Unreal Insurance Costs for Mexico !

[Charlie]

I got a shock today. The cost of insuring my boat for the trip to Mexico. It is unbelievable. I nearly fainted. In my years of boating I have never found something like this. -- there will be no charge. They are extending my navigation limits and allowing me to go all the way to Cabo San Lucas on a seasonal basis. Nearly fell over.

[captain465]

Please share with us the name of your insurance company, annd what the yearly premium is!!!!It sounds like an awfully good deal!!!! Hope the insure on the East Coast also.

[Paul L]

So what happens when you go to La Paz or Mazatlan? At some point, you pay the piper.

Paul L

[Charlie]

American Marine Insurance. They write Markel Insurance annual premium is ~$2400 a year. I imagine the write this insurance on the east coast b/c the underwriter is out of VA.It was $1521 when I laid up for the winter a few years back.

[Charlie]

Originally Posted by Paul L

So what happens when you go to La Paz or Mazatlan? At some point, you pay the piper.

Paul L

They go by Latitude. I can't go further south than Cabo. I trust they give me a few miles to go around the point but La paz is the same price.

[osirissail]

Be careful: your premiums may not have risen because USA insurance is not valid in Mexico. See BoatUS. Here is a snipet: >>>> Liability Coverage in Mexico – Boaters are required by law to show coverage from a Mexican insurance provider in the event of an accident. Make sure you’re covered with a short term policy from our partner insurance provider in Mexico.<<< For further information look at:
http://www.boatus.com/insurance/policy.asp#mexico
Notice the requirement to have a MEXICAN INSURANCE PROVIDER.
- - So your American insurance company would have to have an agreement/connection to a Mexican Insurance Provider to cover you when your boat is in Mexican waters. And you would need documents in Spanish to that effect available if you get into an incident.

[Paul L]

Originally Posted by Charlie

They go by Latitude. I can't go further south than Cabo. I trust they give me a few miles to go around the point but La paz is the same price.

Plus, judging from the annual premium cost, you already have a cruisers policy. I would not expect it to change much based on location (as long as you are out of storm season).

Paul L

[Charlie]

Thanks osirissail. That insurance is very expensive. $985 a year. For my boat and my dinghy. I'll have to research it some more.

[Paul L]

CHarlie,
Check your Markel Policy, it may have or be easily available, the Mexican liability rider, along with a copy in Spanish.

Paul L

[Charlie]

You need to really shop around for insurance I was quoted $585 for a year on Mexican liability for $50k coverage at the link provided by boat US and then rcvd a quote from International Gateway (800)423.2646 for $221 for the same coverage. I have two other numbers to call.

[Trim50]

Please keep me posted on this.

I will be doing the Baja HaHa this year and have Boat US coverage all the way down to Puerto Vallarta. Boat US essentially doubles my deductable and my monthly payment while in Mexican waters. They did not mention anything about having to get liability coverage through a Mexican provider.

When we do the PPJ we will switch to Jackline.

[Charlie]

Hi Trim:

I just got off the phone with Boat US and they said that they can only cover for 90 days in Mexican waters and that you have to be with the boat at all times. Is that the same story you got? I was quoted $220 for $50k liability coverage from International Gateway (800.423.2646) which was less than half of what the link form Baot US quoted. My understanding is that Mexican Liability is required by Mexico.

[TabbyCat]

Be careful: your premiums may not have risen because USA insurance is not valid in Mexico

Osirissail is partially correct.

Please note:
There are two types of "Mexican" insurance.

One is the standard Yacht Policy, which covers your boat for Hull Damage & P&I Liability. This pays for damages as a result of the operation of your vessel - collision, lightning, theft, sinking, etc. Markel, ACE, and a bunch of other companies that we work with will cover your vessel while navigating Mexican waters for that; Most US companies have restrictions on where you can be during the hurricane season. So this insurance is valid in Mexico for the purposes of protecting your investment in your boat and your liability to other boaters, but to Osirissail's point, it's not what the Mexican government is looking for.

The second type of Mexican insurance is Mexican Liability Insurance, provided by a Mexican Insurance Company. This coverage is required by the Mexican government. These policies are usually quite inexpensive. You usually purchase them IN ADDITION to your regular Yacht Policy. Yes, it is redundant coverage for the P&I liability coverage already on your Yacht Policy- the only difference is that the policy is issued through a Mexican company. IMIS is affiliated with a Mexican company that provides this Mexican Liability Insurance - if you click on the link below,scroll down to Mexican Laibility & you will be re-directed to a Mexican company. IMIS Online Services

~ Susan

[Trim50]

Originally Posted by Charlie

Hi Trim:

I just got off the phone with Boat US and they said that they can only cover for 90 days in Mexican waters and that you have to be with the boat at all times. Is that the same story you got? I was quoted $220 for $50k liability coverage from International Gateway (800.423.2646) which was less than half of what the link form Baot US quoted. My understanding is that Mexican Liability is required by Mexico.

No additional restrictions quoted.