Mexican Boat Insurance 101

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If you are planning to bring your boat to Mexico, here is an ultimate guide to everything that you need to know.

What is Boat Insurance?

In simple terms, boat insurance is an agreement between you and your insurance company. This agreement covers all the clauses related to your watercraft and trailer and any damage that your boat and its equipment could cause to others.
Just like you are required to have Mexican auto insurance, you must have boat insurance in Mexico. If you get involved in an accident and end up hurting/damaging the others’ property, you must either be in a position to take complete financial responsibility or must be covered by a valid insurance plan. Failure to meet this could also land you in jail, as per Mexican laws. Additionally, your boat will be impounded until all the associated faults and damages are handled.

Things Covered in Watercraft Liability Insurance

If you choose to go for watercraft liability insurance, it is important to keep in mind that it doesn’t cover theft or the damages caused to your boat. It doesn’t even cover the injuries incurred by your boat occupants.
Instead, the policy only covers the damages and injuries that your boat has caused to other property and people.
It is important to mention here that your boat insurance issued in the US or Canada is not recognized in Mexico. To be on a safer side, your insurance must be issued by a company that is authorized by Mexico National Insurance Commission.
An ideal Mexican insurance policy should cover the damage caused by your boat to other property, injuries that it caused to other people, and any fee associated with the bail bond and legal representation.

Working of Boat Insurance

The entire working of insurance is pretty simple. When you buy boat insurance on your own or through an insurance agent, you will be required to provide answers to a few basic questions related to you, and your boat, and the kind of coverage that you are looking for.
The answers to these questions will impact the final insurance price of our boat. Then, in an event when you get into an accident, you will be required to file a claim to enjoy the insurance advantages.

Mexican Boat Insurance Pricing

The price of your Mexican boat insurance is influenced by a range of factors. It ultimately depends on how likely it is that your boar will get into an accident.
Some of the parameters that will likely impact its price include:

  • Claims history

If you have no record of incurring any related accidents, you will be considered to be less likely to have an on-water accident.

  • Type of boat

The build and model of your boat will also impact your price. Speedy boats and the newer ones cost more.

  • Boating experience

The longer you have spent on the water, the better it is!

The Next Steps

As you can see, boat insurance in Mexico is important. Buy a suitable plan for you online. Contact us to learn more.


Before you go...

Did you know our insurance partner, Baja Bound, has over 20 years of trust in the Mexican insurance industry? Get great insurance coverage in less than 5 minutes and see why they have so many happy customers.

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SmartGringo thanks you for being awesome, you are being redirected to our exceptional insurance partner, Baja Bound.  You'll be able to get your insurance online through them, and they're around in case you have any questions.   The agents there love insurance and LOVE Mexico!