Is a Marine Survey Worth It – Used Boat Caveats

Shopping for a used boat can be a lot of fun. This is because the market is filled with all manner of vessels. You can start your search online and then contact the most promising sellers for a sea trial. However, as you shop around for a used boat, you have to consider working with an experienced surveyor to help with the initial inspection. But is a marine survey worth it? The answer is yes and here are the top reasons why.

Be wary of unknown brands

When shopping for a boat, you will come across less-known boat brands. You must be very careful when considering these brands. The reason for this is that less-known brands are not too concerned with the reputation of their brand. They can offer poor-quality workmanship and still manage to remain in business thanks to dealing with unsuspecting clients and offering low prices. Before you settle for a boat brand you have never heard about, you should consider getting a professional Cape Coral marine survey. An experienced marine surveyor will be able to help you know if the boat is a worthy investment or not. The surveyor will further help you dig up any dirt on the vessel and give you an estimate of the repair costs. You can use this information to determine whether to go forward with the purchase or not.

Beware that in preparation for the sale, some boat owners install home-built engines. While they may work perfectly in the first few weeks, these engines might fail on you. An experienced surveyor will help you know if the boat has a home-built engine and what the condition of the engine is.

Beware of signs of neglect

Most sellers make their vessels more attractive by doing some cosmetic work. The cosmetic work may include waxing or polishing the boat. Before you settle for a used boat that seems to be in perfect condition, take a step back and allow a surveyor to inspect it. The case is the same when the price is too low. Chances are the seller is not targeting a quick sale but simply trying to get rid of a piece of junk. It is only with the help you a boat surveyor that you will be able to know if the boat is in good condition or not.

The older a boat is, the riskier it is

With age comes risk. Some older boats will have been sitting on a trailer for months. It may have taken in water and may require major repairs. It is only with a professional survey that you will be able to determine the suitability of an old boat.

Hopefully, the above points have answered your question about is a marine survey worth it. Simply put, working with a surveyor is the best way to avoid spending money on a doomed vessel.

Is a Marine Survey Worth It

Everything You Should Understand About Yacht Insurance Cape Coral

As you may already know, yacht insurance Cape Coral is not mandatory. However, it is good to get insurance coverage on your boat so as to protect your investment. While many homeowners’ policies include good coverage on smaller boats, when you need yacht insurance, you will have to work with an insurer that specializes in those kinds of boats. This is more so when you consider the many limitations that a homeowners’ policy has such as being forced to only use the boat in inland waters, rivers, and lakes.

Always Compare

When searching for yacht insurance Cape Coral, it is always good to compare policies from multiple insurers. This is for the simple fact that insurance companies have varying packages. To get the one that works best for you, you have to know what other insurers are offering. An experienced marine surveyor in Cape Coral may be able to point you in the direction of the best marine insurance provider in your area. Keep in mind that you will also need a surveyor to help with an insurance survey that will most likely be requested by your insurance provider. Finding a reliable boat surveyor early is important.

Insurance Factors

Another very important thing to do is to understand the factors that affect the cost of insuring your boat. There are numerous factors considered. The main ones include the following.

  • Age of the vessel
  • Value
  • Length
  • Horsepower/speed
  • Condition
  • If the boat is used as a primary residence
  • Number of owners
  • Where the boat will be operated
  • Type of boat

Types of Boat Insurance

There are two main types of boat insurance available: actual cash value and agreed value. The actual cash value policy is cheaper upfront but it factors in depreciation. The policy only pays the actual cash value of the boat at the time it is declared a partial or total loss. Most insurers will insist on the actual cash value policy as your yacht ages.

An agreed value policy covers the vessel based on its value when the policy was acquired. This policy tends to be more expensive upfront. The good thing, however, is that there is no depreciation for a total loss. However, there are cases where depreciation may be factored for a partial loss.

It is always good to read through your policy before taking one. This is because your yacht insurance may not cover what you think. It is only by going through the policy that you will know what is covered and what is not. Again, an experienced marine surveyor in Cape Coral can advise you on the type of cover to take and how much coverage to get.

Yacht Insurance Cape Coral

How to Get Cheaper Boat Insurance Cape Coral

According to insurance industry experts, choosing a higher deductible may be worthwhile if you can save between 10 and 15 percent or more on your annual rate. Most boats have a 2 percent baseline deductible, but insurance industry professionals advise increasing it to 3 or 4 percent. Be mindful, though, that a higher deductible can result in thousands of dollars more in expenses in the event of an accident. Increasing your deductible is one way to lower your premiums, but there are several other things you can do to do so when getting boat insurance Cape Coral. They include the following.

Complete a boating safety course

Taking a boating safety course from a recognized provider like the U.S. Power Squadrons, State-approved outfits or Boat U.S. can help you save as much as 10% on marine insurance premiums. The reason for this is insurers will consider you to be a safer boater.

Limit your boating season and range

Another method you can use to save on boat insurance Cape Coral is to limit both your range and safety course. Boat insurers will charge you more if all you boat most times of the year. This is the reason it is more expensive to get insurance cover for boaters in the Southern States than it is for boaters in the Northern States. Northern States experience harsher winters and thus the boating seasons are shorter. In southern states, boat owners can boat all year thus the reason it costs more. Needless to say, it makes no sense to pay year-round insurance coverage whereas your boat spends six months on a trailer in your garage. You can save money by asking your insurance agent to limit your range and season.

Insure the right hull value

As years pass, the value of a boat declines. There are many boat owners that never adjust what their insurers call agreed hull value. If your boat is getting old, you need to adjust the value. Talk to an experienced marine surveyor to calculate the value of your boat. You can then discuss with your insurance agent an actual cash-value policy.

Omit full coverage

Keep in mind that this option will not be available when financing your boat. However, if you outright own the boat, you may want to consider getting a liability-only policy. This cover will not pay for damages resulting from damage or theft. It will only protect your finances in the event of an accident. You should, however, not be too stingy. Make sure the policy covers salvage costs because it can be very expensive to retrieve a sunken boat.

Avoid filing lower-cost claims

Last but not least, the more claims you file, the higher your premiums will go. Experts say paying for damages that are a little more than the cost of the deductible can keep insurers from increasing your premiums.

As you work to cut costs on boat insurance in Cape Coral, make sure you don’t scrimp to the bare-bone coverage. Involving a boat surveyor can help you know what to insure and for how much.

Boat Insurance Cape Coral

Why Should You Work with a Surveyor that Offers SAMS Survey?

Are you in need of marine insurance? Most likely you will be required to get a survey done. Insurance companies require that you provide an insurance survey to help determine how much to insure your vessel for. However, it is good to note that not every surveyor will be good for the job. If you need a thorough survey done, the best course of action is to hire a surveyor that offers a SAMS survey.

As you may already know, anyone can claim to be a qualified marine surveyor in Cape Coral. The issue is surveyors are not all the same. Some will offer a service that is so superficial you will end up with regrets at the end of the day. If what you need is a survey report you can fully depend on, you should consider working with a surveyor that offers a SAMS survey.

The SAMS is an internationally recognized society. It is a body that sets codes of ethics and rules of practice that marine surveyors must stick to. With a surveyor that is a member of the SAMS, you can expect a service that is independent and objective. There is no conflict of interest when you hire a SAMS surveyor for an insurance survey.

It is, however, good to note that SAMS offers two designated levels of surveyors:

  • Accredited marine surveyors

This is a surveyor hat is an accredited member of SAMS. To become accredited, a boat surveyor has to be a practicing surveyor with at least five years of experience that have been accumulated in a period of 10 years. The applicant is also required to complete an oral and written exam. As you can see, a SAMS-accredited surveyor has a lot of experience and has been prescreened thoroughly.

  • Surveyor associate

This is the second level of surveyors offered by SAMS. A surveyor associate is a boat surveyor that doesn’t meet the prerequisite for acceptance as an accredited boat surveyor. It is, however, good to note that surveyor associates are still bound by the same code of ethics and standards as accredited marine surveyors.

As you can see, when searching for a qualified surveyor, finding one that is SAMS accredited or associated will help you get the best survey services. This is because, in addition to being experienced, these surveyors adhere to strict codes of ethics and standards. If something goes wrong, you can report them to SAMS for disciplinary action.

SAMS Survey

Boat Insurance Cape Coral – Everything You Need to Know About Boat Insurance

Whether you are looking for a brand new or used boat, getting boat insurance Cape Coral will help you enjoy peace of mind as you navigate even the roughest waters. Everything is, however, not as it seems when it comes to marine insurance. As you get ready to buy your first or next insurance coverage, here are the important points you need to know.

The cost of marine insurance varies

Where you live will determine how much you pay in insurance premiums. That is why when requesting an insurance quote, you will most likely be asked to provide a ZIP code. You will pay more for boat insurance Cape Coral than you would if you were in Washington D.C. This is because Florida enjoys good weather which permits year-round boating. Florida also has the annual threat of hurricanes.

Moreover, where you plan on boating will impact the cost of boat insurance. If you will be boating further into the ocean, you can expect to pay more in premiums than freshwater boaters. The risk of corrosion is higher in the ocean. There is also the risk of the boat being damaged by high waves when out in the ocean. These risks are lower on lakes and rivers. Boaters in lake regions pay the lowest rates in boat insurance.

Keep in mind that marine insurance may have limited protection. Your coverage could be for a specific region. This means if you are insured in Florida and take your boat to Missouri and end up in an accident, your claim may be denied. Read your policy carefully.

Documents required when applying for boat insurance

Many insurance companies have online portals that you can use to get an insurance quote. You can use these portals to compare quotes from various insurance companies. You should, however, keep in mind that the quote is not the final figure. When you meet up with an insurance broker, you will be required to provide a couple of things including the following information:

  • Insurance survey report
  • Mailing address that includes a ZIP code
  • Year, make and model of your boat
  • The market value of your boat

Factors affecting boat insurance rate

Insurance rates vary from one person to the next. Here are the main factors that affect the rates:

  • Boating experience
  • Automobile driving record
  • Credit records
  • Age of your boat
  • Where do you plan on using your boat?

These are the vital details you should have before you start shopping for boat insurance. To get insurance cover that is right for you, take time to consult a marine surveyor. The surveyor will help you know how much cover you should get. Never rely on the surveyor sent to you by the insurance provider. Most of these surveyors are biased.

Boat Insurance Cape Coral

Yacht Insurance Cape Coral – Best Insurance Advice for New Boat Owners

There aren’t many things that are as satisfying as being a boat owner. When you become a boat owner, you not only own an asset that keeps on giving but also sail whenever and wherever you want. However, to protect your investment, you will need yacht insurance Cape Coral trusts. The purpose of insurance is to protect your asset against damages that result from accidents. However, it is good to note that not every marine insurance provider is worth working with. Before you buy boat insurance, here are some important things you should do.

Hone your boating skills

One of the factors insurers consider when determining how much to charge in premiums is your boating experience. The more experienced you are, the less likely you are to cause accidents. As a result, you will get more favorable rates in yacht insurance Cape Coral if you are an experienced boater. Taking time to get familiar with your boat will also help. This is because when you know your boat, you will be able to navigate like a pro. This will reduce the chances of ending up in situations that force you to file a claim. Needless to say, the more claims you file, the higher your insurance premiums will get.

Pick the right insurer

The mistake most boat owners make is of settling for the first insurance company that comes their way. What you need to understand is insurance companies are not the same. They offer dissimilar packages and have varying requirements. To be able to get the best coverage, you have to ensure you select the insurer that best serves your needs. Start by comparing packages from multiple insurance companies. Doing this will help you know what is available. You should then focus only on insurers that have a great reputation.

Work with a surveyor

Another important thing you must do is involve a marine surveyor. Insurance companies will want to understand the condition of your boat before insuring it. For this, they will request a marine survey to be done. While it is tempting to depend on the input of their surveyor, it is better to use an independent boat surveyor to perform the inspection. This is because there is a chance the surveyor sent by the insurer might be biased.

A lot goes into the purchase of yacht insurance in Cape Coral. The best piece of advice is never to rush the process. Take time to understand what is available before you commit.

Yacht Insurance Cape Coral

Tackling the Cost of Boat Insurance Cape Coral

Just like automobile insurance, boat insurance Cape Coral is meant to cover damages caused by an accident. It is not mandatory to have boat insurance. However, if you plan on docking on any marina, it is good to have insurance coverage.

Policies for boat insurance Cape Coral vary and so do the prices. To learn about the current cost of insurance, it is important to do some investigation. Working with a marine surveyor in Cape Coral will also help you know how much cover you should take. Keep in mind that some insurers require a survey to be done before insuring your boat. You cannot afford to not involve a boat surveyor when getting marine insurance.

Factors that determine the cost of boat insurance

Even with the input of a marine surveyor, there are still more calculations you will have to make to determine the average cost of getting your boat insured. The first thing you must do is consider the factors that affect the cost of insuring a boat. Location is the biggest factor.

According to a recent study, it was found that where you plan on using your boat will have an impact on how much you spend on boat insurance. It costs less to insure a boat in northern states than in the lower states. This is because in the northern states, there is a shorter boating season. Other than location, it will cost more to insure a bigger, luxurious boat. There are other factors that are considered such as your boating experience and what you need the boat for.

Keep in mind that there are numerous continually changing variables that impact the cost of boat insurance in Cape Coral. These variables include:

  • The age of the boat
  • The deductible amount
  • Type of boat
  • Number of claims filed

The best way to know how much it will cost to insure a boat is to contact an insurance broker. You need to discuss the available options. A good insurance broker will be happy to inform you about the cost of various insurance options. They will also give recommendations on the cover to take. However, to be on the safe side, you should consider involving an independent marine surveyor. Don’t rely solely on the surveyor sent by your insurer. Getting an objective take on which cover to take and how much it will cost you is very important when searching for boat insurance. Comparing covers from various insurance companies will also help you get the best cover.

Boat Insurance Cape Coral

Boat Insurance Cape Coral – What to Expect from an Average Boat Insurance

As a boat owner, getting boat insurance Cape Coral trusts is one investment you must never skip. This is unless you own a kayak, raft or canoe. However, if you own a larger boat that cost you thousands of dollars to buy and maintain, then getting boat insurance should be among your top priorities. Getting boat insurance not only protects your investment but also makes you a responsible boat owner and operator.

It is good to note that in most states, getting boat insurance is not mandatory. The problem comes when you get hit by another uninsured or underinsured boater. In this case, even if the mistake was not yours, you will have to foot the bills of repairing your boat and compensating your passengers. Getting boat insurance Cape Coral protects you from this and other kinds of problems.

An experienced boat surveyor in Cape Coral can help you know which kind of cover to get and how much coverage to get. It is also good to note that insurance companies will require an insurance survey to be done before they insure your vessel.

An insurance cover will help with the following:

  • Medical payments
  • Cover other boaters and boats in the event of an accident
  • Pay for the cost of repairing or replacing your vessel if it is damaged or stolen
  • Pay for medical treatment, lost wages and other costs associated with an accident with an uninsured boater.
  • Pay for fuel spill liability and wreckage removal
  • Offer coverage for personal effects including cell phones and jewelry
  • Cover the unattached equipment
  • Pay for emergency services such as towing

Simply put, having boat insurance can mean the difference between lifelong peace of mind and financial ruin. It is better to have an insurance cover and never need it than need it and not have it.

Cost of boat insurance

The average cost of boat insurance is 1.5% of the value of your boat. If your boat is worth $20,000, you will pay $300 per year to get it fully insured. For a yacht valued at $2 million, the cost of insuring it will be $30,000 per year.

The above numbers are meant to give you a frame of reference. There are many factors that are considered before insuring a boat. You may end up paying more or less than what is quoted above. The main factors that affect the cost of boat insurance are:

  • Safety record
  • Homeowner’s discount
  • Method of payment. Lump sum payments give you a better rate.
  • Age of the boat

The secret to getting the best rate on boat insurance is to compare packages from multiple insurers. You also need the help of an experienced boat surveyor in Cape Coral to help you know if you are getting a fair deal.

Boat Insurance Cape Coral

Boat Surveyor Near Me – What is the Role of a Marine Surveyor in Marine Insurance?

Did you know that you need the services of a marine surveyor when insuring your boat? The role of a boat surveyor near me is to assess, monitor and report on the condition of a boat. The surveyor will perform an extensive survey that includes such tasks as equipment examination and recent major repairs done on the boat. In most cases, the insurer will provide the surveyor with a list of items that need to be looked at. The insurer may also be picky about the surveyor you can use. You should, however, make sure that you use an independent surveyor and not the one sent by an insurer. The surveyor from the insurance company will most likely be biased.

An insurance survey is not as comprehensive as a pre-purchase survey. All the same, it is important for both you and the insurer. For you, the boat surveyor near me will ensure that you get the right amount of coverage. Insurers, on the other hand, request insurance survey reports to avoid insuring a high-risk vessel.

Purposes of an insurance survey

There are two main purposes of an insurance survey. The first is to identify the vessel, its equipment, the condition it is in and its general value. This information is especially important for the insurer because it helps determine if the vessel is worth insuring. The findings of the marine surveyor also help the insurer determine how much to charge in premiums and the kind of coverage you can get.

The second reason for an insurance survey is to identify defects, hazardous conditions or damages on the boat. The objective is to identify things that may be a threat to the safety of the boat and its passengers. If the damages or defects are too much, the insurer may refuse to insure your boat or charge you high premiums because you own a high-risk vessel.

Who can get an insurance survey?

An insurance survey is requested by an insurer. This means the survey is not offered to persons who wish to buy a boat. The survey is done for the purposes of risk assessment. The survey report will include the areas that were inspected and what the inspector found.

An insurance survey will contain the following:

  • Statement of the purpose of the marine survey
  • Date and location of the survey
  • Status of the vessel: hauled or afloat
  • Boat’s builder, model and year of construction
  • Identifiers such as registration number, engine serial numbers and hull number
  • Boat’s specifications including dimensions and machinery parameters

As you can see, the role of a boat surveyor near me is indispensable when buying and insuring a boat. Always make sure that you hire a surveyor that will be accepted by your insurance company.

Boat Surveyor Near Me

Surveyors Near Me – Factors that Impact the Cost of Boat Insurance?

When buying a boat, one thing most people never think about is how much it will cost to insure it. This is because in many states, having boat insurance is not mandatory. However, when you consider how expensive it is to buy a boat, getting it insured will save you a lot of headaches. But how much does boat insurance really cost? There is no short answer to this question. Working with surveyors near me will, however, help you know how much it will most likely cost to insure your boat.

When you finally decide to get your boat insured, you will most likely start by researching such things as how much it costs to insure the specific make and model of the boat. You will also want to think about the things insurance companies take into consideration before offering a policy. It is also good to learn about the available types of coverage. The best way to understand these considerations from the get-go is to consult surveyors near me that offer insurance surveys. They have more experience with insurance companies and will be able to offer the best advice on matters of marine insurance.

The average cost of boat insurance

Boat insurance is about 1.5% of the insured value of a boat. If you own a ski boat insured for $8,000, the premium will be $8,000 x 0.15 which is $120. This means you can expect to pay about $120 per year. The figure usually includes theft, collision, uninsured boater coverage and replacement of the boat itself. The cost, however, varies depending on several factors.

Factors that impact the cost of insurance

As aforementioned, there are many factors that impact the cost of insuring a boat. The main factors include the following:

  • Age and condition of the boat

It is obvious that older boats are more prone to breakdowns. As a result, insurance companies charge more to insure older boats. If your boat is both old and in bad shape, you can expect to pay more in boat insurance.

  • Who will be driving the boat and where it will be operated in

More often than not, if you are a bad driver on the road, you will end up being charged more on boat insurance. This is because you are considered to be a high-risk driver. The case is the same if you have had numerous claims filed. Moreover, if you will be operating the boat in risky locations, you will be charged more.

  • State or area you reside in

It is also common for the cost of boat insurance to be affected by the state or area you reside. For example, insuring a boat in the southern states is a bit more expensive than insuring a boat in the Northern states. This is because of the threat of hurricanes in the south and the fact that in the southern states boats are used for longer seasons or even all year round.

Surveyors Near Me