As you get ready to buy a new or used boat, you need to think about insurance. While it is not mandatory to buy insurance, having an insurance cover gives you peace of mind while your boat is on the dock or out in the sea. All in all, you must ensure you buy the right boat insurance Cape Coral trusts. Working with an experienced marine surveyor will help you know how much your boat is worth. This information will help buy the right boat insurance policy.
On average, boat insurance Cape Coral trusts generally costs between $200 and $500 per year. This cost can, however, be higher or lower. Many factors determine the insurance rate you get. These factors include the following:
- The value of the boat
- Engine type
- Age, length, and category of the boat
- Location of boat use
- Boat owner’s past claims
- Place of boat anchorage
- The boating experience level of the boat owner
These are not the only factors that are considered. At times, the boat owner may consider the driving record of the boat owner. If you have been convicted of a DUI, you might end up paying higher premiums. Taking a safe-boating course can, at times, help you get better boat insurance rates.
While the cost of insuring your boat can be a tad intimidating, it is good to note that there are several strategies you can use to bring the costs down. Some of the discounts you should look for include the following:
- Bundle multiple policies. Getting boat insurance from the insurer that insures your boat will help you qualify for discounts. You must, however, make sure that the insurer specializes in boat insurance. You don’t want to get mediocre coverage, do you?
- Getting a fire extinguisher that the Coast Guard approves can help bring the cost of insurance down.
- Completing water safety and boating courses will make you a more competent boat owner. As a result, your insurance rates may be discounted.
- If you haven’t filed any claim for several years, you may qualify for a more favorable insurance rate.
- Diesel-powered boats are less problematic. You may get a better rate if your boat has a diesel engine.
As you can see, many factors determine how much you pay for boat insurance in Cape Coral. Comparing rates from various insurance companies will help get a better deal. You also need to make sure you understand your boat inside out so that you know what to insure. An experienced marine surveyor can help with this.