Purchasing a new sailboat, big or small 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 sailors and offer specialized coverage to help you face tomorrow with confidence.
Key Considerations When Buying a New Sailboat
- Define Your Sailing Goals
Before you dive into the boat market, consider how you plan to use your sailboat. Are you cruising coastal waters, exploring inland lakes, or setting your sights on offshore passages? Or are you learning or competing with a dinghy? Your intended use will influence the type, size, and features of the boat you purchase. - Set a Budget
Beyond the purchase price, factor in costs such as maintenance, marina fees, and insurance premiums. Remember, a well-maintained sailboat retains its value better over time. - Inspect Before You Buy
A marine survey is critical for new and experienced buyers alike. A qualified surveyor 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. - Think Long-Term
Consider the boat’s resale value and versatility. A well-equipped sailboat with a known pedigree may appeal to future buyers if your sailing goals change. - Research Insurance Requirements
Many insurers, including Gallagher Skippers’ Plan, require a marine survey, photos or a purchase agreement depending on the vessel. Ensure you meet these requirements early to streamline the process.
Insurance Essentials for Your Sailboat
Sailboats 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 sailboat is insured for a predetermined amount, protecting you from depreciation. - Coverage for Cruising
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. - Liability Protection
Liability coverage protects you against damages or injuries you may cause to others while sailing. It’s essential for peace of mind on the water. - Storm and Severe Weather Protection
With changing weather patterns, having coverage for storm damage is crucial. Gallagher Skippers’ Plan policies include features designed to protect your vessel from severe weather events. - Additional Coverage Options
Enhance your policy with optional coverages, including towing, personal effects, and coverage for racing sails and rigging.
Will my Home Insurance Protect my Sailboat?
- Home insurance will protect the smallest sailboats including dinghy’s, as long they are not used in any form of competition or teaching (learning).
- Gallagher Skippers’ Plan offers a Day Sailor product to protect you and your boat for competition
- A specialized marine insurance policy provides additional benefits not found on home policy
- A claim for your sailboat on your home policy may affect your insurability for your home insurance. Best to keep your sailboat separate.
Why Choose Gallagher Skippers’ Plan?
Gallagher Skippers’ Plan is Canada’s trusted leader in marine insurance, providing comprehensive coverage designed specifically for boaters. Here’s why sailors 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. - Nationwide Licensing
Wherever you’re located in Canada, Gallagher Skippers’ Plan can help.
Get a Quote Today!
Don’t let the excitement of buying your new sailboat be overshadowed by the complexities of insurance. Contact Gallagher Skippers’ Plan today for a customized quote and experience the benefits of tailored marine coverage.
Visit www.skippersplan.com or call us at 1-800-661-7211 to learn how we can help protect your sailing dreams.
Embark on your next adventure with the confidence that Gallagher Skippers’ Plan has your back—because when it comes to protecting your boat, we’re with you every step of the way.
