Will your boat insurance keep you afloat this summer?

Boat

With the warmer temperatures and sunny skies near, boating season is officially here! As you prepare your boat and look to embrace the summer season, do you ever wonder if you have adequate coverage or what else determines your insurance rate? Let us share some boating information with you.

Your basic boat policy will include Physical Damage, Liability, and Personal Property coverages. Physical Damage covers the boat in the event of collision, sinking, fire, and/or theft. In some cases, it may also cover your motor, auxiliary and fishing equipment. Liability protects you in the event of personal injury and/or damage to someone else’s property. Personal Property coverage extends to the personal belongings on the boat, including your clothes, entertainment equipment, etc.

Other characteristics that could factor into the pricing of a policy may include:

  • Age of Boat -- how old is your boat?
  • Length  -- What is the size of your boat?
  • Value – How much is your boat worth?
  • Speed/Horsepower – How fast is your boat?
  • Type --- Is your watercraft an Inboard, Outboard, utility, cruiser, bassboat, saltwater fishing, or performance boat?
  • Territory/Usage -- Will you sail your boat on an ocean, lake, bay, or river? Are you using this boat as a primary residence? Is it being used for racing purposes?

Valuation methods also factor into pricing and determine how much you will be paid in the event of a loss. The two most common valuation methods are Agreed Value and Actual Cash Value.  “Agreed Value” is based on the boat’s value when the policy was written. While it can cost more up front, there is no depreciation for a total loss of the boat. On the other hand, “Actual Cash Value” will only pay up to the value of the boat at the time the boat was lost or damaged.  These policies cost less up front, and depreciation is factored into the valuation.

Have more questions about your rate and the opportunities you may have to increase/upgrade your coverage? Feel free to contact us so that we can review your options. Otherwise, it’s time to sit back, relax, and enjoy your time in the sun on your boat!

No Comments Yet.

Leave a comment

From the first time I spoke with Lori Halloran at Petschauer Insurance, I knew she was a special person. She is a woman that conducts herself professionally, with compassion and full knowledge of all types of insurance Petschauer has to offer. While speaking with her, as she explained and answered all of my questions, I felt like I was speaking with family…which is another way to describe this company. She has a way of making very confusing decisions so simple and easy to understand. I even added another insurance policy to my two renewal policies because of her. My last renewals could have been processed via mail but I really wanted to take the time to drive and meet this wonderful woman face to face. She greeted me with this huge beautiful smile, which matched her personality perfectly. So, I just had to go back another time just to say “Hi” and bring her flowers in appreciation for all her help and also celebrate a new friendship. The Petschauer “Family” has been there for me since my first policy when I was 19 years old, and now I’m a “senior”. I’ve been with them forever and don’t plan on going anywhere else. Thank you Lori for your dedication and to the rest of the Petschauer staff.
Jane Deitlein
My company has called on Petschauer Insurance for many years for its insurance needs: liability, liquor, auto, etc. Working with Erwin and his team has been a pleasure from beginning to present. They are quick to answer any question and provide sound advice. I have always felt that my and our needs are important to them, in theory and practice. They go the extra mile, and we continue to be well served.
Stephen Kennard from Canard Inc.
I have worked with various individuals at Petschauer and have found each to be responsive, courteous, and thoughtful. Each year, the contact for my auto policy proactively seeks new bids and has consistently saved me money on my policy.
Ryan Huber
My family and I are long time personal and business clients of Petschauer Insurance. We sincerely appreciate your responsiveness and the quality of service that Petschauer provides. We have recommended your company to others because of our satisfaction with your service. We look forward to doing business with you for years to come.
Greg Weiss
I have had the pleasure of working with various members of the Petschauer Team, both personally and professionally for 20+ years. And I couldn’t have done it without them. They go above and beyond. Heidi, Narima, Sherri and LuAnn don’t just bring to us the products they offer, they help me to understand the specifics and evaluate what makes the most sense for me, my family and my employees. I always feel I have a better understanding of an industry I have no understanding of so that I can evaluate the offerings in a smart way, cost effective way. They are proactive with renewals, allowing us the time to do our due diligence, evaluate our plans to be sure we’re properly covered and are always there to listen and help with special circumstances. Their kindness, caring and willingness to lend an ear when needed, really makes them stand apart from the rest. Heidi and her family have built a beautiful culture at Petschauer and I highly recommend them to anyone I meet.
Jamie Stedman-Novo
I have been with Petschauer Insurance for a long time. My account executive Lori Halloran is like family to me: she is always there when I need her and is very knowledgeable and understanding. I wouldn’t go anywhere else for my insurance needs.
Vincent Falcone
Excellence in customer service and it’s a one stop shop for all my insurance needs.
Tom Haines
I have been with Petschauer Insurance for over twenty five years. The staff is knowledgeable and professional. Petschauer writes both my personal and commercial insurance and they provide excellent counseling. I truly trust the firm and their staff. Thank you.
Mike Matonti
Spence-Chapin has had the pleasure of working with the wonderful John Petschauer, Inc. for 15+ years. They have always provided excellent service to us–with great knowledge, expertise, and patience — even in the most challenging situations. There has not been one time when they have not been immediately accessible to us, even at a moment’s notice. We thank them for their work and celebrate their 60th anniversary, while looking forward to working with them for another 60 years and beyond!
Spence-Chapin
Quality attentive service is hard to find, but at Petschauer Insurance that’s what you can expect from their always friendly staff . It’s what we’ve experienced for all these many years.
John from Forest Pork Store Inc.