Total Loss Replacement in Connecticut

When you purchase comprehensive and collision coverage for your boat in Connecticut -- which covers both damage in a collision accident as well as damage by an event other than collision such as vandalism, theft or fire -- you have a choice in how your claim is resolved if your boat is damaged beyond repair, or a total loss.

Boat insurance in Connecticut

What is Total Loss Replacement?

With Total Loss Replacement coverage -- also known as Purchase Price coverage, we will replace your boat with a new boat that is the same make, class, type and size with comparable equipment, or as close as possible. If your boat is more than 5 model years old at the time of the loss or you do not want to replace your boat, we will pay you the original purchase price of your boat.

This type of coverage is only available initially for new boats that are not more than one model year old. It is not available for personal watercraft (PWC) and a sales receipt is required to determine purchase price.

Other Total Loss Coverage Options in Connecticut

There are two other options you have if you suffer a total loss:

Total loss boat insurance in Connecticut
  • Actual Cash Value. Actual Cash Value coverage means your insurance policy will pay the market value of your boat or PWC at the time of the loss or the Rating Base (the value you originally provided to reflect current market value).
  • Agreed Value. Agreed Value coverage means that your policy will pay the agreed value of your boat in the event of a covered total loss. The agreed value is an amount you chose when you purchased the policy and to which your insurance company agreed. You will receive 100% of this agreed value, regardless of the current market value of your boat at the time of the loss. This option takes all of the guesswork out of being reimbursed for a covered loss.

Contact KADAIR Insurance in Connecticut today to build a customized boat insurance policy with the type of replacement option you want in the event of a total loss. We will do your comparison shopping for you among top-rated boat insurance companies to find you the best policy that fits your needs and your budget, with all of the extras and features you expect.