Whether this is your first boat or you just upgraded to a more impressive yacht in Bethlehem, PA, it’s time to purchase some boat insurance. Saucon Insurance Agency is ready to help you purchase the right policy that protects not just you and your guests, but also your wallet if you are involved in an accident.
Boats Depreciate Like Cars
As soon as you put your new boat in the water, it starts to lose value much like a new car. By the time your first season is over, your favorite party pontoon could have lost a quarter to a third of its original purchase price. If you have replacement on your boat insurance policy, you likely will get Actual Cash Value as part of the standard coverage if your boat is damaged in an accident. The insurance carrier will determine what the current value of the boat is and send you a check for that amount, not what you paid at the dealer.
Protect Your Vintage Vessel
Actual Cash Value works if you have a small boat with a simple outboard motor as you’d probably be able to absorb the difference in insurance payment vs. cost of another boat without too much fuss. However, if your boat is either a custom luxury yacht or a vintage vessel featuring teak decking and built-in furniture, you may wish to opt for Agreed Value on your policy. You’ll have the boat appraised and pay for coverage based on the real cost of fixing or replacing the damaged ship.
It’s always a good idea to spend a few minutes talking to your Saucon Insurance Agency representative in Bethlehem, PA before finalizing your new boat insurance policy to fully protect your latest investment.