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.