If you have a boat, you know nothing is more important than the cool breeze and warm sun on the water. This can, however, be taken away if your boat is damaged. Considering it costs a lot of money to handle repairs, you need to apply for a boat insurance Cape Coral to protect your asset and finances. Buying boat insurance will give you and your passengers the peace of mind they deserve while taking a ride on your boat.
Insurers offer varying products when it comes to boat insurance Cape Coral. Understanding what is covered and what is not will help you better understand your options. Working with a marine surveyor in Cape Coral will further help you get a comprehensive insurance survey and give you a complete list of everything that will be covered.
- Property coverage
Your policy may include property coverage. This protects your vessel against theft and damage due to sinking or accident. The coverage applies whether the boat is on land or on water. You will have to choose between replacement cost coverage or actual cash value. A marine surveyor will be able to let you know how much your boat is actually worth. He can also advise on whether to go with actual cash value coverage or replacement cost coverage.
- Liability coverage
The purpose of this coverage is to protect you against damages caused by your boat to someone else’s property such as injuries to someone or damage to another vessel. When this happens, the liability coverage will pay for the damages. Liability coverage may also include coverage for problems that are caused by your vessel like a large wake. It also covers legal fees if you are ever sued.
- Medical payments coverage
If you or a passenger on your boat gets injured, your medical payments coverage policy will take care of the bills. The coverage covers injuries that occur after a boating accident.
- Uninsured watercraft coverage
Not every boat on the water is insured. That is why it is a good idea to get uninsured watercraft coverage. If you are ever hit by a boat that is uninsured, the uninsured watercraft coverage will pay for medical bills.
As aforementioned, as you apply for boat insurance Cape Coral, you have to remember that insurers are not the same. You also should never assume what is covered and what is not. The reason you need the input of a marine surveyor is so as to understand the exact condition of your boat before purchasing an insurance cover. When buying a used boat, a boat survey will further help you know if you are making a wise investment or not.