Personal Watercraft Insurance – Hull Value
Regarding your PWC insurance, you will want to update your hull value to ensure you pay the right amount on your insurance premiums. Many PWC insurance policies base their rate on an “agreed hull value,” which is the specific dollar amount you and your insurer agree your boat was worth when you initially purchased the policy.
The agreed hull value is the amount your insurer would pay you in the event of a total loss of your vessel (minus salvage costs if your policy does not cover them).
But boats, like cars, depreciate over time. If it has been a few years since you first insured your boat, it may be worth looking into what it’s currently worth. Lowering the agreed hull value will lower your insurance premium. Remember to consider any outstanding balance on your boat loan as a minimum, regardless of the NADA or BUC book values.
