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