#1 Marine Yacht & Boat Insurance Company In Miami
When it comes to buying a boat or yacht insurance policy in Miami, InsureAnyBoat.com offers a wide range of flexible insurance plans for just about every type of boat. We can help you determine the type of coverage you need and get more personalized protection by letting us build your policy. Our insurance team provides an unparalleled level of service with many combined years of experience and expertise in boat insurance Miami coverage.
“Agreed Value” and “Market Value” Policies
When you purchase a new or used vehicle, it starts depreciating in value the minute you drive it off the dealership’s lot. Conversely, we help individuals save money when they purchase a boat; especially an older, previously-owned model. We offer the option of sticker price or “agreed value” versus depreciated or “market value”, should a total loss occur. Here is how the two differ:
- With agreed value, we agree on the boat’s value up front. Should something happen to the vessel, you’ll get paid or reimbursed for an amount not greater than the agreed upon value.
- With market value, the boat or yacht depreciates over time. So, if there is a total loss (the boat gets totaled in an accident) you’ll be given enough to replace it based on its current market value. In other words, if you purchased a 2010 model, you won’t receive enough money to replace it with a 2016 model, because the insurer will only give you the money to purchase a 2010 model.
If you’re a first-time boat owner, it is recommended that you buy a Miami boat insurance or yacht insurance Miami policy that is based on the agreed value. However, if you would like, one of our insurance representatives would be glad to assist you in selecting the right one.
Out-of-the-Water Coverage
We are oftentimes asked if a boat is covered when it isn’t on the water. Oddly enough, the answer to that question is YES, but usually not by your boat or yacht insurance. If it’s attached to your vehicle, then your auto policy normally covers it. For example, if you back up into someone, the damage to the other vehicle would be covered by your auto policy. Unfortunately, when your boat is out of the water it is only covered to the limits prescribed in your auto policy.
First-time boaters are usually unaware that there are navigational limits on their marine insurance. It is very important that you are covered in those areas that you are likely to frequent while boating. In some cases, there may be exclusions due to political or security reasons; especially if you’re venturing into international waters. Endorsements are also available for boat or yacht coverage if you want to relocate it due to being in harm’s way such as the wake of a hurricane.
Four Ways to Save Money on Your Policy
As one of the leading Miami boat and yacht insurance companies, InsureAnyBoat.com can help you save money on your premium in one of the following ways:
- Be specific with your coverage needs – In other words, don’t purchase a yacht insurance policy in Miami if you only need boat insurance
- Cut your premium price with an extended lay-up period – Those days or months that your boat is not on the water can save you money. Insurers typically discount the hull portion of your premium when this is the case.
- Enroll in a boating safety course – Contact us to find out about discount-qualifying boating classes in your local area. Remember, an educated boater is a safe boater.
- Safety features can save you money – The more gadgets you add to protect your boat, the greater the discount you’ll receive on your premium.
We want to ensure that you have the best boating experience possible by keeping you and everybody on board safe. To get your Miami boat or yacht insurance quotes, please contact InsureAnyBoat.com at 1-800-585-1665.
