Boat and Watercraft Insurance in Hermitage, PA
Martonik Insurance Agency can cover your boat, trailer, motor home, motorcycle, tent camper, ATV (all-terrain vehicle), golf cart, or snowmobile.
Boaters’ coverage offers a basic package which pays an Actual Cash Value as the loss settlement. It is extremely important that the insured understand the meaning of “Actual Cash Value” to avoid disappointed and mistrust if your boat befalls damage. Actual Cash Value is the current market value replacement cost of a like kind boat minus depreciation. If your boat is ten years old, then ten times a depreciation factor is subtracted from the value of a new boat with similar feature. This type of insurance is the least expensive but will pay the least when a loss occurs. Foremost calls this coverage the “Saver Package.”
The Plus Package permits an agreed value which means Foremost will pay the amount of insurance on the declaration page. This package also has a diminishing deductible of 25 percent for every year you remain with Foremost. A $500 deductible disappears after five years. Foremost also offers water sport liability and extended total loss riders under the Plus Package.
The Foremost Elite Package is geared towards water craft used in tournaments and water sport demonstrations. Extras under this package include water sports liability, trip interruption and emergency travel and coverage in the Bahamas and Mexico’s waters. The agreed value and diminishing deductible features are included similar to the Plus Package. Pollution liability, pet coverage, extended total loss, and dingy coverage are additional features of the Elite Package.
Rates for watercraft do give consideration to previous losses and the primary mooring and storage locations of your boat. The coverage does take into consideration that boat owners in Western Pennsylvania place their watercraft in storage for about six months of the year. Policy payment options include monthly payments if the total policy premium is greater than $300.