Marine Boat Insurance Buying Guide

No two car insurance policies are exactly the same so why would you expect your boat insurance to be a standard document? We know that different insurance providers offer different things in their policies but how can you be sure what you require to adequately cover your boat? Here are a few points to consider when obtaining marine boat insurance.

The valuation of your vessel will probably be down to you as even the same make and model of boat can vary in condition and therefore value. There are consequences to underestimating and overestimating the value of your boat, so it is important to get it right. If the insurer is not confident in your estimate they may request a professional valuation.

If your boat is older, the marine boat insurance provider may request that a condition survey is carried out. The insurer needs to establish how much of a risk you pose and whether they are prepared to provide you with the cover. These surveys can be quite expensive but they can benefit you in telling you of any work that needs carried out and whether it is safe to use. A good result can lead to lower boat insurance premiums.

The cost of your annual premium is influenced by a variety of factors including the type of boat, the make and model, the age, and the condition. However, where the boat is kept and how it used can also alter the price of your insurance. For example, it is less risky for your boat to be kept at a marina than in an estuary mooring, and if you sail further afield you pose more of a threat than someone who stays close to the shore.

When looking to purchase a marine boat insurance policy you need to consider all the options available to you rather than simply opting for the cheapest policy. A cheap policy may not cover you for everything you require and you might find that in the event of an accident you are not protected as you had thought. It is essential that you fully understand the terms of the boat insurance policy before you sign and agree it with the provider.

There are over 2 million boats on the water in the country so when you buy your boat it is essential that you look into purchasing UK boat insurance. By having boat a policy in place, you are protecting yourself, your vessel and other sailors on the water. There are many different types of UK boat insurance, so here’s a short guide on what to look for.

Firstly, the type of boat you buy will have a significant impact on what you sort of coverage you require and how much you can expect your annual premiums to be. It is usually a good idea to ask a qualified marine surveyor to give the vessel a thorough once over before any cash exchanges hands. For example, a sailboard or windsurf has completely different needs to that of a speedboat. The level of damage caused by the latter would also be far greater, and is therefore a greater risk.

Although it is possible to purchase third party UK boat insurance, similarly to motor insurance, it is always better to seek comprehensive cover if possible. A third party policy will only provide financial relief to the other person involved in the incident, meaning that your vessel could be sidelined. If you are unable to foot the repair or replacement bill, no one else will.

When looking for boat insurance for specialist vessels such as canoes, kayaks, catamarans and sailboat, it is important to check that you are covered for your intended use – racing perhaps?  Your policy probably does not provide cover when the boat is used in competition unless it is something you specifically request. Make sure you do because otherwise you could end up out of pocket.

There really is no excuse for not being fully protected when out on the water because it is now so easy to find a boat insurance policy. The internet has completely changed the way we shop, and it’s no different for insurance. You can simply visit an online comparison website, enter your details and minutes later the quotes should be flying to your email inbox. Of course, this is not everyone’s preferred way to shop and sometimes it is easier to speak to someone over the phone – particularly if you have specific requests – but that shouldn’t be a problem either.

The best way to protect yourself when purchasing and sailing a boat is to ensure that you have a comprehensive UK boat insurance policy. Accidents are unpreventable and unexpected so don’t delay; ensure that you have suitable boat insurance in place.

Britain is home to miles upon miles of canals that thread through the countryside, and exploring the country in this way is becoming more and more popular. Canal boats are expensive investments so you need to ensure that you take care of the vessel properly to avoid any financial losses. One of the most important things to do when you make a large purchase is to make sure that you invest in a suitable canal boat insurance policy. Many boat owners avoid buying insurance because policies can be complex and difficult to understand. By fully researching your requirements and what is available, you should be able to obtain a suitable canal boat insurance policy for your vessel.

Although you are able to obtain general boat insurance, canal boats have completely different insurance risks and so specialist insurance is preferred. Canal and narrow boats are only seen on the inland waterways of the UK rather than the seas and coastal areas. To operate a canal boat legally you will need a valid inland waterways licence which usually requires that you demonstrate canal boat insurance.

There are several different levels of insurance cover, just as there are with motor insurance, with the lowest possible cover being third party liability. This protects you and other people against any damage caused whilst on the waters. Although this is all that is required, it is always recommended that you seek to obtain the highest level of cover your budget will allow.

After all, it would be shame to have your canal boat stolen, damaged or set alight and not have the funds to carry out the necessary repairs or replacement. Third party cover does not pay out for your vessel, only damage or injury to other party and their boat. A more comprehensive level of cover could provide insurance for every single risk, such as underwater damage to the hull and engines, accidental damage and even your theft or damage to your personal belongings!

You need to establish how you would cope financially without comprehensive canal boat insurance, and then see what you would need cover for. Speaking to an experienced specialist canal boat insurance provider should be able to help you in understanding what is required. Once you have a suitable policy you can enjoy the British canals at leisure without worrying about what unexpected events lie ahead.

If you are considering buying a boat in the UK, you need to consider the responsibilities that are associated with it. Boats are expensive purchases and as such many people see them as financial investments similar to buying a house or a car. It is always a sensible idea to protect your investments as much as possible, in this case buying small boat insurance for the UK.

Many boat owners enjoy travelling and like to take their boat with them if possible, or even travel to the destination on the boat. If you are planning to use your boat in European or international waters, it is important to establish whether your small boat insurance applies outside the UK. Many policies do not provide cover outside the UK as standard, but it is often available for an additional cost.

Even when you have added the additional European or international cover to your small boat, it is likely that this will be effective for a certain number of days per year. If you are planning a longer journey outside of the country and require your small boat insurance UK to provide extended protection abroad, make sure you inform your
insurance provider.

European and international cover is often a simply additional to any UK small boat insurance policy, so there is really is no excuse for not seeking adequate protection whilst on your holiday. In the event that something should occur whilst you are on international waters and you have not arranged for your insurance cover to be in effect outside of the UK, your insurance policy will be invalid.

Your claim will not be successful and you will be required to pay for the compensation to the other party should they become injured or their property damaged. If the incident is serious and you were required to attend court, you will also be personally liable for all the legal costs involved. These costs can really add up and could leave you with empty pockets. A lack of insurance can be a costly error, and we haven’t even mentioned the repairs that your boat might need.

It might seem like a cost-saving and time-saving measure to go abroad without extending the cover on your small boat insurance for the UK, but it is never worth the risk. Ensure you are always fully protected and put your mind at rest whilst enjoying your holiday.