Mexican Boat Insurance 101

Mexican Boat Insurance 101

Aren’t boats the epitome of an adventurous lifestyle? Be it a ride into the open sea or a lakeside fishing trio, a boat feels close to home when you are in the water. So besides caring for your boat, making sure it is maintained well, and learning all the boat operating techniques and guidelines, there is one more important thing you need to do. 
You have to insure your boat to feel safe wherever you set sail to. Proper boat insurance makes sure you are protected in case of accidental property damages, injuries, and any related legal fees. 
The last thing you need to worry about would be unexpected costs when you go on a worry-free leisure boat trip to Mexico.  Acquiring boat insurance is also mandated by certain governments, making it a must-have. 
Mexican laws require proof of financial responsibility when you enter Mexican waters. Proper insurance can serve as this proof document, without which your boat could be impounded by the Mexican authorities. 

Boat Insurances

Boat insurances work a little bit similar to home and auto insurances. In most cases, your insurance services provider will offer damage and accident coverage along with passenger insurance. 
The actual insurance cost could depend on the type, age, size, purpose, engine size, and the overall worth of the boat. For instance, boats used in water sports may need a higher insurance policy compared to an old fishing boat. 
Insurances can also be enhanced with add-ons like fire and flood coverage, personal property insurance, protection from vandalism, and so on. 

Important Aspects of Boat Insurance in Mexico

When you plan to take a trip to Mexican waters, it is best to get these insurances from a Mexican insurance company. In general, when you bring a foreign plated boat into the Mexican waters, you will have to get a temporary import permit first and a Certificate of Maritime Safety from the local harbourmaster. 
To get a permit, you will need to insure your boat with at least the minimum amount of liability set by the Mexican government. The annual premium for boat liability insurance in Mexico starts at approximately $195. 
Gathering the related information beforehand and having an insurance ready will make it easier for you as you cruise into Mexico. Insurance companies will evaluate the cost of insurance based on your boat’s build, age, size, and purpose. Get a quote, evaluate the choices, and make sure you choose the right insurance to sail through Mexico without any worries. 
Here is a list of factors that might help you choose your boat insurance. 

  • Check for all the things covered under the insurance like passengers, crew, property damage, accidental coverages, and all other liabilities covered. 
  • Check if the insurance covers storm damage and any possible natural disasters. 
  • Check for the premium costs and if there are any discounts available for the months when you don’t use your boat. 

You can also seek the help of insurance experts to guide you and get the best insurance to stay safe during your cruise to Mexico.