Boating laws and regulations vary by state. The old saying" Buyer Beware" was never more true than when it comes to insurance!
There are two basic of boat coverage.
1. Agreed value/stated value
2. Actual cash value
Agreed policies require an agreement between you and the insurance company on the value of the boat hull and everything attached to it. Cash value depreciates.
Some policies exclude underwater objects as well as freezing. What boat owner in their right mind would have a policy that won't cover damage from underwater objects?
Do you know if your trailer is covered? Maybe not.
Another issue affecting payout is liabilty. There are two types- split limit and protection and indemnity. Split limit might be set up as 50/150/50 meaning if you had an accident you would have $50,000 in coverage per person, $150,000 per occurence and $50,000 for property damage. If five people were involved that $150,000 would have to be split five ways. You have a single dollar limit for liability and property damage combined with protection and indemnity. Towing liablilty covers anything being towed by your boat.
Do your research and work with a company you know and trust. Safe Boating!!
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