Your boat is your ticket to fun on the water and the best way to make priceless memories with friends and family. It is so important to protect your investment with the right boat insurance. Although it is not mandatory to get boat insurance Cape Coral trusts, getting a cover will keep your investment safe if something goes wrong. You might be a cautious driver, but what happens when an uninsured boat rams you and drives away? You will have to pay for the damages yourself. Having an insurance cover keeps you from incurring such costs. Make sure you work with a boat surveyor to know how much your boat is worth and how much you should cover it.
The main reason you need boat insurance Cape Coral recommends is to be prepared for the unexpected. You spent a fortune on your boat. You should treat it as a member of your family. If anything happens, you want it to get fixed as soon as possible and without straining your finances. You will only be able to do so if you have a boat insurance cover in place.
Just like with your car, some accidents are out of your hands. However, having a backup plan will keep you from losing your boat. The backup plan comes in the form of marine insurance. Yes, you might never need it but having it will give you peace of mind and keep your finances protected when the worst happens.
In 2017, the US Coast Guard reported more than 4,000 recreational boating accidents. This resulted in a whopping $46 million in damages. As you can see, boating accidents are pretty common, and they cost a lot of money.
Homeowners’ policies do offer boat insurance. This coverage is, however, limited in most cases. It is capped out at around $1,000 or 10% of the amount to which your home has been insured. Even so, homeowners’ policies might be sufficient for inexpensive boats. If your boat is quite expensive, you should get a separate cover for it.
As aforementioned, you should start by getting a valuation done. A marine surveyor in Cape Coral will help with this. The survey report will let you know how much you should cover your boat for. Next, you need to contact an insurance provider that offers marine insurance. Again, make sure you understand what the policy will cover before you commit.
You will have to get boat insurance in Cape Coral if you own:
- A yacht
- Personal watercraft such as a jet ski
- Large sailboat
- Any vessel with a speed of more than 25mph
This means you don’t need insurance for a canoe, kayak, inexpensive boats or boats with a small outboard engine. But, again, always involve a marine surveyor to know how much insurance you should get for your boat.