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. Get the documents for the trip and the boat sorted first (see what you need before you drive into Mexico).
While you may have existing boat insurance, in most cases, it will not be considered valid in Mexico; check whether it covers Mexican waters at all. You need Mexican boat insurance: Mexico's navigation law requires vessels to carry civil-liability insurance (Ley de Navegación y Comercio Marítimos, art. 176). 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 to protect you from paying out of pocket for the harm your boat does to others.
The Baja Bound watercraft policy that SmartGringo links to is liability cover: it pays for damage or injury you cause to others. Physical damage and theft of your own boat are not covered (Baja Bound watercraft page). If you want cover for your own boat, you need a policy that includes it, so read the wording before you buy.
Types Of Hull Cover, If You Buy It
Where a policy does cover the boat itself, it is written one of two ways:
• 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, with a deductible, you pay that amount of the repair bill and the insurance company pays the rest. Check what deductible applies to a repair, and whether you could pay it.
Get quotes from Mexican insurance providers and compare them carefully; SmartGringo’s guides explain the options and link to Baja Bound, which sells watercraft policies. Pay attention to their customer support, language preferences, and policy terms to get a good idea of the provider.
Bringing a boat down? Price cover for the boat.