Is It Worth Buying Temporary Boat Insurance?

If you want boat insurance for a short period of time, you might be considering looking for a temporary boat insurance policy to cover you. However, although some providers do offer these policies, it is often more beneficial financially to get cover for the entire year rather than for a short period of time.

The most common reasons for wanting temporary boat insurance are if you have recently purchased a new vessel or if you are planning on using someone else’s boat. Whatever you need insurance for, it is essential that you are adequately covered with a suitable policy.

Temporary boat insurance should do the same job as any other standard boat insurance policy, and you should also be able to obtain it for a wide variety of vessels, from RIBs to yachts and cruise ships. Never settle with an insurance provider telling you that they cannot provide you with the same level of cover because you are taking out a short term policy.

As a temporary boat insurance policy holder you should expect to be covered in the event that your boat is stolen, vandalised, accidentally damaged, damaged by bad weather or whilst bring used by someone else, or even if it damages a third party’s property. This might not be the case if you only have third party insurance, but you can definitely expect to have this cover as standard with a comprehensive policy.

Additionally, it is important to remember that whilst you might only be a risk when using your boat on the water, incidents could still happen whilst it is out of use and off the water. Your boat may become damaged whilst in transit, in a marina or whilst moored. You need to ensure that your temporary boat insurance protects you against these risks too as you could otherwise end up out of pocket.

There are other things that you might want cover for but won’t be included into temporary boat insurance as standard. These could include cover for your boat trailer, personal property, outboard motors, fittings and equipment, your boat whilst racing, water skiing and other water sports, and boat salvage costs.

Consumers often think that going direct to an insurance company is the best way to buy insurance because it cuts out the middle man. This middle man is seen as a unnecessary cog in the process, and perhaps means adding additional costs. Here are a few reasons why it is beneficial to use a boat insurance broker rather than going direct.

Cost
Although it might seem logical that cutting out the middle man will save you money, it has been found that this is in fact incorrect. Brokers are far more likely to obtain better quotes from insurers than the general public. This is mainly because the risk is decreased when offering insurance to a broker as the insurer can rest assured that the boat insurance broker is an expert in the field and would know that they have chosen the right policy for their client. This means that the insurer is less likely to have to pay out for claims.

Simplicity
Buying policies direct is often seen as being very quick and simple, yet when using a boat insurance broker you have access to a much more human service. Consumers are often able to chat via phone or email with the broker and should any problems arise, brokers are far better at customer service.

Speed
The time it takes to set up a boat insurance policy directly with an insurance company is not that different compared to if you were to use a boat insurance broker. However, the time for changes and amendments to happen once the policy is up and running is often much quicker and more efficient when using a broker rather than going direct.

Reassurance
When you have a boat, you need to be sure that your boat insurance covers everything you need it to, and as such a boat insurance broker is often the preferred choice. Brokers are very good at explaining the terms and conditions of policies to consumers and cross checking policies to make sure customers have the best policy. This reassurance is not available when you buy a policy direct.

The annual premiums for speed boat insurance are often more expensive than other vessels because there are more risks associated with them. Compare it to standard motor insurance; would you expect a small unmodified car with a 1 litre engine to have the same insurance costs as a sports car with an 8 litre engine? No, I didn’t think so.

The same applies to boats, the more risks that are likely to happen, the more expensive the insurance. Speed or sports boats have a number of factors going against them in terms of things that will influence the price of speed boat insurance, including the increased risk of an accident and the usual high value of the vessel.

There are ways to reduce the cost of your speed boat insurance such as taking advantage of any no claims bonus years you have earned, researching and comparing different insurance providers, purchasing and utilising added security features etc. However, you should expect your insurance premiums to always be higher than other vessels.

If you are looking to use your speedboat for water sports you could add on additional cover for toys such as inflatable bananas and donuts or waterskiing, but this will increase the cost of your cover again. Insurance for toys is more than water skiers because the person being towed doesn’t have any control in the water, and are therefore are more likely to have an accident. However, if you do plan to use your speedboat like this, it is essential that you do pay the extra costs to protect yourself and others in the water.

As standard you should expect your speedboat insurance to cover a number of risks including, theft, fire, third party liability, accidental damage or loss, agreed value, personal accidents, and damage to hull and engines.

Speedboat insurance is the same as other policies in that it will have some exclusions, and it is important that you are fully aware about these before you sign the agreement. These exclusions could include any of the following:
• Intentional loss or damage
• Cost of repairing faults caused by prior work
• Wear and tear

Let’s say that you have recently made your dream boat purchase, whether it be a sailing boat, rowing boat or yacht, your next task is to seek a suitable boat insurance policy. These policies are designed to protect you against the multitude of risks associated with owning a boat. There are many different types of boat insurance policy, ranging from the basic third liability insurance right through to full comprehensive coverage.

Third party boat insurance will only pay out in the event that a third party is injured or their property damaged and it is your fault. However, if there are any legal battles involved in the case, these costs will not be covered. Should your dream boat be damaged in the accident, the insurer will also not be paying out for any costs associated with your own repairs.

It is usually a good idea to ensure that you obtain a higher level of boat insurance cover to protect yourself against these risks. Here are a few things that you might want to consider including into your boat insurance policy.

Accidental loss or damage
If your boat were get damaged or stolen both on and off the water, you might want to ensure that you have the security of an insurance payout to either buy a replacement or pay for the repairs.

Personal injury
Should you suffer a personal accident you might want the reassurance that your insurance cover will help ensure that you get back as captain of your vessel.

Removal of wreck
Unfortunately some people do lose their boat, although it may well be your pride and joy, you need to consider the possibility of how you would remove your ship wreck should anything disastrous occur at sea.

Personal Belongings
If you have your own personal belongings on board the boat, or perhaps your crew or visitors have their own items, you need to be sure that you will be reimbursed should anything happen to these personal items. Adding personal belongings cover to your boat insurance policy will give you this peace of mind.

Some factors that could influence the cost of your boat insurance policy include but are not limited to:
• The age of your vessel
• Number of ‘no claims’ years
• Sailor experience
• Surveys
• Any trailers or tenders

A Rigid Inflatable Boat or RIB is a vessel with a sturdy internal frame covered in a strong inflatable cover. This structure allows the vessel to stay as light as possible and travel very quickly over the water, up to a maximum of 50 knots. A RIB is just like any other boat in that it needs a suitable Rigid Inflatable Boat insurance policy to protect mariners against the risks associated with being at sea.

It is important to carry out some research before committing to one Rigid Inflatable Boat insurance policy because there are many different things to consider. Choosing the cheapest quote often won’t provide you with the level of cover you require. As with motor insurance you can opt for third party liability which ensure that you are protected in the event that you cause damage or injury to someone else and their property; or comprehensive cover which provides cover against a whole host of risks.

In addition to standard cover, you might want to consider extra policies specific to inflatable boat insurance such as racing risks, waterskiing liability, towing toys and so on. These specialities are usually not covered by a standard boat insurance policy, so it is essential that you discuss this with your provider. It is often best to contact a specialist marine or RIB insurance provider for your policy as a high street insurer may not have the expertise you need.

Although a comprehensive policy should cover your boat against any damage to your boat, such as accidental, fire, vandalism and theft, whilst it is not in use, it’s possible that there will be some restrictions on where and when your boat is moored. There will many other restrictions and exclusions in your Rigid Inflatable Boat insurance, making it so important that you read the small print before signing the agreement.

Remember that your policy is only as good as the level of service you receive when you put in a claim. It is a good idea to speak to fellow mariners and find out their experiences of insurers to get a first hand review.