There is nothing like the thrill you get when you hit the open water is your brand new boat. The only thing that could make the experience any better is the peace of mind that you get knowing your investment is protected by boat insurance in Chicago. Before you are ready to traverse the first wave, make certain you have adequate protection.
Boat Insurance Is Cheaper Than You Think
You may be surprised to learn that the cost of boat insurance in Chicago is actually less than what you pay for your car insurance. It is important that you are aware that your boat is not covered by your homeowner’s insurance. Therefore, if something goes wrong and you do not have the right policy in place, you could find yourself paying a great deal.
Depending on your personal risk, your history of owning boats, as well as the type of insurance policy that you purchase, you could pay as little as just a few hundred dollars. There are other factors that could have an influence on your rate, including the activities that you have planned for your boat. The top speed of your boat will also be taking into consideration.
Boat Insurance Differs from Car Insurance
You may think you can compare boat insurance in Chicago to other types of insurance, such as homeowner’s insurance and car insurance. Although there are some similarities between the various types of coverage, there are some major differences of which you need to be aware.
If someone is injured while riding on your boat, you will have protection similar to homeowner’s insurance. If the vessel is declared a total loss, can choose between cash value or the cost of replacement. In an accident, coverage acts similar to auto insurance. However, in addition to covering your boat, any damaged property or injuries sustained will also be covered.
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