In Michigan, boat owners review coverage opportunities based on how they use the boat. Select owners may use the boat for recreation; while others use their boat as a primary home. The way they use the boat requires them to assess possible risks associated with their property. A local insurance agent explains these risks when the owner requests Boat Insurance in Monroe MI.
Navigational Limitations for the Policy
Boat insurance policies may place some navigational limitations on towing services. In the event of an accident or the boat motor fails, the owner won’t have coverage for towing based on their location. To mitigate this risk, the boat owner must assess these limitations in their policy based on where they travel to in the vessel.
True Value Versus Agreed Upon Value
A true value is the value required to replace the boat. An agreed upon value is a value presented to the boat owner by the insurer. If the value is acceptable, the owner may choose this agreed upon value. However, they should evaluate the total cost of replacing the vessel when they purchase their coverage. Boat owners who have luxury models that are used as a home or vacation property may require additional coverage.
Liability Coverage for Accidents
Liability coverage is used to protect the owner in the event that a boating accident happens. The coverage pays for medical expenses require for victims when the boat owner is at fault. It also pays for structural damage that occurred during the accident. This coverage applies to the other party and not the policyholder.
Personal Belongings and Installations
The boat owner may need additional coverage for personal belongings stored inside the boat. For example, if the boat is used as a home or vacation property, they need coverage for furnishings and electronics that are present or installed permanently inside the boat.
In Michigan, boat owners assess possibilities when reviewing boat insurance policies. They must assess all possible risks associated with operating and using their boat. This includes accidents that could occur while the boat is mobile. Owners who need to review Boat Insurance in Monroe MI contact their preferred insurance provider to request a quote today.