There are generally two types of boat insurance policies that will determine the pay-out you receive in the event of a loss. These are Agreed Value and Actual Cash Value.
Both refer to how an insurance company will determine the pay-out. Actual cash value has a lower impact on premium as the insurer will determine the pay-out on the depreciated value. The depreciation value considers the condition of the boat before the damage, re-sale value and the normal life expectancy. Agreed value means the insurer will pay the full value listed on the policy.
Agreed Value is a better option for protecting your investment, but it comes with a slightly higher premium. Our team will be happy to discuss these options to see which best fits your needs.