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FIRST OFF YOU WILL NEED TO GET A SURVEY TO ESTABLISH THE TODAY’S VALUE OF THE BOAT. THEN THERE ARE TWO WAY TO INSURE THE BOAT SOME COMPANIES WILL OFFER BOTH WAYS. THE BEST AND THE MOST COSTLY WAY IS THAT THE BOAT IS COVERED FOR “REPLACEMENT COST” THAT MEANS NEW FOR OLD. UP TO THE TOTAL INSURED VALUE OF THE BOAT, MOTOR AND TRAILER. THE SECOND WAY IS CALLED “ACTUAL CASH VALUE” THAT MEANS THE VALUE LESS DEPRECIATION. THUS A 5 YR OLD MOTOR IS WORTH LESS THAN ONE STILL IN THE BOX. THE COST OF THE INSURANCE WILL BE EFFECTIVE BY HOW IT IS COVERED.
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