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Is Your Boat Insured To Value?

With Danielle Tkachyk, of Savante Insurance Inc

Is Your Boat Insured To Value?

The pandemic has created demand, interrupted supply and driven up prices of watercraft. The value of your boat may have increased and if you were to suffer a loss your current limit of insurance may be insufficient to replace your watercraft.

- If the vessel qualifies, some insurance companies offer Replacement Cost (new for old). This means if a boat is written off in the first two to three years of its life and you are the original owner, they will replace it. Some companies have been known to pay up to 125 per cent of the original purchase price.

- Agreed Value is when the insurance company agrees to the value of your boat, based on the purchase price on the bill of sale, at the time of binding/quoting. If there was to be an insured loss, there would be no deduction for depreciation. But is that enough post covid?

- With Actual Cash Value, the insurance company has the option to calculate and apply depreciation if a claim were to occur.

Stop by Savante Insurance @ #3-12 PTH N in Steinbach with any questions!


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