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.