to buy a replacement boat. boat being towed by truck

"Teenage" Boats 

If your boat is between four and ten years old, you’ll likely want to consider agreed value coverage. When pursuing this coverage, you and your insurance provider will agree on a value for the boat upfront. Should you experience a total loss, you will get the amount you agreed upon when you purchased the policy. Even though the agreed value isn't as high as the original purchase price of the boat, the insurance coverage rates will be lower than they would be with a new boat. If a total loss is suffered, the agreed value amount should allow you to buy a boat of comparable age. 

Older Boats 
In case your boat is more than ten years old, you can expect to obtain an insurance policy that is actual cash value. This coverage will allow you to get the market value for the boat should you experience a loss. Since boats depreciate in value, chances are, the market price could be substantially less than what you paid for the boat or even the amount you ‘d need to buy a replacement boat. In some instances, you'll be able to get the extended agreed value coverage for a boat that's over ten years old. But remember, your insurance rates will be higher for extended agreed value coverage when compared to actual cash value coverage. 

Identifying the appropriate insurance policy for the boat can be confusing, but generally, choosing coverage in line with the age of the boat is the way to go. Since boats depreciate in value, the amount you receive for a total loss of a ten year old is going to be considerably less than the amount you would receive for any total loss of a one year old boat, and also the difference in policy types reflects that. Talk to your agent about the right coverage for your maritime needs. 

Stay safe on the water. Call Jamison for more information on boat insurance.

Posted 4:06 PM

Tags: boat insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2015

  • insurance(12)
  • business insurance(9)
  • coverage(6)
  • flood insurance(4)
  • bop(4)
  • commercial property insurance(4)
  • boat insurance(4)
  • renters insurance(3)
  • policy(3)
  • commercial auto insurance(3)
  • auto insurance(2)
  • general liability insurance(2)
  • boat(2)
  • professional liability insurance(2)
  • workers compensation insurance(2)
  • business(2)
  • commercial insurance(2)
  • contractors insurance(2)
  • home insurance(2)
  • rv(1)
  • liability(1)
  • professional liability(1)
  • general(1)
  • recreational vehicle insurance(1)
  • home improvement business(1)
  • possessions coverage(1)
  • equipment(1)
  • recreational(1)
  • benefits(1)
  • dui(1)
  • owners(1)
  • business owner policy(1)
  • homeowners(1)
  • guide to claims form(1)
  • cyber liability insurance(1)
  • rv insurance(1)
  • business owners policy(1)
  • sailing(1)
  • general liability(1)
  • ransomware(1)
  • car(1)
  • cyber liability(1)
  • workers(1)
  • risk management(1)
  • winter(1)
  • homeowners insurance(1)
  • company vehicle(1)
  • commercial(1)
  • deductible(1)
  • hipaa(1)

View Mobile Version
Facebook
Twitter
LinkedIn
Google+
CNA
AIG
Chubb
Travelers
The Hartford
Ace
American Bankers Association
Endurance
Freedom Specialty
 
Lloyds
Hanover
Argo Pro
Firemans Fund
Zurich
Markel
Wesco
Liberty Mutual
Twitter Logo
Tweets by @HerbertLJamison

Resources

Home About Us Get a Quote Customer Service File a Claim Newsletter Contact Us

Contact Us

Map icon
  • Headquarters
  • 20 Commerce Drive, 2nd Flr
  • Cranford, NJ 07016
  • _
  • O: 1-800-JAMISON
  • F: 973-731-3035
© Copyright. All rights reserved.
Powered by Insurance Website Builder