At Assure-Us, we offer boat insurance policies to boaters in Miami Beach, FL. If you need to insure your boat, you should do your research. There are a lot of things it’s important to know about this type of insurance coverage before you purchase a policy.

The following are three things to do before you purchase a boat insurance policy.

Understand the difference between "agreed value" and "actual cash value" policies

Boat insurance is typically divided into two main types. These are agreed value and actual cash value policies.

When you take out an agreed value policy, your insurance provider and you both agree upon how much the boat is worth. This is how much you’ll be compensated in the event of a total loss.

On the other hand, an actual cash value policy means that you are compensated however much the boat is worth on the market in a total loss.

You should compare premium costs for these two types of policies and determine which is best for your needs. 

Figure out how much boat insurance you need

When deciding on a policy, you’re going to have to think about how much coverage you should have. There are numerous factors to evaluate when deciding the coverage amount. They include how much your boat is worth and how frequently you use it. 

Budget for your insurance payment

Boat insurance is going to lead to an additional bill every month. To prepare for this, you need to plan your budget out. Make sure that your insurance payment is not going to put any strain on your budget. 

We can help you choose a boat insurance policy in Miami Beach, FL. Get in touch with us at Assure-Us to ask questions and to learn more about the policies we offer.