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Do You Need a Survey for Boat Insurance in Cape Coral?

If you are looking for boat insurance for your vessel, you definitely want to know if you need a survey to be done. The point you need to understand is that different insurance companies have varying conditions. Some will require that you provide an insurance survey before your vessel can be insured. With others, you may get away without a survey provided your vessel is of a certain age and length. With that being said, the best way to answer the question of do you need a survey for boat insuranceis to speak with your preferred insurance company in Cape Coral.

What is an Insurance Survey?

The boat insurance survey is a series of inspections that are done on a boat to determine its current state. The inspection focuses on both the interior and exterior of the boat. Insurance surveys are mostly requested for older boats. The answer may be yes to the question of do you need a survey for boat insurance if your boat is of a certain value.

When an insurance survey is needed, insurers will mostly suggest that you use a marine surveyor that is accredited. This means not every boat survey report will be accepted. Contact your insurer and ask about the requirements when hiring a surveyor. It is also important to request a list of items that will need to be inspected. This is important because an insurance survey is not as comprehensive as a pre-purchase survey. The insurer will have certain areas they will need to be inspected. Asking for the list of items required in the survey will help save time and money.

A proper insurance survey will include a detailed inspection of the interior and exterior of the boat. The objective is to determine how safe the boat is, how much it is worth and its current state. In most cases, a surveyor will reference oil testing, moisture meter testing and a series of other tests to understand the current condition of the boat. It is also not uncommon for a surveyor to request a sea trial or a haul out.

The majority of insurance companies you will come across will require that you provide a current boat survey. The marine survey is what will help the insurer determine if you are a good fit for the policy they offer. If the survey reveals serious issues, an insurer may elect not to insure your vessel.

Do You Need a Survey for Boat Insurance

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Can You Insure a Boat Without a Survey in Cape Coral?

After buying a boat, one of the key things you have to think about is getting your boat insured. If you have never owned a boat before, this can be a tad confusing. One of the questions people ask is this: can you insure a boat without a survey? There is no simple answer to this question. There are several things that come into play.

Whether or not you can insure your boat without a marine survey will depend on a number of things.

  • The Insurance Company

There are many insurance companies that will not require a Cape Coral marine survey. However, even if an insurer doesn’t ask for a boat survey, that is not necessarily a good thing. This is because a marine survey is necessary when determining the safety and value of a vessel. Getting a survey done gives you a better picture of the condition of your boat. This can help you get fair insurance coverage.

  • Type of Vessel

The type of vessel you own will determine whether or not you will be required to provide a marine survey. In many cases, when you own a brand-new vessel, insurance companies may not require a boat survey. After passing a certain age, boats become harder to maintain and are more prone to problems. That is why at a certain age, the insurance company will make a survey report mandatory. Larger boats tend to sail further and cost more to repair and maintain. As a result, insurers may require that you provide a survey report when insuring a larger vessel.

  • Has Any Previous Claims

If you have made a claim in the past, your insurance company will most likely require a marine survey report. A survey is also requested to determine if you have been involved in an accident in the past and what kind of accident it was.

As you can see, you will not always be required to provide a marine survey before getting insured. In most cases, a survey is required on older boats. It is, however, not uncommon for a survey to be requested on a newer boat. The key is to ask your insurer if they require a marine survey. Do this when requesting an insurance quote. If a survey will be required, request the list of items that will have to be covered in the boat insurance survey.

As you can see, the question of whether can you insure a boat without a survey has no direct answer. It is up to you to talk to your insurance company to get all the details.

Cape Coral Marine Survey

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How Much Does It Cost to Put a Boat in Survey in Cape Coral?

Obtaining a marine survey is an excellent idea for both new and used boats. A survey helps uncover any problems that a boat may have. Needless to say, the best way to determine the fair market value of a boat before purchasing is to have a marine survey. However, how much does it cost to put a boat in survey?

The price you pay for a Cape Coral marine survey depends on a number of things. On average, the survey of a recreational vessel will often cost you between $500 and $1,000. Although different marine surveyors have varied fees for their services, a boat survey will always cost a very small portion of the overall purchase price. Before deciding to buy a boat, it is worth every penny to get a professional boat survey.

Factors that determine cost

The length of a boat, like many other boating-related factors, has a significant impact on the typical cost of a boat survey. This is for the simple fact that a boat’s size will affect how long it takes to evaluate it. The more time a surveyor spends on your boat, the more they will charge. Because most surveyors charge by the foot, the size of the boat has a big impact on how much a maritime survey will cost.

The price of a boat survey will also depend on how sophisticated your boat is. The surveyor will need to evaluate every onboard system. If your vessel has several systems, more time will be needed to assess them. This will without a doubt cause the cost to go up. A competent surveyor will check the onboard systems’ functionality and identify any problems they may have. It goes without saying that a surveyor will take longer to evaluate systems that are more complex. The typical cost of a boat survey will therefore be influenced by the type of onboard systems your boat has.

When planning a budget for a marine survey, both buyers and sellers overlook the haul out. A haul-out is the process of removing the boat from the water so that the surveyor can evaluate the running gear and hull. Haulouts cost a lot of money. A haul out at a boatyard will be priced per foot. It is not uncommon to be charged fees that range from $10 to $15 per foot.

Now that you know the answer to the question of how much does it cost to put a boat in survey, it’s important to remember that even while a marine survey will cost money, it will likely end up saving you a lot of money. Always find a dependable marine surveyor in Fort Myers for this essential service.

Cape Coral Marine Survey

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How Often Do I Need a Marine Survey in Cape Coral?

Getting a Cape Coral marine survey done as often as possible is recommended. This is because it is only with a survey that you will be able to identify issues on your boat and get them fixed before they worsen. Moreover, while some insurance companies will accept a survey that is 4 to 5 years old, you need to get a fresh survey whenever you are applying for boat insurance. This is the only way you will be guaranteed of getting the most comprehensive coverage.

As to the question of how often do I need a marine survey, the simple answer is at least once every 5 years. As a boat owner, it is imperative that you get a fresh boat survey done once the old survey is at least 5 years old. Doing so will help assess the current condition of your boat as well as determine the vessel’s fair market value. It is only with a fresh survey that you will be able to identify issues on your boat.

While waiting five years before the next boat survey is fine, it is important to note that you may require to update your boat survey report more frequently if you own a wooden boat. This is for the simple fact that wood has a higher risk of rot and damage. For wooden vessels, it is recommended to get a fresh survey at least once every 2 to 3 years. This is a common marine survey requirement for wooden boats. You should, however, note that some insurance companies are okay with extending the frequency of surveying a wooden boat to 10 or even 15 years. All in all, the more current your survey report is the better picture you will have of your boat.

Another factor that dictates the answer to how often do I need a marine survey is what you need the survey for. If you are frequently using your boat as collateral, you will have to get a fresh marine survey done every time you need financing. When applying for boat insurance, it is good to make sure that you get a fresh survey to present to the insurer. A marine survey that is 12 to 18 months old is better than one that is 4 to 5 years old. This is because the more current a survey, the better the coverage you will get.

There is no single answer to the question of how often you need a marine survey. Working closely with an experienced marine surveyor that comes highly recommended in Cape Coral will, however, guarantee that you get the most comprehensive survey report.

Cape Coral Marine Survey

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How Do I Choose a Marine Surveyor Cape Coral?

When considering the purchase of a used boat, the first thing every expert will recommend you do is get a Cape Coral marine survey. This is because it is only with a survey that you will be able to get a clearer picture on the exact condition of your target boat. The issue, however, is not every surveyor you find will be able to offer the quality services you need. This is because there are many individuals that advertise their services as marine surveyors. Although there is no legal necessity for qualifications, experience, education, training, and ongoing professional growth are indispensable.

Certified and accredited

So how do I choose a marine surveyor that will not disappoint me? The answer is to seek surveyors that have membership in a regulatory body. That way you will get assurance because such surveyors adhere to a strict code of ethics and uphold high standards of the surveys that are set by the regulatory body. Moreover, if you have an issue with the survey, you can get remedy for the reports and get remedy if there is grounds for complaint. You simply contact the regulatory body with your complaints. Choosing a marine surveyor that has professional indemnity and public liability insurance will further keep you protected when working with a professional surveyor.

Good communication skills

Even if you have been in boating for years, there are certain terms that will be confusing to you. That is why you should only focus on hiring a surveyor that is able to respond effectively to your questions and explain your vessel survey to you in plain English. The last thing you want is to hire a surveyor that makes you feel stupid at every turn.

When choosing your surveyor, you ought to:

  • Ask about their practical experience. Have they surveyed a boat that is similar to the one you are considering?
  • Verify the scope of the survey and report. How comprehensive is the sample marine surveys they provide to you?
  • Ask about their practical experience. Have they offered the type of surveys you need?

Asking the question of how do I choose a marine surveyor is very important. This is more so when you consider the fact that there are so many surveyors in the market but only a handful of them are able to offer the professional services you need. Never cut corners when hiring a boat surveyor. This is because the input of the surveyor is what helps you know if you are making a wise or terrible investment.

How Do I Choose a Marine Surveyor

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Cape Coral Marine Survey – Who Will Pay for the Boat Survey?

If you’ve never purchased a boat before, you’re definitely interested in learning about the process. Do you have to make a deposit? Should we slip the boat? Who covers this cost? Do I require a boat survey, and what steps are involved in it? Who typically pays for a boat survey? Buying a boat can seem intimidating if you’re new to boating. A boat purchase is different from other purchases. To accomplish the desired result, a specific process must be followed. There are several traps and rookie errors that may turn a fun boating adventure into a nightmare. In this post, we will be looking at the steps that are unavoidable.

Paying a deposit

As you get ready to buy a boat, it is important to note that you will have to pay a deposit. This must be paid long before you can bring in a professional for a Cape Coral marine survey. The majority of vendors and brokers will want a 5 to 10% deposit before the vessel is taken for a boat survey. The seller wants to know you are serious because it takes a lot of work to spend an entire day inspecting, testing, sliding, and sea-trialing a boat.

A 10% deposit for larger vessels, such as a $500,000 boat, would be $50,000. It’s crucial to pay a deposit because if you don’t want the broker to legally sell the boat to someone else after the boat survey procedure has begun. Having a deposit also enables the broker to persuade the seller that they have a serious buyer ready to buy in the event that problems with the survey necessitate a price drop.

Organizing a survey

Once the deposit has been paid and the contract has been signed, it will be your time to evaluate the condition of the vessel. For this part, you need an experienced marine surveyor in Cape Coral. But who typically pays for a boat survey? The answer is the person who hires a marine surveyor. Keep in mind that many surveyors do not include mechanical. This means if a further inspection is needed, you will be the one footing the bill of a mechanic or electrician.

For a thorough inspection, the boat may need to be slipped (removed from the water). You will be the person organizing and paying for the slipping and cleaning of the hull. The cost of slipping and cleaning varies. It mostly depends on where the boat is located and its size.

Last but not least, if you need a sea trial, you will be paying for that too. That is unless a seller offers an incentive by footing the bill of the sea trial.

Who Typically Pays for a Boat Survey

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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

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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

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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

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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