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A Brief Overview of the Types of Boat Insurance

Last updated 3 years ago

A new boat represents a significant investment in your future. To protect your investment, purchase separate boat insurance rather than adding your boat to your homeowner’s policy. In general, there are two basic types of boat insurance: “agreed value” and “actual cash value.” The biggest difference between these two types of boat insurance is how the depreciation is handled. An “agreed value” policy covers the boat based on its value when the policy was written, which means that there is no depreciation for a total loss of the boat. “Actual cash value” policies, on the other hand, factor in depreciation and only pay up to the actual cash value of the boat at the time it is declared a total or partial loss.

If you are looking for a new boat in Maine, Yarmouth Boat Yard can help. We offer our clients a unique, turn-key experience when it comes to new and used ocean-going boat sales. Our marina also offers 150 boat slips and easy access to Casco Bay. You can browse our inventory of new and used boats online. If you have questions about our boat yard or marina, call us at (877) 401-3461. 

 

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