Insurance Factors – Jet Ski Insurance,
Insurance companies consider many different factors when developing and pricing a boat insurance policy. A few of these include:
The age of the boat
Its length, value and condition
Its maximum speed
Its condition of ownership (is it owned by a single individual or does it have two or more owners)
Boat type
Boat use (commercial vs. private)
Is it used as a primary residence (this includes both houseboats and traditional boats)
Most boat insurance plans are based on either the boat’s agreed value or current actual cash value. Agreed value plans are more expensive, but they provide continual coverage for the boat at its value when the insurance policy is written. Actual cash value plans are considerably less expensive, but their coverage decreases as the value of the boat depreciates.
