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