PWC Insurance Factors – Jet Ski Insurance
Insurance companies take into account a wide range of factors when creating and pricing a boat insurance policy. Some of these factors include:
- The age of the boat
- Its length, value, and condition
- Its maximum speed
- Its condition of ownership (does a single individual own it 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 the boat’s agreed value or current actual cash value. Approved 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, on the other hand, are less costly but offer decreasing coverage as the boat’s value depreciates.
