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However when it comes to actually insuring your boat there are many questions we are often asked. From ‘How much cover do I need’ to ‘what is the best cover for my boat if something goes wrong’? Therefore we have prepared a selection of FAQ’s which we hope will help answer some of the more common questions when considering to take out appropriate cover for your boat.
While it is not usually a legal requirement on most waters, having appropriate cover make sound financial sense. Marine mortgage companies for instance insist on compulsory insurance as part of their money lending process. However, there are two stand-out reasons why boat insurance is not a ‘would like to have’ but a ‘must have’:
From a small dinghy to a large super-yacht or a super fast Jet Ski, each type of vessel will attract a different level of risk, so just like car insurance - boats are usually categorised according to their vessel type and risk.
It goes without saying that a Sunseeker with powerful engines that costs a million pounds will be far more expensive to insure than a smaller, much less powerful craft.
A yacht will also have a different risk assessment than a dinghy or a jet ski, so insurers will factor in the type of the vessel and any potential repair bills before calculating the premium.
In general, the actual size of the boat isn't as important as its value, how easily it could be stolen and the potential for damage. If your boat is trailer-able and spends a large amount of time safely tucked away on your drive, you'll probably pay a different premium than if it was stored at a marina.
The area in which you keep and use your boat will also have an influence on the level of premium you pay and may have restrictions on cover that are subject to local weather conditions.
Finally the experience of the owner / users and the type of use i.e. whether it is used privately, as a charter or racing vessel and of course any previous claims experiences are all taken into consideration when calculating the premium.
The level of premium is obviously important but it should not be the sole deciding factor: you should try and strike a harmonious balance between costs vs. benefits.
All policies are different, so make sure you choose one that provides the cover you want and need. Handy tip - assess the most expensive parts of your boat and check that your policy provides cover for damage to these, as well as what deductions may apply in the event of a claim.
Any physical damage covered by a boat insurance policy will usually include equipment such as hull, sails, machinery, furnishings, on-board equipment and the trailer if applicable.
Standard cover generally provides:
Provides protection for you, or authorised persons using your boat, from claims made by third parties for death or injury or damage to third-party property for which you may become legally labile.
Typical policy exclusions include:
Ensure you review any potential policy in detail before you commit to purchase. By undertaking a thorough analysis of every possible scenario, you should be able to get the right cover for your vessel and enjoy peace of mind when sailing without worry.
Call us today:0800 783 8057