As the old saying goes, "You don’t want to get caught up the creek without a paddle". Having boat insurance while on the water will make your nautical adventures even better. Here are a few things you should know in order to make well-informed decisions about your marine insurance policy.

Comprehensive Vs. Specific
If you decide to get a comprehensive insurance plan your rates may be a bit higher, but you will be absolutely worry-free. Unless it is excluded in the policy, everything is covered. If there are only certain items you want to protect, you can opt to have a specified plan. In the event of an incident you know what will and won’t be covered and you can benefit from long-term low rates.

Value assessment
When you select an insurance policy you will have to choose between Agreed Value or Actual Value packages. With an Agreed Value policy you agree to a specific value of your property with one of our agents. When you make a claim, the Agreed Value of your property is what you will receive without being affected by depreciation. If you choose the Actual Value of your possessions, you will get the current value of the property based on depreciation and wear at the time of your claim.

Navigational range
Know the navigational limits and range of your policy. If you have an accident beyond the navigational limit of your policy, you may be left unprotected and at risk. Make sure you have the range that you need for your nautical outings.

Deductibles/Excess
Your premium costs increase and decrease based upon your excess. Your excess is what you are required to pay out-of-pocket for repairs and replacements. Decide whether you are willing to pay a higher excess when you make a claim in order to lower your regular scheduled premium.

Storage and lay-up
If there are stretches of time when you don’t use your boat, you may qualify for lower premiums during storage periods. When your vessel is stored and maintained properly, you are at a much lower risk for damage. This decrease in risk can mean major savings in your premium costs.

Knowing the ropes when it comes to marine insurance can save you money and time when selecting your policy.