What Affects the Cost of 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