Everything You Need To Know About Buying A Yacht

According to a 2016 Recreational Boating Statistics report compiled by the United States Coast Guard, 4,463 boating accidents occurred that year and resulted in $49 million in property damages, 701 deaths, and 2,903 injuries. When purchasing a yacht, safety is a top priority, along with choosing the boat that suits your needs.

What to Consider When Purchasing a Yacht

There’s a wide array of things to consider when buying a yacht, including the insurance that’s going to cover you if something goes awry. Insurance makes sure you are covered in any situation. Other things to consider, according to Beneteau America, are:

  • Usage
  • Size
  • Performance
  • Looks
  • Cost
  • Equipment

While there are so many factors to consider, one thing is for certain: California Yacht Insurance is a necessity. And everything you consider when buying a yacht is also what you consider when you purchase the insurance for it. Yachts often have fancy add-ons on board, including high end electronics, it’s important to understand how those can affect your cost and your insurance.

Fancy Electronics and Gear Add on to Your Cost

While it varies by size, extra additions such as GPS, radar, satellite TV, entertainment systems, hot tubs raise the value of the yacht, and thus affect your insurance. A 2016 Yachting Magazine article recommends keeping all of your electronics up-to-date, including your engines, hydraulics and generators. On top of keeping your electronics in consideration,  another thing to think about is whether your yacht has a lot of gear on it. If it does, you’ll want to have it protected.

Other Factors to Consider

If you’re running your own yacht, then you have no costs. But if your yacht has a crew and captain, they have to be covered as well. Things that can be added on to your include:

  • Hull and equipment protection
  • Medical payments in the result of an accident
  • Windstorms
  • Emergency towing
  • Rental reimbursement coverage
  • Uninsured boater coverage
  • Oil pollution liability
  • Legal liability to remove a sunken wreck
  • Worldwide coverage and more.

Do some research today and find out which protection plan is right for you. There are also options for fishing coverage and boat trailer coverage, among others. California Yacht Insurance not only covers you for the state, but globally as well. There’s no need to worry when travelling overseas or locally when you have the right insurance with the right people.

 

About Mariners Insurance

Mariners General Insurance Group was founded in 1959 to protect boat owners and marine business clients. We are marine insurance experts and insure boats worldwide – in every ocean on the planet. Marine insurance is critical if you own a boat or nautical business. Trust the professionals with all of your Boat Insurance needs – trust Mariners Insurance. Call us at (800) 992-4443 any time you have questions or concerns about insurance for your vessel or marine business.