A day on the North Carolina waters with your boat should be carefree and relaxing. By finding a qualified insurance service and securing a boat policy, you’ll get the peace of mind necessary to fully enjoy that time. Below are the various types of boat insurance policies available in North Carolina.

How Can You Get Boat Insurance in North Carolina?

There are two main ways to secure boat insurance in the state of North Carolina. You can either purchase a separate policy or add vessel to your current homeowners insurance plan. However, it depends on the type of boat you own. For example, if you have a sailboat or one with a large engine, the state requires you to take out a separate insurance policy. However, if you have a powerboat with a smaller engine, you can simply add it to your homeowners insurance for liability coverage. Speak with an insurance service to determine if you’re required to take out a separate policy due to your boat’s size and type.

What if You Need a Separate Policy for Your Boat?

If you buy separate coverage, you can choose between an agreed value or an actual cash value policy. For an agreed value policy, you will decide on your boat’s current value with your insurance service. The plan will then cover up to that amount if your boat is damaged or stolen for a certain number of years. For an actual cash value policy, you’ll benefit from lower premiums, but the insurance company will account for depreciation when determining the watercraft’s value as you file claims. Instead of paying you an agreed-upon amount, the provider will instead pay the cash value of the boat at the time.

What Should Be Included in Every Boat Insurance Policy?

Regardless of the type of insurance plan you purchase for your boat, it should include three areas: bodily injury liability, property damage liability, and physical damage. Bodily injury and property damage liability cover you if you hurt another person, property, or boat while on the water. The physical damage part protects you if your vessel is damaged.

Get prepared for the warmer weather with a comprehensive boat insurance policy. The team at Zimmerman Insurance Agency in High Point, NC, will provide you with a customized and affordable plan. They’ve been an independent, family-owned and -operated insurance service for 55 years and have access to a variety of different providers and rates as a result. Give them a call at (336) 883-6512 or visit their website to learn more about their policies and request a quote.