Category: Boat Insurance Cape Coral

You wouldn’t feel comfortable driving your car without insurance, would you? Why then would you want to risk not buying boat insurance Cape Coral. The main purpose of an insurance cover is to help you feel at peace. Insurance ensures that you never pay money out of your own pocket in case of an accident. It gives you the much-deserved peace of mind you need to feel proud as a boat owner. All in all, for you to reap the most benefits from boat insurance, there are a couple of things you should do.

Find the best insurance company and agent

Applying for boat insurance Cape Coral is easy. Getting your claims honored is a whole different story. There are many insurance companies known to promise one thing and never deliver. You don’t want to end up in their hands. To ensure you never have to deal with frustrations when the worst happens, make sure you choose an insurance company that has a great reputation insuring vessels like yours. You also want to get the contacts of an insurance agent that will never disappoint you in your time of need. Take time to read reviews about the insurance company you are considering before committing. You can consult a marine surveyor or broker to find the best insurance companies in your area.

Avoid voiding your insurance

Never be too excited to read through the insurance policy. Always take a step back and read through everything. The policy gives details on how you can void your boat insurance. You can void your insurance through criminal or negligent acts. This will include boating recklessly and boating while intoxicated. You should also take a boating course and follow the same rules you follow for safe driving.

Ensure you have adequate insurance

When submitting an application for boat insurance, your insurer will send their own marine surveyor to evaluate your boat. The aim of the inspection is to understand the condition of the boat and determine its fair market value. This information is used by the insurance company to determine how much to insure your boat for. In special cases, if your boat is too old or too damaged, the insurance company may refuse to insure it. It is always good to get a second opinion from your own boat surveyor. An independent survey will help you know if your insurer is offering the right amount of cover.

While you might never need it, having good insurance is very important. Always take time to compare covers from different companies before committing to any one insurance company. You also need to make sure you commit to an insurance company that specializes in boat insurance.

Boat Insurance Cape Coral

Buying a boat, whether new or used, is always an exciting journey. This is more so when you imagine yourself sailing on the open water with family or friends, or enjoying a peaceful alone time surrounded by nothing but the deep blue. However, before you buy a boat, it is good to think about boat insurance Cape Coral.

While the process of securing marine insurance may seem involving, there are experts to help. Some of those experts are marine surveyors in Cape Coral. Involving a surveyor in the purchase process will help you understand the condition of the boat you are buying and how much you can expect to pay in insurance premiums. The surveyor can also answer any question you may have to clear common misconceptions. With that out of the way, let’s take a look at what you need to know about getting a quote for boat insurance Cape Coral.

Set a budget

When shopping for a boat, most people only budget for the cost of buying the boat. They forget about the other expenses like maintenance, registration and insurance. While shopping for the best speedboat, fishing boat, yacht, sailboat, or any other watercraft, you must never forget to budget for boat insurance. Talk to a boat insurance agent and get a quote for marine insurance. This information will help budget accordingly and also help you know which type of boat lies within your financial reach. For example, if you plan on buying a yacht and the insurance premiums are too high, a yacht may not be the perfect boat for you.

Involve your own surveyor

Once you contact an insurance company, they will send in their own surveyor to assess your boat. The objective is to determine the fair market value of the vessel so that the insurance company can determine if it is worth insuring and for how much. To avoid being under-insured, always involve your own marine surveyor in Cape Coral. The surveyor will help you know which cover to choose and if the policy given is ideal for your type of boat.

Another reason why you should involve your own boat surveyor is so as to know if you are making a good investment or not. The survey report will reveal every issue that the vessel has as well as the cost of getting those issues fixed. That information can help you either avoid making a bad investment or use it during negotiations.

Getting marine insurance is of utmost importance. While you may never need it, you will be happy you had it when something happens to your boat.

Boat Insurance Cape Coral

Getting boat insurance Cape Coral is not always a priority for most boat owners. This is more so after having a boat for some time. Some people feel they never get to file a claim and thus start doing away with insurance covers. The fact you need to understand about insurance is that it is better to have it and never need it than to not have it and need it. If you are torn between buying boat insurance and going with it, here are the top reasons why you should consider the former option.

Peace of mind

The primary purpose of insurance is to grant you peace of mind. There is nothing worse than having to worry about paying for damages out of pocket. Needless to say, some damages can be very expensive to repair. Having boat insurance Cape Coral will give you the peace of mind that comes with knowing that your boat and finances will be protected. However, to get the best cover, you have to work with an independent marine surveyor Cape Coral. Don’t just rely on the report of the surveyor sent by the insurance company. Getting an independent survey done will help you understand your boat better and help you know which cover will be ideal for you.

Protects your finances

If your boat breaks down in the middle of the ocean or lake, you will have to pay heft towing fees. The case is the same if your boat sinks. Repairing some damages, more so after hitting submerged objects, will cost an arm and a leg. To keep yourself from getting into debt or having to ground your new boat, you need the right insurance cover to protect your finances.

Ensures family and business stability

Imagine you hit another boat and caused serious damages to it. The owner of the other boat wants compensation but you did not have boat insurance in place. To get out of this tricky situation, you may have to take out a loan. Loans can really set you back. Having an insurance cover means this will never happen. Following an accident, your insurance company will compensate the other party and take care of damages to your boat. This can save you from a lot of headaches and ensure the accident never brings you, your family and your business to the ground.  

Even where getting boat insurance is not mandatory, having an insurance cover in place is the right thing to do. The key, however, is to make sure you get the right boat insurance Cape Coral. Needless to say, the services of an independent marine surveyor can help understand your options better.

Boat Insurance Cape Coral

About 40 to 50 percent of boaters are uninsured. This is primarily because of high premium costs and high deductibles. These issues are mainly caused by the lack of understanding of the details. Some boaters do not know why they actually need boat insurance Cape Coral. Whatever your reasons for not getting insurance are, this post is for you.

Accidents are unavoidable. When enjoying a cruise, it is easy to turn away for a second and end up running through the hull of another boat. Will you have the money to pay for the repairs? Can you afford to foot the medical bill of everyone on your boat and on the boat you just rammed? This is why you need boat insurance Cape Coral. While you may never need it, when an accident happens, you will be glad you had insurance. It is better to have an insurance cover and not need it than not to have one and need it.

When is insurance needed?

With that out of the way, let’s take a look at when you need insurance. Your marine surveyor in Cape Coral will help you know how much your boat is worth. This information is very important when applying for boat insurance. This is because you don’t want your boat to be under- or over-covered. Your surveyor will also be happy to inform you about the factors that will affect the premiums and which is the best cover for you.

You should get insured as soon as the vessel is titled to you. If you bought a yacht, they will be en route from the factory but already in your possession. That is why you need to get the vessel insured as soon as it is titled to you.

You should get boat insurance whether the vessel is financed or owned outright. For this, you will have to work with an agent who represents underwriters specialized in marine assets. If the vessel is financed, the lender will be added to the policy as well as the marine the vessel will be kept.

Just like your car insurance, you have to protect your boat against third-party damages. This is in case of sinking or an accident. You have to always think beyond the value of your vessel. Think about environmental cleanup protection and medical coverage. Your insurance will also cover the cost of raising and removing your boat if it sinks as well as the cost of cleanup if oil leaks. Ensure you get a policy that covers salvage and don’t forget to review liability limits that will keep an insurance cost affordable.

To get the best cover in boat insurance Cape Coral, always enlist the help of a marine surveyor Cape Coral. His input will guarantee that you end up with the best cover for your type of boat.

Boat Insurance Cape Coral

Dock talk rarely turns to boat insurance. Boaters would rather brag about details like the bottom paint they have chosen for their boat or other obtuse nautical details. So how do you get information about boat insurance Cape Coral? Do you have to go in blind? The answer is no. There are so many resources you can use to find out more about boat insurance. You can start by talking to a marine surveyor in Cape Coral. The surveyor will offer vital information on boat insurance and what you need to do to get the best deal. In this post, our focus will be on the things that affect the cost of boat insurance.

Findings of a boat surveyor

Most insurance companies will require that you provide a survey report before they can insure your vessel. The purpose of the survey is to help the insurance company know if your boat is a good or bad risk. Insurance companies often provide a list of items that will have to be reviewed by a marine surveyor. What is included in the survey report will have an impact on whether your boat will be insured and how much premiums you will have to pay. If a boat has too many problems, you can expect to pay high premiums on boat insurance Cape Coral.

Size, value, type and age of the vessel

The bigger the boat is the higher the insurance premiums you will have to pay. The case is the same if your boat is very old. If you went for a pre-owned vessel, the insurer may require that you provide current and period survey to help them know if the boat is still seaworthy. Higher performance boats attract higher insurance premiums because of the risk that goes with them.

Where you use the vessel

Your insurance provider will want to know where you plan on operating the boat. If you will be using it in an area that is prone to hurricanes, you can expect to pay premium rates. The good news, however, is that there are some endorsements available for certain geographies and seasons. For example, you can get ‘Port Risk’ insurance if you will not be using the boat. If the boat will be stored ashore, you can qualify for a reduced cost.

Chartered and professionally crewed vessels

Do you plan on using your boat for commercial purposes? If you are, you will pay higher premiums for it. This is because there is a liability for carrying paying passengers and the boat will get more use. Licensed crew members are required for chartered vessels and this has to be added to the policy.

As you can see, there are many things that have to be looked at when calculating the cost of boat insurance Cape Coral. Never rush the process. Take time to understand your options before making a decision. An experienced marine surveyor in Cape Coral can be a great source of information.

Boat Insurance Cape Coral

Applying for boat insurance Cape Coral is not as straightforward as you may think. There is a lot that has to be done including getting a survey report from a marine surveyor. You have to make sure the surveyor is approved by the insurance company you plan on using. You then need to take time to go through the insurance policy. Take note of what is included and what is excluded. In this post, we will be taking a look at the main points you have to keep in mind when applying for boat insurance.

What is covered by a boat insurance?

Understanding what will be covered by the boat insurance Cape Coral is the most important thing. When deciding whether to offer a policy or not, the insurer will consider a number of factors among them:

• Length of the boat
• Age
• Value
• Speed/horsepower
• Condition
• Where the boat will be used primarily
• Number of owners
• Type of boat
• If a boat is a primary residence or not

Your boat surveyor will help you understand how all the above factors have to do with boat insurance.

When you need the best protection, what you will need is an all-risk policy. It is, however, good to note that an all-risk policy will not cover every type of loss. It covers any risk that is not omitted specifically in the policy. The key items that are excluded from an all-risk policy include:

• Denting
• Wear and tear
• Animal damage
• Design defects
• Ice & freezing
• Manufacturer’s defects
• Marring

Types of boat insurance

You will also need to understand the various types of boat insurance that are offered. The most common types are:

• Specialized coverage. This covers something that is specific on your boat such as navigation equipment or a costly prop
• Salvage. The coverage pays to get your boat removed as a result of minor to substantial damage.
• Consequential damage. This covers loss resulting from wear and tear and not an accident.
• Towing. Towing a boat can cost about $400 per hour. This type of insurance covers this cost.
• Cruising extension. Do you plan on leaving the United States to the Bahamas or Mexico? If you do, you should consider applying for a cruising extension policy.

Insurance claims

After applying for insurance, you always hope you will never use it but it always feels good knowing it is there. While you don’t need to carry proof of insurance on the boat, it is good to have claim information close for times of emergency. You also need to speak with your boat insurance Cape Coral agent to learn how the process of filing a claim goes. Ask if the agent will be available to help deal with the aftermath of a claim such as making plans for salvage or towing.

Boat Insurance Cape Coral

If you have a boat, you know nothing is more important than the cool breeze and warm sun on the water. This can, however, be taken away if your boat is damaged. Considering it costs a lot of money to handle repairs, you need to apply for a boat insurance Cape Coral to protect your asset and finances. Buying boat insurance will give you and your passengers the peace of mind they deserve while taking a ride on your boat.

Insurers offer varying products when it comes to boat insurance Cape Coral. Understanding what is covered and what is not will help you better understand your options. Working with a marine surveyor in Cape Coral will further help you get a comprehensive insurance survey and give you a complete list of everything that will be covered.

• Property coverage

Your policy may include property coverage. This protects your vessel against theft and damage due to sinking or accident. The coverage applies whether the boat is on land or on water. You will have to choose between replacement cost coverage or actual cash value. A marine surveyor will be able to let you know how much your boat is actually worth. He can also advise on whether to go with actual cash value coverage or replacement cost coverage.

• Liability coverage

The purpose of this coverage is to protect you against damages caused by your boat to someone else’s property such as injuries to someone or damage to another vessel. When this happens, the liability coverage will pay for the damages. Liability coverage may also include coverage for problems that are caused by your vessel like a large wake. It also covers legal fees if you are ever sued.

• Medical payments coverage

If you or a passenger on your boat gets injured, your medical payments coverage policy will take care of the bills. The coverage covers injuries that occur after a boating accident.

• Uninsured watercraft coverage

Not every boat on the water is insured. That is why it is a good idea to get uninsured watercraft coverage. If you are ever hit by a boat that is uninsured, the uninsured watercraft coverage will pay for medical bills.

As aforementioned, as you apply for boat insurance Cape Coral, you have to remember that insurers are not the same. You also should never assume what is covered and what is not. The reason you need the input of a marine surveyor is so as to understand the exact condition of your boat before purchasing an insurance cover. When buying a used boat, a boat survey will further help you know if you are making a wise investment or not.

Boat Insurance Cape Coral