About 40 to 50 percent of boaters are uninsured. This is primarily because of high premium costs and high deductibles. These issues are mainly caused by the lack of understanding of the details. Some boaters do not know why they actually need boat insurance Cape Coral. Whatever your reasons for not getting insurance are, this post is for you.
Accidents are unavoidable. When enjoying a cruise, it is easy to turn away for a second and end up running through the hull of another boat. Will you have the money to pay for the repairs? Can you afford to foot the medical bill of everyone on your boat and on the boat you just rammed? This is why you need boat insurance Cape Coral. While you may never need it, when an accident happens, you will be glad you had insurance. It is better to have an insurance cover and not need it than not to have one and need it.
When is insurance needed?
With that out of the way, let’s take a look at when you need insurance. Your marine surveyor in Cape Coral will help you know how much your boat is worth. This information is very important when applying for boat insurance. This is because you don’t want your boat to be under- or over-covered. Your surveyor will also be happy to inform you about the factors that will affect the premiums and which is the best cover for you.
You should get insured as soon as the vessel is titled to you. If you bought a yacht, they will be en route from the factory but already in your possession. That is why you need to get the vessel insured as soon as it is titled to you.
You should get boat insurance whether the vessel is financed or owned outright. For this, you will have to work with an agent who represents underwriters specialized in marine assets. If the vessel is financed, the lender will be added to the policy as well as the marine the vessel will be kept.
Just like your car insurance, you have to protect your boat against third-party damages. This is in case of sinking or an accident. You have to always think beyond the value of your vessel. Think about environmental cleanup protection and medical coverage. Your insurance will also cover the cost of raising and removing your boat if it sinks as well as the cost of cleanup if oil leaks. Ensure you get a policy that covers salvage and don’t forget to review liability limits that will keep an insurance cost affordable.
To get the best cover in boat insurance Cape Coral, always enlist the help of a marine surveyor Cape Coral. His input will guarantee that you end up with the best cover for your type of boat.