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
Marine surveyor Cape Coral performs inspections of vessels of all types for pre-purchase evaluation, insurance eligibility, insurance claim resolution and regulation compliance. A marine survey is a comprehensive check-up of a boat. To get a reliable valuation, you first need a professional survey. This post will help you understand the key reasons why you need a boat survey.
Peace of Mind
Paying for a professional marine survey is investing in peace of mind. The open water can be a treacherous place, subject to the whims of weather and bad luck. A survey gives you a clear picture of what you are getting into before buying a used boat. The report from a boat surveyor Cape Coral will help you learn of what you will need to maintain to keep you and your family safe and your investments secure.
Know the Condition of the Boat
For the most part, the purpose of the survey report is to ascertain the marine vessel’s condition and its history. Marine surveyors inspect and report on damage to ships and boats. The surveyor assesses all aspects of the vessel from structural, rigging, plumbing, electrical and mechanical components when the boat is both on and off the water. The report’s details will also let you know the fair price you should pay for the vessel. A great marine surveyor Cape Coral must remain unbiased in every boat assessment. As a result of this, it is imperative to listen to a marine surveyor’s feedback carefully.
Required by Insurers
The majority of marine insurers require a complete survey to be done before they insure a pre-owned vessel. Different types and makes of boats have recurring problems and requirements. An experienced boat surveyor Cape Coral will be familiar with most models and advise you accordingly on your purchase’s long-term suitability. Once the marine survey is done, you will figure out whether there are any major or minor repairs to be done, how much it will cost to do the repairs, and, more importantly, the boat’s current market value.
After a comprehensive marine survey, a report will be generated for you. It will entail details of the current market value of the vessel and its present condition. This will help you with the insurance and help you know if you are making a sound investment. The survey can also help you secure funding if you plan on financing the purchase. For a reasonable valuation, you need the services of an experienced, qualified and reliable marine surveyor Cape Coral. You need a surveyor that will give you an ocean of advice and information that best suits your needs.
Marine Surveyor Cape Coral
If you are in the market to buy a used boat or sell yours, then hiring a marine surveyor Cape Coral is necessary. The role of a marine surveyor is to inspect the boat from top to bottom and inside out. The surveyor will then prepare a report that helps you know the boat’s exact condition, what repairs or upgrades will be necessary, and the actual value of the boat. The information will help avoid unpleasant surprises and expensive repairs. When getting ready for a marine survey, you will have to do a couple of things.
Determine if you need a survey
If you are buying a brand new boat, a marine survey may not be necessary. However, the survey may be crucial when buying a big and very expensive boat to help you monitor a new build and get pre-delivery inspections. On the other hand, if you plan on buying a used boat, hiring a boat surveyor Cape Coral will be extremely important. To answer the question on Yahoo Answers on the reasons why you need a professional survey on a used boat, here are the main reasons:
- The surveyor knows the systems and components of a boat and will see problems that your untrained eye will easily miss.
- The survey will help you know the upgrades and repairs necessary to make the boat safe.
- You will know the exact condition and performance of the boat before spending money on it.
- The surveyor will help you know if the boat is worth the listed price.
- Insurers and lenders will require a survey report.
- Getting a survey done will help you avoid making a bad investment.
Know the type of survey that you need
There are several types of marine surveys. The one you select will depend on your needs. The main types of surveys are:
- Pre-purchase surveys
- Insurance survey
- Engine survey
- Rigging survey
- Appraisal survey
- Damage survey
It is good to know which type of survey you need so that you can hire the right marine surveyor Cape Coral. Make sure the marine surveyor you are hiring has experience offering the types of surveys that you need.
Understand the survey costs
Knowing how much the survey will cost is very important. The cost of the survey will depend on the type of inspection that you want. Understanding the average cost of a marine survey will help with both budgeting and negotiating with the surveyor you hire. This knowledge will also keep you at ease, knowing your surveyor is not exploiting you.
You need to complete these three steps before you start searching for a boat surveyor Cape Coral. Always hire a surveyor with a good reputation and experience surveying vessels similar to what you are interested in.
Marine Surveyor Cape Coral