Cruising Insurance for Mexico

[jenders]

Hello all: I've had insurance on my Crealock '34 for the past several years while I've cruised in the Sea of Cortez. I've just gotten a quote to renew and it is substantially higher than I want to pay, and they want me to do a survey by June 1 and I'm not even in Mexico right now.
Are there other cruisers in Mexico or who have recently been in Mexican waters who could suggest insurers you have had good experiences with?
Thanks and regards,
John E.
S/v Victoria

[SV THIRD DAY]

I'm here now....
Call IMIS Insurance that's who we use and they have provided insurance for us in and out of Mexico now since 2007.

[zeehag]

i use novamar.

[Sea Life]

Another cote for IMIS

[Seas The Moment]

Novamar has offices in Newport CA USA and Puerto Vallarta Mexico. I highly recommend them for US, Mexico and Central America.

[jenders]

Hello all: Thanks for the input here on my insurance dilemma. My previous agent, in Fort Lauderdale, told me that my London-based insurer dropped all new and many older accounts due to the 2017 losses in the Caribbean. They gave me 3 weeks to find a new policy. I went with Novamar, which has been extremely helpful. Again, thanks for the referrals. John

[Six]

I sure hate to sound dumb but i have to ask.

Why are you insuring your boat at all? Is it for the obvious reason of unforeseen damages?

or, do you have a mortgage on your boat therefor you have to have it insured?

I ask mainly because i plan to buy outright and not have a mortgage to deal with and i have always planned on not getting insurance. It may be a mistake to do that and im sure my eyes will be opened more as the purchase date gets closer and i learn more.

Thanks!! (Hopefully this doesnt veer the thread off on the wrong direction)

[Sailmonkey]

Originally Posted by Six

I sure hate to sound dumb but i have to ask.



Why are you insuring your boat at all? Is it for the obvious reason of unforeseen damages?



or, do you have a mortgage on your boat therefor you have to have it insured?



I ask mainly because i plan to buy outright and not have a mortgage to deal with and i have always planned on not getting insurance. It may be a mistake to do that and im sure my eyes will be opened more as the purchase date gets closer and i learn more.



Thanks!! (Hopefully this doesnt veer the thread off on the wrong direction)

Liability is a requirement for most marinas.

Also, insurance is used to reduce your risk. If I had saved for 40 years to buy a boat, I’d insure it.....I wouldn’t have another 40 years to do so.

[zeehag]

mexico mandates liability for cruising as well as marinas. this is in your favor so your boat is protected from hit take n run scams as well as damages to marina and others when a cane tears your boat out of its slip. or whatever other damage creation takes.
yes, mandated. you can purchase when you check in to country.

[jenders]

Six: That's a very good question. In Mexico, you can get away with Mexican liability insurance, which costs a minimal amount, which is required to use marinas and to check into ports where there are functioning port captains. However, I've been referring to full hull insurance, which I have had in case of hurricane or major storm damages because I'm sailing in a hurricane zone. My boat is 30-plus years old, and once I stop sailing in Mexico, I'll reassess whether it's worth it. I know a lot of liveaboards in Mexico that don't carry any hull insurance. For an old boat, it just doesn't pencil out.

[Capt Gill]

If your boat is twenty years or older the deductible could be as high as 80%, this applies to parts & material only, I have no problem with this when it comes to hardware like winches and the like, however in the case of structural damage (this is a change from prior policies) deducting 80% for "plywood, plastic, fiberglass, metal, cement, or other molded material"* seems unreasonable, it's the reason I have insurance, i.e., to have the boat restored to the condition it was in prior to the incident.
The above is not speculative as it recently happened to me. I have asked the ins. co. for clarification on the last sentence below and have, to date, not received an answer.
Company: GEICO MARINE INSURANCE COMPANY
Policy Period: From 03/16/2017 to 03/16/2018 beginning and ending at 12,01 A.M. at the address of the Insured on this page.
(2) Repairs for Partial Loss
“We” will pay the reasonable cost of repairs or replacements, in accordance with quality marine repair practice, less depreciation. Depreciation shall be calculated at 10% for each year beginning with the 20th year from manufacture. In all cases, there shall remain no less than 20% residual value regardless of age. In the event of damage to *plywood, plastic, fiberglass, metal, cement, or other molded material, “we” are obligated to pay only the reasonable cost of repairing the damaged area, in accordance with quality marine repair practice.

[amphibious1]

Bc yacht insurance has been great for us. They covered us while in Mexico in 2016 and they cover us as we circumnavigate now.
Vera young Bc yacht insurance (250) 656-2668. out of Canada but they will cover non Canadians.


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