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Mexico Boat Insurance – Top 10 FAQ’s About Buying Mexico Boat Insurance And Navigating Through Mexican Waters

Mexican Boat BannerMexico boat insurance is not a subject that you read or hear much about when compared to all the horror stories about Mexico car insurance. Mexico is an excellent vacation destination and bringing your boat along makes it even better. Mexico has the benefits of great weather, beautiful sunsets and perfect water temperatures that make it ideal for boating activities such as water skiing, inner tubing, scuba diving, fishing, parasailing, and many more. But, when analyzing whether or not you should acquire Mexico Boat insurance, in order to navigate your boat in Mexican waters there are certain things that need to be taken into consideration. Many people are unaware of some of the simplest facts surrounding Boat insurance in Mexico. Here are some of the most frequently asked questions about Mexico boat insurance.

  1. Do I need Mexico boat insurance and is it required in Mexico? Boat insurance is not required in Mexico. Yet, it is highly recommended because, just as with a car, your US boat insurance is NOT valid in Mexico. Mexican authorities only recognize insurance companies that are registered in Mexico. When compared to US and Canada law, Mexico insurance laws are completely different! If you have an accident and cannot pay for the damages you are obligated to pay, you will be taken into police custody until such a time the fines and restitution is paid. Only boats entering ports in Mexico are required to have insurance or proof of financial responsibility. This includes boats that you pull on a gurney with your RV. If it will dock at a Mexican port and navigate within Mexican coastal waters, you must have Mexico boat insurance.
  2. Where do I purchase Mexican boat insurance? The best way is to shop online. You can compare online quotes from many different Mexican insurance companies and purchase the policy that best suits your budget and coverage needs. You can also click on the coverage help links to review the details and examples in the comfort of your home.
  3. Which Mexican insurance company should I buy from? A.M. Best is a company that assigns a letter grade to Mexican insurance companies based on their financial stability. You want to make sure the company you choose has a rating of A- or better. And that the company is fully accredited and licensed to sell insurance in Mexico. Buying from a Mexican insurance company that is financially stable comes in handy if you have to file a claim and you want to be confident that your insurance company will be there when you need them.
  4. What does Mexican boat insurance cover? Like auto insurance, there are two basic types of policies, liability only and full coverage. Most Mexican insurance companies are currently offering liability only policies. Some US insurance companies offer a special endorsement that you can add to your US boat insurance policy which covers damage to your boat while navigating in Mexico’s waters.
  5. What does liability only Mexican boat insurance cover? This type of policy pays for the costs of injuries and damages to a third-party in the event of an accident where you are at fault. Liability also includes legal fees to protect you and bonds if necessary. Many Mexican auto insurance policies will offer you the option to add a boat as a towed vehicle and provide damage coverage while the boat is connected to the insured vehicle. However, once the boat is disconnected, there is no liability or damage coverage for the boat. This again means that once the boat is released into water at a dock, it is no longer covered by the car insurance. There is however a new trend where Mexican auto insurance companies are starting to provide damage coverage for a declared boat on a trailer while disconnected from the insured vehicle. This coverage is worth looking for when buying your Mexican auto insurance policy. Yet, make sure you compare prices and decide what is best for you. Whether you want this extension of your Mexican auto insurance or whether you’d rather purchase your own Mexico boat liability insurance.
  6. What does full coverage Mexico boat insurance cover? This type of policy as the name implies includes liability coverage for third parties, coverage for the theft of your boat, and coverage for damage to your boat caused by fire, lightning, etc… Before you purchase your policy make sure to click on the online help link to review the complete list of covered losses.
  7. Will my Mexican boat insurance cover me if I am drinking and driving? Driving, or navigating for that matter, under the influence anywhere is illegal and punishable by law, including Mexico. If you are drinking and driving your boat, you are making a big mistake! Your policy will be voided in the event of an accident where alcohol or drugs are involved and the Mexican authorities will not treat you very nicely.
  8. Will my Mexican boat insurance cover me if I am involved in a sponsored sports event? Any type of speed competition or related activity may lead to a declined claim. Before you purchase your policy make sure to click on the online help link to review all the exclusions.
  9. Who can drive the boat? You will find that most Mexican insurance companies require that all drivers must be listed on the insurance policy and they must have a valid driver’s license.
  10. How much does Mexico boat insurance cost? As with US boat insurance, Mexican boat insurance varies in cost depending on a number of different aspects.
    The primary factors that determine price are:

    • Drivers under 22 years old may double your rate.
    • The type and size of your boat such as sail boat, power boat, yacht, or personal watercraft.
    • Value of your boat.

As you have noticed above, getting Mexican boat insurance before you enter Mexico will save you a lot of trouble and headaches if you are planning on navigating Mexico’s coast.

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