817-485-5050 info@schwabagency.com

Boat Insurance 101

Jumping on your boat is one of the best ways to enjoy the hot summer weather. No matter if you have a day cruiser or a yacht, it is important to make sure that you have the protection that you deserve before you head out on the water. Finding the right boat insurance policy can help to make sure that you are covered in case of any unfortunate situation on the water.

When deciding on which boat insurance policy will work best for your needs, there are two types of policies to choose from. The first is an actual cash value policy, which will provide coverage for repairs or replacement parts that your boat needs after an accident, minus the cost of depreciation. If your boat is a complete loss after an accident, your insurance company will use boating pricing guides to determine the market value of your boat at the time of the accident.

The second choice is an agreed amount value policy, in which you will decide on a value of your boat with your insurance agent. If your boat is totaled, you will receive a payout for the agreed amount. With an agreed amount policy, you will also receive coverage for any partial losses by taking the total cost of the repairs minus a certain percentage for depreciation.

When looking for the right boat insurance policy, make sure to take the time to also ask about any discounts that you may qualify for to help you save money. There are many boat insurance discounts that are available, such as a multi-policy discount or taking a qualifying safety course.

For all of your boat insurance coverage needs to ensure that you are able to stay safe on the water, contact the insurance professionals at The Schwab Agency in Colleyville, Texas.


The Schwab Agency

The Schwab Agency, LLC has over 20 years of experience within the insurance industry in our community and our goal is to bring you unparalleled service and dedication. Since the majority of our business is through long-lasting relationships with our clients, fulfilling your needs is of the highest priority.

COVID-19 Update:

Due to new increasing cases of Covid-19 our office will be closed to the general public until further notice. Our team will still be working full-time in the office and here to assist with all your insurance needs. Please contact us via phone at (817) 485-5050 or email: info@schwabagency.com.

We hope everyone is doing their part to protect themselves and their loved ones during these hard times, and thank everyone for understanding our decision to do our part to help protect our staff and those in our community.

Tim Schwab.
President and Managing Partner