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Assistance- Roadside assistance is a service that usually includes: towing, battery jump-start, locksmith, fuel delivery. On-water assistance includes the same services on the water. Limits may apply.
Coverage- State minimum is the lowest coverage you can have and varies from state to state. Full- Low assumes liability at 50/100/50 and un/underinsured at 50/100. Full- Standard assumes liability at 100/300/100 and un/underinsured at 100/300 with med-pay of $1,000/person. Full- High assumes liability at 250/500/100 and un/underinsured at 250/500 with med-pay of $10,000/person. Deductibles are assumed at $1,000. If you want to customize coverage please fill out the “Include Additional Coverage” question.
Currently Insured- “Do you have boat insurance currently?” is the question this is asking. Insurance Companies associate more risk with those who are not currently insured. So, if you are insured or even on someone else’s boat insurance plan, answer yes to get a lower premium.
Date of Birth- Insurance companies use this number to guess how many years you have been driving and associate this with more experience and less risk.
Deductible- This is the amount of money you will pay on your own vehicle’s damage before the insurance company will pay any money.
Driving License Number- Insurance companies run a report on your driving license to see your driving record. This is a heavy indicator of risk.
Education Level- This is the highest level of education you have achieved so far. The higher your education, the less risky you are.
Garaging Address- This location is where your vehicles are parked at. Insurance companies want your boats parked at your residence address because this is less risky.
Gender- Insurance companies associate this with other inputs, such as age and type of boat, to evaluate risk. A 19 year old male driving a sports boat would be considered a high risk driver.
Liability- This is payments for damages you caused to other people and their property. 50/100/50 means that the insurance company will pay up to $50,000 per person for bodily injury, up to $100,000 per accident for bodily injury, and up to $50,000 per accident for property damage (eg. boats, fences, city light pole).
Marital Status- Singles are usually associated with higher risk and a married couple associated with lower risk.
Market Value- The value of your boat if you sold it today. Insurance companies may also want the original purchase price.
Med-pay- These are medical payments paid out to the insured and those who are in the insured’s vehicle in an accident. $5,000/person means that the insurance company will pay up to $5,000 for 3 years for injuries related to the accident.
Occupation- Your job also factors into how risky you are to insure. Higher paying job categories are less risky.
Operators/Drivers- More drivers equals less risk, unless a driver has a bad driving record, then you might get a worse rate by adding them on. Insurance companies want all drivers living at applicant’s address on the insurance policy.
Ownership- This is asked to know if their needs to be a lien holder or not on the vehicle. A lienholder is someone besides the insured owns the vehicle.
Primary Use- Different uses are associated with different risks.
Risk- An evaluation of how much an insurance company thinks its going to pay out to a policyholder. If you have high risk, the premium will be higher and if you have low risk, the premium will be lower. Almost every question on an insurance quote is factored into how risky you will be to insure.
Un/Underinsured- This pays for medical bills involving bodily injury of the insured’s drivers and passengers. 50/100 means the insurance company will pay up to $50,000/person and up to $100,000/accident.
Vehicles- Insurance companies evaluate risk for every vehicle. Most insurance companies have a discount for having multiple vehicles on the policy. If a vehicle is not on an insurance policy it will not be covered.
VIN- This stands for Vehicle Identification Number. This can be found on the vehicle (usually on the dash or in the driver’s door) or on the vehicle’s title. A report on the vehicle is ran using this number which is a factor in the insurance rate.