Searching for the best yacht insurance quotes can be challenging. With most insurance providers offering the same coverages, it can be difficult to make a decision based on anything other than the rate. Rather than settling for the cheapest option, you should find a provider with the experience to help you get the coverage that’s right for you. In the meantime, here is what you should expect from any insurance policy.
Specific policies will differ across providers, but coverage options will be generally the same.
- Bodily injury insurance covers injuries you cause to individuals not on your yacht
- Property damage insurance cover covers damages your yacht causes to another person’s property
- Liability insurance covers injuries to anyone aboard your yacht
Payment for Total Loss
There are two possible policy types for covering total loss accidents, agreed upon cash value and actual cash value. Actual cash value is the more popular of the two as it’s used for car insurance. Simply put, in case of a total loss, your policy will pay up to the actual cash value of the yacht minus any depreciation. On the other hand, with agreed upon cash value, the policy will pay up to a value amount that you previously agreed to at the time you signed your policy.
Your yacht is too big of an investment to take any risks on insurance. You should do you own research of yacht insurance quotes, but you should also work with a provider who understands the industry and can help you get the coverage you need.