 Owning or using a watercraft - whether a speedboat, jet ski, or pontoon - can be a source of great enjoyment but it comes with its own set of risks and responsibilities.
It should go without saying that understanding and having the right insurance coverage to protect yourself, your passengers, and your investment is a given. There are various types of watercraft coverage to consider including:
Then there are some key insurance considerations depending on whether you're a watercraft owner or a user:  In today's online world, it's possible to get insurance quotes without the involvement of an agent. But, the convenience of direct access to insurance companies or chatbots may come at a cost when you find yourself in a claim situation. Going solo could lead to headaches and financial hardships if you haven't chosen the right coverage.
An experienced insurance agent is invaluable when it comes to providing personalized guidance for this critical form of financial protection. Rather than navigating the complex world of insurance alone, an agent partners with you to ensure your needs are met. When choosing an insurance expert to entrust with your coverage, consider these seven factors:  Imagine this scenario: You're an employee of a company located far from its main office. You're on your way to a mandatory meeting at the main office, driving a rental vehicle provided for business purposes.
Suddenly, another driver runs a red light and crashes into your rental car, causing significant damage and injuring both you and the vehicle. In such a situation, determining whose insurance covers the damages and injuries can be complex. Here are 4 factors to consider:  We've all experienced the increase in cost of goods and services over the past several years, so it's logical to anticipate that your insurance premiums might increase some, too. However, the amount of increased cost has taken some policy holders by surprise.
There isn't simply one major reason but a number of factors that have caused insurance premiums to rise. In addition to increasing rates, insurance carriers have also tightened requirements for insurance approval and/or renewal. Just like with increasing premiums, clusters of factors have made it more complicated to identify and predict risk. Technological advancements like machine learning and artificial intelligence have given insurers a more accurate way to predict risk by using huge volumes of data. So what kinds of data are now being used to modify (and tighten) criteria for insurance policy approval? Here are 3 lesser known factors you should be aware of that affect your perceived financial stability by insurers: In a previous post, I explained why insurance has become so complicated. The key to eliminating these complexities is to engage the services of an experienced independent insurance agent. Here's why:
 You're not by yourself if you feel overwhelmed when making decisions about your insurance coverage.
Why is insurance so complicated, and how do you navigate through coverage options to ensure you choose what's best for you? Read on for answers to these important questions. |
AuthorDennis Lam Archives
July 2024
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