Planning a boat trip can be both exciting and nerve-wracking. You need to ensure a set of things – your boat is in perfect shape, you have all the navigation skills polished, you have zeroed in the right time of the year for travel, and you are ready to set sail and go. What else? You also need to get all the travel documentation right. Mexico is a beautiful place with a long coastline and inland waterways that you can enjoy to the fullest only if you have the necessary boat permits. And this requires you to have Mexican boat insurance.
While you may have existing boat insurance, in most cases, it will not be considered valid in Mexico. You need Mexican boat insurance that is authorized by the Mexican government. While boat insurance can be pretty expensive in usual cases, Mexican insurance companies can provide you with short-term flexible boat insurance products that will be just right for your trip. But remember that cost should not be the sole factor for decision-making when you search for the best Mexican boat insurance.
The purpose of the insurance is not just to get an entry pass to Mexican waterways but also to protect you and your boat from any possible damage or unfortunate incidents.
Mexican boat insurance can provide coverage for
• Liability coverage
• Theft protection
• Compensation for damages in an accident
• Additional services like towing assistance, evacuation, and so on
Types Of Boat Insurance In Mexico
• An Agreed value type of insurance will provide you coverage based on the boat’s value when you commit to the insurance policy
• The Actual Value type of insurance will provide the coverage based on the present value of the boat, considering any depreciation of value from the date the policy was subscribed. While these policies have lower upfront charges, you could get less coverage as your boat ages. But considering that you might be taking your insurance for a short period for your trip, this could be the better option as well. Do evaluate your particular needs and choose the insurance accordingly.
A deductible is another factor that could affect your boat insurance premium costs. It is the set limit of the amount that you may have to shell out on your own for getting your boat repaired in case of an accident. For instance, if the deductible is set to $1000 and the repairs cost $6000, you will be paying $1000, and the insurance company will pay for the rest $5000. A higher value of deductible usually correlates to a lowered premium cost.
Get quotes from various Mexican insurance providers and carefully compare and evaluate your options on SmartGringo. Pay attention to their quality of customer support, language preferences, trust score ratings, customer testimonials, and more to get a good idea of the authenticity of the insurance provider.