Boat Insurance Guide: Coverage and Costs

Boat Insurance Guide: Coverage and Costs

Enjoying water sports is one-of-a -kind experience, especially when you are having fun in your own boat. Cool breeze, warm sun – what more can one ask for?
It goes without saying that your boat is a valuable possession for you, and this is the reason that you don’t want to get it damaged.
However, if you want to float on it worry-free, it is essential to get the right boat insurance coverage in Mexico.

What is Mexican Boat Insurance?

Similar to other kinds of insurances, Mexican boat insurance provides insurance coverage for you and your boat, in an event when something worst happens. Depending on your policy and coverage type, boat insurance can include coverage for damage to your boat and its equipment and if it damages other people or boats.

Insurance Factors

You can insure all kinds of vessels – although for a price. Most insurers keep a lot of factors into consideration before offering you a policy. Some of these factors include:

  • Length of boat
  • Age
  • Value
  • Its operating modes
  • Ownership (the boat is owned by how many owners)
  • Type of boat (think of saltwater fishing boat, inboard, outboard, cruiser, bass boat, utility and the like)
  • Primary residence
  • Homemade (these boats do not have a serial number and insuring them could be tough)
  • Speed and horsepower of the boat

Types of Boat Insurance Coverage

The boat insurance coverage varies based on the type of policy. However, some of the commonly offered boat insurance coverage options include:

Specialized coverage

This coverage insures a certain specific part of your boat like navigation equipment or an expensive prop

Cruising extension

This extension is a must if you are entering Mexico from the USA

Towing

If you decide to get your boat towed across a water body to a safe place, it can cost around $400 per hour

Consequential damage

This coverage covers your boat in an event of wear and tear rather than an accident

Making Insurance Claims

We really hope that you never need to make any boat insurance claims. But if you are required to do so, it is always recommended to keep yourself prepared. You could skip carrying proof of insurance on your boat but you are required to keep all the related information handy so that you can use it when needed.
While buying a policy, make yourself aware of how things work and how claims are made. Ideally, it should be pretty straightforward and easy. Also, ask your policy provider is an agent will be able to help you deal with the processes in case of an accident.
Naturally, you would also expect them to help you in handling the aftermath of a claim like towing your boat to a safe location, and the like.

Finding the Best Boat Insurance

Start your hunt for the best boat insurance by focusing on facts. Ask your friends and relatives about the best boat insurance company and how their claims are handled.
For more information, contact us today.