Insuring your boat requires understanding its value. Insurance companies consider several factors, including the boat’s model, age, and condition. At Brokers Insurance Agency, located in Lincoln, NE, we provide boat insurance.

Types of Policies

Understanding the different types of insurance policies is crucial before discussing how your boat is valued. An actual cash value policy will pay you the current value of your boat if it’s totaled.

Replacement cost is usually obtainable for newer boats. If your boat is totaled, you’ll receive the amount it costs to replace your boat with a brand-new one.

The most common type of policy is agreed value. An agreed value policy entails settling on the value of the boat at the start of the policy. If your boat is totaled, you’ll receive this settled amount, regardless of the boat’s current market value.

Type of Boat

Undoubtedly, the type of boat greatly affects its value. Typically, boats equipped with larger motors and more features are more valuable than simpler models.

Age and Condition

A boat’s age and condition significantly impact its value. Usage damage devalues your boat, as does aging over time.

Location and Demand

Different areas have different boat prices; some areas are more expensive than others are. Additionally, high demand can increase the value of your boat.

Marine Survey

A marine survey conducted by a third party provides a detailed report and a valuation of your boat based on multiple factors.

Boat Insurance at Brokers Insurance Agency

If you require boat insurance in Lincoln, NE, contact us at Brokers Insurance Agency. Our knowledgeable agents will discuss your insurance needs and assist you in choosing the right policy.