Clovis, NM has plenty of fun lakes to explore and fish during the summer. If you plan on taking yours out this year, you need one or more insurance policies from us at General Insurance Agency.
Types of Boat Insurance Options
Boat insurance falls into two types: agreed value and actual cash value. The first type covers your boat based on its worth when the policy was written while actual cash covers the boat based on its value at the time of the incident that requires the insurance to repair.
These policies can be applied to multiple types of boats, personal watercraft devices, yachts, sailboats, dinghies, professional fishing boats, boating clubs, and even rental boats. Commercial policies help protect businesses who plan on renting boats out to people during the warm summer months.
Insurance policies for boats typically fall under these coverage options:
- General Coverage – Takes care of basic boating damage
- Specialized Coverage – Individual insurance options for specific items on a boat.
- Salvage – Pays to remove a boat from a lake or body of water if it sinks.
- Towing – Moves your boat across a body of water if its engine fails.
- Consequential Damage – Pays for damage caused by wear and tear.
- Cruising Extension – Coverage for trips that take place outside of the country.
Factors That Influence Boat Insurance
People buying boat insurance need to consider the following factors before buying a policy:
- Engine (horsepower and speed)
- Build condition
- Type of boat
- Bodies of water its used on
Find the Right Policy for You
So if you plan on taking your boat out this summer in Clovis, NM, please contact us at General Insurance Agency to find a policy that works for your needs.