Purchasing a new boat, sail or cruiser, big or small, new or old, it is an exhilarating journey. Whether you’re a seasoned sailor or setting sail for the first time, selecting the right boat is just the beginning of your adventure. An equally important step is ensuring your investment is properly protected with the right insurance. At Gallagher Skippers’ Plan, we understand the unique needs of boaters and offer specialized coverage to help you face tomorrow with confidence.
Key Considerations When Buying a boat
1. Define Your Goals
Before you dive into the boat market, consider how you plan to use your boat. Are you cruising coastal waters, exploring inland lakes, or setting your sights on offshore passages? Your intended use will influence the type, size, and features of the boat you purchase.
2. Set a Budget
Beyond the purchase price, factor in costs such as maintenance, marina fees, and insurance premiums. Remember, a well-maintained boat retains its value better over time.
3. Use a Broker
Engaging a marine broker, such as North South Yacht Sales, brings invaluable expertise and peace of mind to the complex process of buying or selling a boat. Brokers act as professional intermediaries, leveraging market knowledge and industry connections to ensure you get the best value and avoid common pitfalls.
4. Inspect Before You Buy
A qualified surveyor (SAMS or NAMS) will assess the condition of the boat, ensuring there are no hidden issues that could cost you down the line. For a new boat, a surveyor will find warranty related issues to be addressed. Click to learn more about Surveys
5. Research Insurance Requirements
Many insurers require a marine survey, photos or a purchase agreement depending on the vessel. Ensure you meet these requirements early to streamline the process. Click to learn more about Surveys.
Insurance Essentials for Your Boat
Boats come with unique risks and coverage needs. Here are some factors to consider when selecting an insurance policy:
• Agreed Value vs. Actual Cash Value
Gallagher Skippers’ Plan offers agreed value coverage, meaning your boat is insured for a predetermined amount, protecting you from depreciation. Older boats receive actual cash value coverage, which means claims are settled based on the insured value less depreciation at the time of loss.
• Navigation
Whether you’re exploring local waters or planning the adventure of a lifetime, such as cruising the Great Loop or venturing to the Caribbean, ensure your policy covers extended cruising areas or is offered.
• Liability Protection
Liability coverage protects you against damages or injuries you may cause to others. Marine Liability is different than liability coverage found on your home or auto policies. A marine insurance specialist can explain the difference.
• All Risk Policy
A typical marine provides coverage for all risks of direct physical loss or physical damage (unless excluded) such as: Fire, lightning or explosion, Storm damage, vandalism and theft, collision, upset or impact and sinking or stranding.
• Marine Policy Benefits
Look for a policy with vermin coverage, marine assistance, emergency towing, personal effects, and newly acquired boat coverage.
Why Choose Gallagher Skippers’ Plan?
Gallagher Skippers’ Plan is Canada’s trusted leader in marine insurance, for over 70 years, providing comprehensive coverage designed specifically for boaters. Here’s why boaters across Canada choose us:
• Specialized Expertise
With decades of experience insuring recreational marine risks, our team understands the unique needs of boaters.
• Customizable Policies
We tailor your policy to your needs, whether you’re a weekend sailor or an ocean voyager.
• Exceptional Claims Support
- Our claims team is ready to assist when you need us most, ensuring a smooth and stress-free process.
Get an Instant Quote Today!
Don’t let the excitement of buying your new boat be overshadowed by the complexities of insurance. Contact Gallagher Skippers’ Plan today.
Visit www.skippersplan.com or call us at 1-800-661-7211
