Boat Insurance Spotlight - "Store your watercraft, not your coverage"

The boating season in Iowa may be coming to an end as the weather starts to cool, but that doesn't mean that your boat insurance coverage should end.  It is important that your boat is protected year-round.

One thing that you need to do is to make sure to winterize your boat.  You can pay someone to professionally winterize your boat, or you can go through the steps yourself.  Check out this Progressive "Life Lanes" blog with tips on preparing your boat for fall & winter if you want to winterize your boat yourself, or there is also a step-by-step guide from Discover Boating that might be helpful.

Why should you keep coverage on your boat when it is being stored?  Just because your boat isn't out on the water doesn't mean that it is safe from the risk of damage. 

• Last year, we had an insured where a raccoon family "moved in" to a boat over the winter and tore up the seats.  Because they had a fitted cover on their boat, this was a total loss covered by Progressive.
• The temperature fluctuates greatly in winter - sometimes boats will have damage from the freezing and thawing coverage.  If a boat has been winterized, this is a covered loss by Progressive.

Two key things to keep in mind to help protect your boat: 1)  You need to winterize your boat  2)  Make sure your boat has a fitted cover in place when in storage

Check our website for more information on boat insurance, or contact your Absolute Insurance agent today for a quote on your boat today!

Agreed Value vs. Actual Cash Value: What is the best coverage for your boat or camper?

Do you have a boat and/or camper insured (or that needs to be insured)?  Do you know what type of value it is insured for?  You might want to look at your most recent declaration page to see how it is currently covered.

Boats and campers are typically insured one of two ways - either Actual Cash Value (ACV) or Agreed Value (AV).  What is the difference?

• Agreed Value (AV):  Agreed Value means that if we have a boat insured for $10,000, and it is determined to be a total loss in a covered claim, the insurance company would pay the agreed value of $10,000.
• Actual Cash Value (ACV):  ACV pays up to the amount an item is insured for, but the insurance company determines the value.   An insurance company might use NADA and comparables to look up the value of a boat or camper.  With the same example above, the insurance company might determine (after looking at NADA and comparables) that the value is $8,000 so they pay $8,000 if the boat was determined to be a total loss in a covered claim.  

Agreed Value is better coverage, and since the values of boats and campers can be all over the place we recommend changing to Agreed Value coverage.  We have had issues where a client has felt that their camper is worth more than NADA and comparables show - Agreed Value coverage fixes this problem when there is a total loss.  If you would like to discuss how changing from Actual Cash Value to Agreed Value could affect your insurance policy, contact Absolute Insurance today by emailing us at service@insaia.com or calling us at (515)279-2722.

For more information on insuring your boat, check out our Boat Insurance page.

Off Season: Keep the Boat Insured

Summer is over, and you've taken your boat out of the water.  To save a few dollars, you cancel your boat insurance.  After all, what could possibly happen to your baby while it's hibernating? 

A lot, according to Progressive.  "You'd be shocked at the number of claims filed in colder months," says Dominic Mediate of Progressive.  "Nearly two out every 10 Progressive boat claims filed in northern states happen between Labor Day and Memorial Day."  Don't take a gamble on nothing bad happening.  Common off-season claims include:

• Fire, theft, vandalism, and flooding:  Most claims are filed for one of these reasons, which can occur anytime of the year.  Without coverage, boats damaged by fire, theft, vandalism, or flooding aren't protected
• Injuries that occur on or around your boat:  Some boaters don't realize they could be responsible for injuries that occur on or around their boat - even if the injured person was there illegally.  Without liability coverage, you could be responsible for the damages or the injured person's medical bills.  

Keeping your policy all year round might also save you a few bucks.  For example, Progressive's disappearing deductibles reduce your Comprehensive and Collision deductible 25 percent for every claim-free policy period.  Four policy periods in a row without a claim equals a $0 deductible.  Canceling your policy could mean paying more or the entire deductible, generally $500 or $1,000.

Check your policy and consult with your Absolute Agent before making any decisions.

Spring Time Fun: Insurance for Toys

Insurance is not like the old one size fits all ball cap.  Rather, people with specialized needs will want to get a policy that provides coverage for those needs in specific.  Often times, especially with boat insurance, it is often overlooked or attached to a homeowners policy to cover liability, however, often times this is truly basic coverage that may not suit your situation.

Most often, it is better to separately insured your toys with specialized policies that can provide coverage for Custom Parts and Equipment or to add coverage to possible belongings, such as fishing equipment on a boat owners policy.

Much like an auto insurance policy, special coverage can be purchased for towing, roadside assistance, and rental reimbursement on many specialty lines products including motorcycle, RV, ATV, boat, and personal watercraft.

Another important, and often times, neglected coverage comes by way of the RV, with an optional replacement cost endorsement (if new) and vacation liability coverage.  These can be added to your specialty lines insurance coverage at reasonable cost and leave you worry-free.

We understand that these aren't just toys, they are a way of like.  Your life.  We pride ourselves in partnering with companies that hold this same view and offer competitive rates for specialty claims centers with representatives trained specifically to handle your custom needs.

Call your Absolute Agent for further details on coverage and rates.