Buying a boat requires a significant investment. This is more so if you are going for a yacht. Whether you are buying used or brand new, you must be prepared to spend a considerable amount of money. However, to keep your investment safe, you need first to bring in an experienced boat surveyor to assess the condition of the boat. That way, you will avoid spending your hard-earned money on the wrong boat. Second, you need to buy yacht insurance Cape Coral trusts. While you might never need to file a claim, having an insurance cover not only keeps your investment safe but also gives you much-needed peace of mind. But which type of boat insurance should you get?
Boats are very unique because they involve different areas of insurance. The areas range from collisions to personality liability to theft and more. Because of this unique blend, you have to understand the type of coverage you will need before you start shopping around for yacht insurance Cape Coral. Here are some common types of boat insurance that are available.
Comprehensive
Just as the name implies, a comprehensive cover is an overarching coverage. It pays for a wide range of damages that are not caused by a collision. The cover will take care of such things as tide damage, theft and vandalism.
Collision damage
This is a great cover to take more so if you operate your boat in a busy harbor. The cover takes care of costs that are related to the repair and replacement of a boat following a collision. It is common for this cover to be bundled with a homeowner’s policy. However, it doesn’t include wreckage cleanup or towing expenses. You will require a separate cover for towing and clean-up.
Salvage
The cover pays for the removal of a boat in case of damage or wreck. The cover is important especially when you consider towing can cost as much as $400 per hour. Including the salvage, the cover will help avoid the high costs that come with salvage after a collision. Salvage cover is the same as ‘roadside assistance.
Property damage
What happens if your boat rams into the dock, another boat or other property and damages them? If you don’t have a property damage cover, you will pay for the damages caused from your pocket.
Injury
This cover will take care of the costs related to damage you cause to a person while boating. This includes their medical bills, legal expenses as well as pain & suffering.
Other types of cover you should consider getting include:
- Personal property
- Specialized
- Consequential damage
- Additional circumstances
- Cruising
Getting boat insurance in Cape Coral is very important. However, to avoid being under- or over-covered, consider working with an independent marine surveyor during an insurance survey. Don’t put too much trust in the surveyor sent by your insurance provider.