Boats and Yacht Insurance Klamath Falls, OR

Boats and Yachts: Do you know the difference?

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It is fairly easy to tell the difference between a car and a truck or a motorcycle and a moped, but when it comes to boats and yachts, differences may not be as evident. In insurance terms, the differences between a boat and a yacht are very clear.

How are boats and yachts defined in Oregon?

  • Boats: A boat is generally defined as a vessel under 26 feet in length. This can include speed boats, fishing boats (for recreational purposes) and classic or antique boats. Standard boat insurance policies can include physical damage coverage, liability coverage, personal property coverage and towing and assistance coverage. Many of the policies are yearly policies so there is no need to be concerned about your boat when it is moored or in a dry dock for the winter months. Boat insurance policies often include limits on navigational areas or be an agreed value policy which means you and the insurance carrier will agree upon a set value of worth for the boat before a policy is drafted. This may help recoup costs in the event the boat is lost or damaged beyond repair. A basic boat insurance may not include extra coverage for uninsured/underinsured boater coverage or coverage for fuel spills, but a yacht insurance policy may include those items. So, when insuring a boat, be sure to ask your agent about these coverages because most times, they can be added.
  • Yachts: A yacht is defined as a vessel over 26 feet in length and used for mostly personal or recreation purposes. Yacht insurance tends to be more inclusive than your standard boat insurance policy. Those extras that you may pay more for in boat policy, like fuel spill coverage, towing and additional personal property coverage, may be generally included in your yacht insurance policy. There are also custom coverage options that may be available just for yacht insurance. Custom coverages may include additional hurricane protection if you are sailing or docking in an area during hurricane season. It may also include an option to extend or create a custom navigation area as most standard boat insurance policies only offer coverage the extends 75 miles past the U.S., Canadian or Mexican coastline. If your yacht includes a dinghy, there is a coverage option for that as well, though it may be limited to anything under 16 feet in length.

Whether you are considering purchasing a boat or a yacht or wondering which category your current sea-faring vessel falls, the insurance experts at Pacific Ridge Insurance in Klamath Falls, OR can assist you with all your boating insurance needs. Pacific Ridge Insurance agents can also assist you with insuring other items like your autos, homes or adding a personal umbrella insurance policy for additional protection beyond your auto and home insurance policies. Whatever your insurance needs, let Pacific Ridge Insurance help. Visit their website 24/7 for more information about the agency or the insurance products they offer.

Replacement Cost vs. Actual Cash Value Klamath Falls, OR

Replacement cost vs. Actual cash value – What does it mean?

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An insurance policy’s usefulness is determined by the policy language used. Specific policy language determines what is covered, what is excluded and the amounts covered under the policy. Reviewing your insurance policy language every now and again may be helpful in the event of a claim, as you would have a better understanding of what may be covered.

Insurance policies are full of language and terms that may not be clear right off the bat. Many terms are specific to the industry and to the specific type of insurance that is being purchased. Two such terms are Replacement Cost and Actual Cash Value. These terms can be a bit confusing to decipher between.

Replacement cost vs. Actual cash value in Oregon:

  • Replacement cost is very simple: It is literally the cost to replace your item with an item of similar quality. Replacement cost policies tend to be a bit more expensive since you are essential getting a brand new item for one that may have otherwise depreciated. Replacement costs are agreed upon by all parties before the insurance policy is finalized. If you have high-ticket items (jewelry, art, RV, boat, luxury vehicle or classic car) this may be the best type of coverage if you can afford it.
  • Actual cash value is the cost to replace the item minus any depreciation. For example, if you were in an auto accident and you had an actual cash value policy, your insurance would pay out the cost of the vehicle minus any depreciation, so if your vehicle is worth less than what you owe you would be responsible for paying that difference out of pocket, unless you had gap insurance. An actual cash value policy can put you in a tight spot if your items cost more to replace or repair than your policy pays out. Depreciation values for big ticket items like RVs or luxury cars can be quite large, so make sure that you have a nest egg and be prepared to pay some out-of-pocket for a loss if you have an actual cash value insurance policy.

No matter which policy type you choose, the local experts at Pacific Ridge Insurance can answer any questions and walk you through the different types of scenarios to see which policy type is right for your situation.  Pacific Ridge Insurance in Klamath Falls, Oregon can guide you through your homeowner’s insurance policy and more, like auto insurance. Their years of insurance experience can save you a bundle, and they live right in your area, so know first-hand what your insurance needs might be.  You can also visit their insurance website 24/7 to learn more about the insurance products they offer.

Boater's Insurance in Klamath Falls, OR

Will your boater’s insurance in Klamath Falls keep you afloat?

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The sun is shining, the water is warm and boating season is upon us. By now you’ve probably prepped the boat, made sure your boating license is valid and planned outings with family and friends, but have you looked at your boater’s insurance? There are many coverage options available in Klamath Falls, Oregon, and using a local, independent agent guarantees that you will have many coverage options, so you can pick a policy that suits your needs before heading out to the water.

The 411 on boater’s insurance in Oregon:

  • Bundling: It may not be possible to bundle your boater’s insurance with an existing policy, like homeowner’s insurance, as there may be restrictions on the type of boat you own. In order to fit under a homeowner’s insurance policy, boats may need to be under a certain length and under a certain price point.  There is a down side to having your boat covered under a homeowner’s insurance policy: specialized coverages may be limited or not available.
  • Specialized Coverages: These types of coverages can include On-Water Towing, helpful when your boat runs out of gas or has a mechanical issue mid-outing. Fuel Spill and Wreckage Removal may help keep you covered in the event your boat leaks fuel or if there is an accident; otherwise you may be on the hook for clean-up expenses. You may also want to consider Uninsured Boater coverage. Just like Uninsured Motorist coverage for your car or truck, this may help with expenses if your boat is hit or damaged by another boater without proper boater’s insurance coverage. Specialized Coverages may also include Personal Effects coverage.
  • Travel: Planning to sail your boat to the Bahamas? Can we go with you? Whether you are sailing your boat to a sunny tropical locale or sailing her on a tranquil lake in Canada, you need to make sure that your boater’s insurance covers travel outside your state and country. Some insurance plans may cover waterways in the continental U.S., but may not cover international waters or may only cover a boat in international water within a certain mile radius from the U.S. coast. Check with your agent to see if your plan coverages international travel.
  • Replacement: We hope that you never have to replace your boat due to an accident. In order to avoid costly out-of-pocket expenses to replace your boat, make sure that you have the appropriate replacement coverage in place long before you hit the water. There are two options for replacement coverage: Total Loss Replacement and Agreed Value coverage. Total Loss Replacement is just that, a replacement of your boat. However this type of coverage may not be offered by all insurance carriers, more likely than not the carrier will provide Agreed Value coverage. This is the value of your boat, agreed upon by you and your agent before you sign the policy.

There are many options out there when looking for boater’s insurance in Klamath Falls, OR and your local independent agents at Pacific Ridge Insurance can help you navigate your options to find the best coverage for your needs. They can also assist with a personal watercraft policy for your other water-traveling toys. Whatever your insurance needs, talk to the experts at Pacific Ridge Insurance in Klamath Falls, OR.  Their years of insurance experience can save you a bundle!  You can also visit their insurance website 24/7 to learn more about the other valuable insurance products they offer.