Let’s admit: Mexican boat insurance is not as commonly talked as car insurance. This is why we are here to answer all your questions that you might have about boat insurance. Let’s get started.
Is it necessary to obtain boat insurance in Mexico?
Although boat insurance is not a mandatory requirement in Mexico, you must have it. This is because similar to car insurance, your US insurance will not be valid in Mexico.
The reasoning is simple – only insurance companies that are registered in Mexico are recognized by the authorities.
For starters, the Mexican insurance laws are entirely different from those of the US and Canada. If you have an accident and are unable to pay for the damages to the other person, you will be taken into police custody until you settle all the dues.
What does Mexican boat insurance cover?
Boat insurance is very similar to auto insurance. There are two popular policies: full coverage and liability-only. You will find that most insurance companies are only only dealing with liability-only policies.
A liability-only policy only covers the damages and cost of injuries of a third-party in case of an accident when you are at fault. It also covers legal fees to present your case and the like.
On the other hand, a full-coverage insurance policy provides complete coverage. Think of coverage in case your boat is stolen, coverage for third parties, damage caused to your boat in case of fire and lightning and the like.
Who can drive my insured boat?
Most Mexican insurance companies require that the respective driver is listed on the concerned insurance policy. Additionally, they must also hold a valid driver’s license. Failing to meet these requirements might prevent you from enjoying the varied benefits of your insurance policy.
How is the cost of boat insurance determined?
The cost of boat insurance varies depending on a range of factors including:
- The age of the driver – drivers who are under 22 years of age may have to pay double
- The value of your boat
- The size and type of your boat – whether it is a powerboat, sailboat, yacht or any other.
Am I covered under boat insurance if I drink and drive?
Regardless of the state, drinking and driving is illegal, including Mexico. Thus, avoid making such mistakes if you want to make the most out of your insurance policy. You will not only lose the coverage but your existing insurance policy could also turn void. What’s more, you will not be treated nicely by Mexican authorities too.
How can I purchase boat insurance in Mexico?
The best way to get a boat insurance policy is to buy online. Compare quotes from a range of insurance companies and choose whatever fits your budget well. Further, make sure that you are familiar with your chosen policy well by understanding what is covered and what is not.
Ideally, you will also like to have a look at the claims process.
The Wrap Up
We hope this would have answered all your questions related to boat insurance in Mexico. Do share your views with us in the comments below.