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 Insurance Cape Coral – The 2 Types of Boat Insurance

Once you are satisfied with the survey report from your boat surveyor, you can proceed with the purchase of the boat. With the right buyer, closing the deal will be bliss. Considering the purchase of a boat is a huge investment, it is imperative that you protect your investment. The best way of doing this is getting boat insurance Cape Coraltrusts.

There are many boat insurance providers all across Florida. Not all of them will offer comprehensive insurance cover. That is why you need to be cautious before settling for an insurance offer. Moreover, working with an experienced marine surveyor in Cape Coral will help you know the type of insurance policy you should take. Away from that, let’s take a look at the two types of boat insurance Cape Coral trusts.

Agreed Value

When reviewing insurance covers, you may come across the term ‘agreed value’. When you see this, think of it as a sticker price of your boat at the time of insuring it. This is because, with an agreed value cover, the insurance company will pay in accordance with the value of your boat at the time the policy is written. An agreed value is basically an agreed price upfront. It will not change and doesn’t include depreciation.

The beauty of an agreed value type of boat insurance is that it is not affected by depreciation. You can buy a boat in 2014, get it insured in 2015 then file a claim in 2017. Even though the boat will have depreciated, you will get the agreed amount that your boat was worth back in 2015. The drawback, however, is that an agreed value type of insurance will cost you significantly more upfront. The deductibles are also high.

Actual Cash Value  

With this type of boat insurance, the insurer will account for the depreciation of the vessel. When you file a claim, you will get the amount in relation to the current value of the boat. the policy pays to the ‘actual cash value’ of a boat at the time of the claim.

If you got your boat insured in 2014 and file a claim in 2018, the compensation you get will be based on 2018’s valuation. You get paid based on the current value of your boat. this means actual cash value accounts for depreciation and market value. Although the payout will be less, the upfront costs and the deductibles will be lower.

When deciding on whether to go for agreed or actual cash value, you must always consider how you plan on using the boat and its current condition. Most owners of new, larger boats opt for agreed value. People buying used boats mostly opt for the actual cash value.

Boat Insurance Cape Coral

Boat Insurance Cape Coral – Which Marine Policy Applies to Your Boat?

Finding the right boat insurance Cape Coral trusts requires that you know the kind of marine policy that will apply to your type of boat. Insurers don’t offer a blanket cover for all types of boats. The cover you get will depend on the kind of boat you are insuring and its size. Working closely with a marine surveyor in Cape Coral can help you determine the best cover for your boat.

When getting boat insurance Cape Coral trusts, you should note that your policy will be directly related to the type of boat you want to insure. Some other factors that are considered by insurers are:

  • Age of the boat. The insurer will want to know if the boat has been damaged in the past and how much it has depreciated.
  • Condition of the boat. A boat insurance company will only insure your boat after understanding its exact condition. The insurer will want to ensure the vessel meets the Coast Guard standards. For this, the insurer may send their boat inspector or provide a list of items your boat surveyor should inspect.
  • How do you plan on using the boat? Is the boat your primary residence?
  • The function of the boat. How is the boat used? Is it a bass boat, cruiser, inboard, outboard, fishing boat, performance boat, or houseboat without a motor?
  • Are you the sole owner of the boat?
  • Will you be operating the boat in the ocean, bays, rivers, or lakes?

There are so many factors that are considered before insuring a boat. To avoid confusion, you should work closely with a reputable insurance advisor or a boat surveyor. You also need to have all the information about your boat ready before you contact a marine insurance provider. Having all the information in hand will make the process run faster. Keep in mind that your insurance agent will want to know everything about your vessel in order to give you the best insurance coverage and quote.

Bearing in mind you will have to involve a marine surveyor in Cape Coral, it is always wise to work with a surveyor that will be approved by your insurer. Moreover, to avoid wasting time, make sure you get a list of all the items the insurer wants you to inspect before bringing on a surveyor.

A boat is a huge investment. You want to keep your investment safe and the only way of doing so is by insuring it. Get an insurance policy that is tailored for your type of boat.

Boat Insurance Cape Coral

Boat Insurance Cape Coral – What Should You Look for in Boat Insurance?

As an experienced boater, there is a chance you know a thing or two about boat insurance Cape Coral trusts. For instance, when shopping for boat insurance, you would probably ask about the type of insurance policy you will be getting: agreed hull value, actual cash value, or liability only. You would also know a trend that is similar to auto insurance in which marine insurers offer 24/7 on-water and on-road towing services. In this post, we will be looking at the types of boat insurance coverage you should ask for. We are not, however, saying you will need all the following coverages.

Total-salvage coverage

What if a storm deposits your boat hundreds of yards from the water or you get stuck miles from the dock? These things do happen and it can cost thousands of dollars to retrieve your boat. Even with a basic liability policy, it is good to consider getting total-salvage coverage. This type of boat insurance Cape Coral recommends, will save you a ton of money.

Fuel-spill coverage

Federal law makes you responsible for any fuel spilled, for any reason. Whether the spill is a result of an oil leak or because your boat sinks, you will be responsible for the cleanup. You should consider getting fuel-spill coverage to avoid hefty fines.

Consequential-damage coverage

Tragedies like sinking often result from small parts failing. While they cover sinking, some policies may exclude this coverage if sinking was caused by consequential damage such as a failed seacock or bellows. Keep in mind that some insurers’ consequential-damage coverage is for total loss only. It is good to ask your insurer about their terms on consequential-damage coverage.

Uninsured boater coverage

This coverage is similar to uninsured motorist coverage that some auto drivers buy. The cover offers additional coverage for bodily injuries aboard the boat caused by collision with a hit-and-run boater or when you are hit by a boater that doesn’t have an insurance cover. Consider this cover because many boats are uninsured.

Medical payments coverage

This offers per-person limit of coverage for injuries that occur while aboard your insured boat. Most insurers will cap the payout at $1,000. There are, however, others that offer much higher limits. This type of cover is warranted if you engage in any form of watersports.

Hurricane haul-out coverage

Thanks to its long coastline, Florida frequently finds itself in the path of a hurricane or intense storms. This makes the need for hurricane haul-out coverage important. This cover will pay part of the costs of getting your boat hauled, prepared, and secured down by a professional.

Other coverages you should consider include:

  • Boat trailer coverage
  • Partial loss depreciation waiver
  • Marine electronics endorsement
  • Cruising-extension coverage
  • Watersports coverage
  • Angler coverage

While it is easy to find boat insurance, working with an experienced marine surveyor in Cape Coral will help you find the best insurer and the most comprehensive cover. Always talk to a boat surveyor before committing to any insurance offer.

Boat Insurance Cape Coral

What is the Cost of Boat Insurance Cape Coral?

The best person to answer this question is an insurance broker. However, to avoid being under or over-covered, you will also need the input of a boat surveyor. The role of a surveyor in this is to help you understand the fair market value of your boat and how much it will cost for you to replace it or bring it back to sailing condition. Moreover, before you can be approved for boat insurance Cape Coral trusts, most insurers will require that you provide a survey report from a reputable surveyor. The survey report helps the insurer understand how much to insure your boat and at what rate.

The amount you pay in boat insurance Cape Coral will depend on your selected boat as well as the amount and type of coverage you want. The amount increases with the size of your boat, its horsepower as well as its value. The amount can range from $300 and run into thousands of dollars per year.

An important point to remember is that your selected deductible will determine your responsibility when making a claim. You may be responsible for paying portions of the insurance check after making a claim. Insurance policies typically have a deductible of $250 for property damage, $500 for theft, and $1,000 for medical payments. You can avoid paying anything if you take a claim against these deductibles.

You also need to note that there are additional foundational factors that determine how much your boat insurance will cost. The rate you end up paying may vary depending on the following:

  • Type of boat

Boats with diesel-powered engines and sailboats are less expensive to insure. This is because these vessels are less likely to have problems. Gasoline-powered speedboats are among the most expensive boats to insure.

  • Navigational range

The larger the area you operate your boat, the higher the cost of boat insurance will be. Make sure you know the area that your boat is covered to operate in. There are insurance providers that cover a specific area. If your boat gets damaged in an area outside the specified area, your insurance will be invalid. Apply for insurance that covers the area you operate your boat in and ensure there is room for when you want to venture further.

  • Frequency of use

The more often you use your boat, the more money your insurance company will charge you. Your insurance cover will be cheaper if you only sail a few times a year.

  • Auto insurance record 

If you are not a good driver on land, your insurer will assume you will also be a terrible driver on the water. The main claims you have on your vehicle the more money your insurer will demand when insuring your boat.

  • Age and gender

Just as auto insurance providers consider the age and gender of a driver, marine insurers also do the same. Lower rates are given to women and persons over the age of 27.

These are the main factors that determine how much you pay for boat insurance. Maintaining a good credit score with insurance companies will increase the chances of getting a good deal.

Boat Insurance Cape Coral

Why You Need Boat Insurance Cape Coral

Your boat is your ticket to fun on the water and the best way to make priceless memories with friends and family. It is so important to protect your investment with the right boat insurance. Although it is not mandatory to get boat insurance Cape Coral trusts, getting a cover will keep your investment safe if something goes wrong. You might be a cautious driver, but what happens when an uninsured boat rams you and drives away? You will have to pay for the damages yourself. Having an insurance cover keeps you from incurring such costs. Make sure you work with a boat surveyor to know how much your boat is worth and how much you should cover it.

The main reason you need boat insurance Cape Coral recommends is to be prepared for the unexpected. You spent a fortune on your boat. You should treat it as a member of your family. If anything happens, you want it to get fixed as soon as possible and without straining your finances. You will only be able to do so if you have a boat insurance cover in place.

Just like with your car, some accidents are out of your hands. However, having a backup plan will keep you from losing your boat. The backup plan comes in the form of marine insurance. Yes, you might never need it but having it will give you peace of mind and keep your finances protected when the worst happens.

In 2017, the US Coast Guard reported more than 4,000 recreational boating accidents. This resulted in a whopping $46 million in damages. As you can see, boating accidents are pretty common, and they cost a lot of money.

Homeowners’ policies do offer boat insurance. This coverage is, however, limited in most cases. It is capped out at around $1,000 or 10% of the amount to which your home has been insured. Even so, homeowners’ policies might be sufficient for inexpensive boats. If your boat is quite expensive, you should get a separate cover for it.

As aforementioned, you should start by getting a valuation done. A marine surveyor in Cape Coral will help with this. The survey report will let you know how much you should cover your boat for. Next, you need to contact an insurance provider that offers marine insurance. Again, make sure you understand what the policy will cover before you commit.

You will have to get boat insurance in Cape Coral if you own:

  • A yacht
  • Jetboat
  • Personal watercraft such as a jet ski
  • Large sailboat
  • Any vessel with a speed of more than 25mph

This means you don’t need insurance for a canoe, kayak, inexpensive boats or boats with a small outboard engine. But, again, always involve a marine surveyor to know how much insurance you should get for your boat.

Boat Insurance Cape Coral

Boat Insurance Cape Coral – Answers to Common Questions About Boat Surveys

One of the things you will be required to do when applying for boat insurance Cape Coraltrusts is to get a boat survey. But are the two related? The answer is yes. Your insurance company will want to know how much your boat is worth before deciding how to insure it and how much you should pay in premiums. So let’s take a look at other common questions about marine surveys.  

Which are the main types of marine surveys?

There are many types of marine surveys available. The survey you end up getting will depend on what you need the survey for.

  • Insurance survey

Before being qualified for boat insurance Cape Coral recommends, you will have to get a survey done. An insurance survey is very basic because it looks at the list of items requested by an insurer. However, the primary focus here is the overview of the boat’s condition. This information is needed before a boat insurance cover is offered.

  • Finance survey

This is like an insurance survey, only that marine mortgage lenders or financial institutions request it. A marine survey must be done before the lender signs off on finance. This is done when using your boat as collateral.

  • Pre- or post-transport survey

Whether you buy a brand new or a used boat, you will benefit from this survey if the vessel has to be transported. The survey looks at the condition of a vessel before or after it has been transported. It is used for insurance purposes.

  • Pre-purchase survey

This is also referred to as a full condition survey. It is the most comprehensive type of boat survey. The surveyor will check everything and even perform a sea trial. Different boats have different requirements for what has to be inspected in a pre-purchase survey.

Who pays for the survey?

The person who hires a surveyor is the one who pays for their services. For example, following an accident, your insurer will send their surveyor to assess the extent of damage to your boat. In this case, the insurer will be the one footing the bill.

Who should you hire to survey your boat?

Choosing a boat surveyor is not something you must ever rush. You need to take your time to ensure you find someone that will give you a comprehensive survey report. The surveyor you hire should be registered with an official surveying organization, have specific experience surveying the type of boat you are interested in and provide clear and comprehensive survey reports.

Buying a boat is a huge investment. Make sure you get your vessel surveyed properly before making an offer. You should also get boat insurance in Cape Coral to protect your investment.

Boat Insurance Cape Coral

What is the Cost of Boat Insurance Cape Coral?

As you get ready to buy a new or used boat, you need to think about insurance. While it is not mandatory to buy insurance, having an insurance cover gives you peace of mind while your boat is on the dock or out in the sea. All in all, you must ensure you buy the right boat insurance Cape Coral trusts. Working with an experienced marine surveyor will help you know how much your boat is worth. This information will help buy the right boat insurance policy.

On average, boat insurance Cape Coral trusts generally costs between $200 and $500 per year. This cost can, however, be higher or lower. Many factors determine the insurance rate you get. These factors include the following:

  • The value of the boat
  • Engine type
  • Age, length, and category of the boat
  • Location of boat use
  • Boat owner’s past claims
  • Place of boat anchorage
  • The boating experience level of the boat owner

These are not the only factors that are considered. At times, the boat owner may consider the driving record of the boat owner. If you have been convicted of a DUI, you might end up paying higher premiums. Taking a safe-boating course can, at times, help you get better boat insurance rates.

While the cost of insuring your boat can be a tad intimidating, it is good to note that there are several strategies you can use to bring the costs down. Some of the discounts you should look for include the following:

  • Bundle multiple policies. Getting boat insurance from the insurer that insures your boat will help you qualify for discounts. You must, however, make sure that the insurer specializes in boat insurance. You don’t want to get mediocre coverage, do you?
  • Getting a fire extinguisher that the Coast Guard approves can help bring the cost of insurance down.
  • Completing water safety and boating courses will make you a more competent boat owner. As a result, your insurance rates may be discounted.
  • If you haven’t filed any claim for several years, you may qualify for a more favorable insurance rate.
  • Diesel-powered boats are less problematic. You may get a better rate if your boat has a diesel engine.

As you can see, many factors determine how much you pay for boat insurance in Cape Coral. Comparing rates from various insurance companies will help get a better deal. You also need to make sure you understand your boat inside out so that you know what to insure. An experienced marine surveyor can help with this.

Boat Insurance Cape Coral

Guide to Help You Find a Boat Insurance Cape Coral Trusts

Immediately after buying a boat, you need to make arrangements for boat insurance Cape Coral depends on. While it is not a requirement to get boat insurance, it is a worthy investment that will protect your investment. Some waterway authorities and marinas will specify having at least a third-party liability cover. In addition, when using your boat as collateral, many marine mortgage providers will require you have insurance. Insuring your vessel is simply plain good sense. But how do you go about choosing an insurance cover?

Find the right insurer

The first step is obviously to find a reputable insurer. An experienced boat surveyor can help with this. As with houses and cars, there are hundreds of marine insurance companies to pick from. The good news is the internet makes it easy to compare policies, read reviews and find the boat insurance Cape Coral recommends. You must, however, not fixate on the final price. You have to consider other factors, including what is included in a cover and limitations.

The secret to finding the right cover is to identify the most expensive component on your boat and then find a policy that includes cover for damage to those components. You will need a marine survey for this. A surveyor will help you identify the most expensive components on your vessels and give you an idea of how much coverage you should get. Take note of the exclusions in your selected cover. You also want to make sure your insurer is registered to offer marine insurance.

Know what is in the cover

Each policy is unique. It is tailored to specific boats, locations, owner’s experience, cruising grounds and onboard technologies. All policies offer at least a third party liability damage, while comprehensive policies cover against such things as sinking, theft, fire damage, bodily injury, stranding and collisions. Many comprehensive policies also include equipment like sails, engines, hulls, machinery and furnishings.

Some important questions to ask an insurer include the following:

  • Do I need a specific condition survey done? If yes, do you accept reports from an independent marine surveyor?
  • Does the policy include ‘New for Old’ deductions?
  • When filing a claim, will the insurer agree to replace parts or the boat with those of similar condition and age?
  • Which equipment or parts are subject to deductions due to their age or condition?
  • Do you restrict the use of the vessel? For example, do you restrict night sailing or single-handed sailing?

It is prudent to discuss what will not be included in the policy. Exclusions typically include willful misconduct, wear and tear, loss caused by rust, and depreciation of the value because of age. Again, involving a marine surveyor in Cape Coral will help you understand the factors that will affect premiums.

Boat Insurance Cape Coral