Applying for boat insurance Cape Coral is not as straightforward as you may think. There is a lot that has to be done including getting a survey report from a marine surveyor. You have to make sure the surveyor is approved by the insurance company you plan on using. You then need to take time to go through the insurance policy. Take note of what is included and what is excluded. In this post, we will be taking a look at the main points you have to keep in mind when applying for boat insurance.
What is covered by a boat insurance?
Understanding what will be covered by the boat insurance Cape Coral is the most important thing. When deciding whether to offer a policy or not, the insurer will consider a number of factors among them:
- Length of the boat
- Where the boat will be used primarily
- Number of owners
- Type of boat
- If a boat is a primary residence or not
Your boat surveyor will help you understand how all the above factors have to do with boat insurance.
When you need the best protection, what you will need is an all-risk policy. It is, however, good to note that an all-risk policy will not cover every type of loss. It covers any risk that is not omitted specifically in the policy. The key items that are excluded from an all-risk policy include:
- Wear and tear
- Animal damage
- Design defects
- Ice & freezing
- Manufacturer’s defects
Types of boat insurance
You will also need to understand the various types of boat insurance that are offered. The most common types are:
- Specialized coverage. This covers something that is specific on your boat such as navigation equipment or a costly prop
- Salvage. The coverage pays to get your boat removed as a result of minor to substantial damage.
- Consequential damage. This covers loss resulting from wear and tear and not an accident.
- Towing. Towing a boat can cost about $400 per hour. This type of insurance covers this cost.
- Cruising extension. Do you plan on leaving the United States to the Bahamas or Mexico? If you do, you should consider applying for a cruising extension policy.
After applying for insurance, you always hope you will never use it but it always feels good knowing it is there. While you don’t need to carry proof of insurance on the boat, it is good to have claim information close for times of emergency. You also need to speak with your boat insurance Cape Coral agent to learn how the process of filing a claim goes. Ask if the agent will be available to help deal with the aftermath of a claim such as making plans for salvage or towing.