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.

Do you own a boat near Lincoln, NE? If so, Brokers Insurance Agency believes understanding recreational watercraft insurance is essential to protecting your investment. Whether you’re a seasoned boat owner or just purchased your first vessel, having the right insurance coverage can give you peace of mind while on the water. 

Types of Recreational Watercraft Insurance

There are two main recreational watercraft insurance coverage types: liability and physical damage. Liability coverage protects you if you are found responsible for an accident or injury while operating your boat. This coverage will pay for any damages or medical expenses incurred as a result. Physical damage coverage, on the other hand, covers damage to your boat and any equipment onboard, including electronics, engines, and sails.

What Does Recreational Watercraft Insurance Cover?

Recreational watercraft insurance policies can be customized to meet your specific needs. Most policies cover the following:

• Damage to your boat
• Damage to other boats, docks, or property
• Theft and vandalism
• Injuries to passengers or other boaters
• Towing and wreckage removal
• Emergency assistance and labor costs

Why You Need Recreational Watercraft Insurance

While owning a boat can be a fun and rewarding experience, it also comes with inherent risks. Collisions, weather, or theft can damage boats, and accidents can occur anytime. Without insurance coverage, you could be left with a substantial financial burden in an accident or damage to your boat.

In conclusion, recreational watercraft insurance is essential for any boat owner living in Lincoln, NE. Whether you’re out on the water for a weekend getaway or a long-term trip, having the right coverage in place will give you peace of mind and protect your investment. Call or email Brokers Insurance Agency today so we can set you up with the right boat insurance.

When it comes to boat insurance, there are a lot of things to worry about. What if my boat sinks? What if I hit someone with my boat? What if there is an accident and I need to file a claim?

These are all valid concerns that people have when it comes to boat insurance. This article will discuss some of the top concerns people have regarding boat insurance.

1. How Much Will My Policy Cost?

This is one of the most common questions people have when shopping for boat insurance. The cost of your policy will depend on several factors, including the type and size of your boat, your boating history, and the coverage you choose. Brokers Insurance Agency in Lincoln, NE, can help you find the right policy for your budget.

2. What Does Boat Insurance Cover?

Boat insurance policies can vary, but most will cover damage to your boat, personal property on board your boat, and liability if you cause an accident. Read your policy carefully to know what is and isn’t covered.

4. Do I Need Boat Insurance?

In most states, you are not required to have boat insurance. However, if you have a loan on your boat, your lender will likely require you to have coverage. Even if you don’t have a loan, it’s a good idea to insure your investment.

5. How Can I Save on Boat Insurance?

There are a few ways you can save on boat insurance. One is to shop around and compare rates from different insurers. Another is to choose a policy with a high deductible. You can also get discounts for taking boating safety courses or belonging to specific boating organizations.

6. How Do I File a Boat Insurance Claim?

If you need to file a claim, the first thing you should do is contact your insurance agent. They’ll help you through the process and answer any questions you have. You’ll likely need to provide photos of the damage, a police report (if applicable), and other documentation.

Conclusion

Boat insurance is a significant investment, but it doesn’t have to be expensive or complicated. By understanding your options and shopping around, you can find a policy that meets your needs and budget. Brokers Insurance Agency in Lincoln, NE, can help you find the right boat insurance for your needs. Give us a call today.