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?
Yes. Mexico's navigation law requires vessels to carry civil-liability insurance (Ley de Navegación y Comercio Marítimos, art. 176). And if you cause damage or injury to someone else with your boat in Mexico, you are the one who pays for it, so you want a policy that pays those claims for you. Similar to car insurance, check whether your US boat policy covers Mexican waters at all; if it does not, you need Mexican cover.
What does Mexican boat insurance cover?
Boat insurance is very similar to auto insurance. There are two kinds of policy: full coverage and liability-only. 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, and passenger medical payments are excluded; legal assistance is a call away, available 24/7 (Baja Bound watercraft page).
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.
A full-coverage policy, where one is offered, adds cover for your own boat. Think of coverage in case your boat is stolen, or damage caused to your boat in case of fire and lightning and the like. Read the wording to see which kind you are buying and exactly which perils it includes.
Who can drive my insured boat?
Check the driver terms on your policy: they say who may operate the boat, whether they need to be listed, and what licence they need. 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?
Run a quote for your own boat; the premium depends on what you enter about the vessel (its value, size and type, whether it is a powerboat, sailboat, yacht or any other) and the cover you choose.
Am I covered under boat insurance if I drink and drive?
Don't drink at the helm. Read what your policy’s exclusions say about operating under the influence before you count on a claim.
How can I purchase boat insurance in Mexico?
One straightforward 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. SmartGringo links to Baja Bound, which quotes and sells the policy.
The Wrap Up
We hope this would have answered all your questions related to boat insurance in Mexico.
Launching in Mexico? Price cover for the boat at Baja Bound.