Factors That Affect the Cost of Boat Insurance UK

Boat insurance UK relies on a few different factors before an accurate quote can be given. Whether the vessel is a barge, a houseboat, a narrow-boat or a speedboat, there are many factors within each type of boat that will affect the cost of the insurance. Many boats change hands time and time again, with repairs, old age and breakdowns being more inevitable. Other boats which are newer might be more likely to be stolen or depending on the area, vandalised.

Boat insurance companies take into consideration many past records of these aspects and piece them together to see what the likelihood of a claim being made is. If your a new boat owner and are inexperienced, then the chances of accidents are going to be higher than a seasoned captain. Also, if the craft has twin engines and is very fast then the chances of it being damaged are high. The same is true for boats that spend most of their time at sea, where the salt-water and rocks are a constant threat to the underside of the boat.

Additional features that are found on the boat, such as gas cookers, any electrical appliances that could be a fire hazard, extra dinghies and TVs will all add to the premium. Typically, the price of boat insurance UK is around £300-1,000 for smaller vessels per year, and depending on the size, age and intended routes for the boat will add more to the annual cost.

If you already have a boat or have had policies in the past and have built up a no claims bonus, this is a great help to reduce the cost of next year’s premium. If you’ve shown that you’re a careful pilot and haven’t claimed then the cost of insuring your boat will be much lower than that of an 18-year old boat owner. With paid-for mooring you can also expect to lower the costs of the premium as roaming boats are more likely to have an accident with either banks or other vessels. Whatever your needs are, make sure you find the best-priced boat insurance UK possible.

When you’re thinking of buying a boat or you’re coming to the renewal date for the insurance policy, it’s a good idea to look around at boat insurance average cost indicators. As owning a boat is a little more complicated than insuring a motorbike or car, as there are lots more risks involved, this can directly effect the price of the insurance. Towing, navigation limits, the size, age and weight of the boat all matter when it comes to pricing up policies, so it’s a good idea to know your boat inside out before buying insurance.

Whether the boat will be kept on a lake or it will be used at sea, there are certain restrictions and legalities that the insurer needs to know before they will insure your boat. Boat insurance average cost prices are difficult to nail down but a ballpark figure for a 28ft yacht could be anywhere in the region of £300 to £1,000 per year to insure. Of course, it will depend on where the boat is kept, if it is trailered to the lakes, rivers or to international waters, and whether there is a high crime rate in the area it will generally be in.

Buying cheap boat insurance isn’t always the best idea as there are so many factors that affect the price. From vandalism, fire and theft to mechanical breakdowns or accidents, these factors are all weighed up by the insurer and a valuation is then given. As there are more features to take into consideration, many insurers end up providing bespoke policies to suit the policy holder and the type of boat in question. Therefore, there is no cut and dry amount for boat insurance average cost.

Without a doubt, learn everything you need to know about your boat and explain in full detail to the insurance company. The more information the insurer has, the more accurate a price they can give you. If the boat has gas tanks on-board for cooking or has dual engines, then this will affect the price, as will if it’s an old boat that has been repaired in the past.

As a boat owner you will be well aware that boats come with a range of potential risks, and this is just one reason that the insurance is more complicated than standard car or home insurance policies. To ensure that you are getting the full benefit of a boat insurance comparison you need to consider every possible marine risks and other factors such as towing and liability.

The first thing you will need to do before you carry out a boat insurance comparison is to establish what you require from the policy.

You will need to know detailed information about your vessel and what plans you have for it – the make and model of the boat, what type of vessel i.e. speedboat, narrowboat, where it will be used i.e. British lakes/international seas, its value and size. These are all the sorts of things you will need to know before contacting any insurance companies.

It’s essential that you provide accurate information when doing a boat insurance comparison as these facts could have a significant impact on the level of cover you require and the cost of your annual premium.

To make the most of the comparison you will also need to have an understanding of the features on offer from boat insurance. Different insurance policies will vary significantly depending on the provider and the level of cover, so you will need to ensure that you are comparing like-for-like insurance.

Features you will need to look into may include towing in the event that your vessel is damaged, protection against damage and loss caused by fire and theft, accidental damage, repair or replacement in the event of an accident, and liability insurance should someone make a claim against you for damage or injury sustained.

Most comprehensive boat insurance policies should cover these things as standard but it is always worthwhile double checking before signing any agreements.

The internet has provided a simple and convenient solution to boat insurance comparisons as it can all be done at the click of a button, rather than telephoning companies individually. There’s no excuse to avoid insurance now thanks to online boat insurance comparisons.

When searching for boat insurance it will soon become clear the most boat insurance policies require the owner to obtain a survey. This survey is a type of marine inspection which helps the owner and insurer determine the overall condition of the boat and its value. A boat survey is designed to find any hidden mechanical or structural problems that may not be visible to the boat owner.

It can be very difficult to get boat insurance without a survey because this provides the insurer with an independent valuation of the boat and a professional opinion on its condition. Without a survey the insurance company has no real idea of the risk they are taking in providing you with insurance.

In some cases you can get boat insurance without a survey if your boat is relatively new. Older boats are much more likely to become damaged and involved in accidents than newer ones. The majority of boat insurers will request a survey for boats aged 20 years or over, and on a regular basis thereafter.

You are much more likely to require a survey before your policy can be activated if you have a more powerful vessel such as a speed boat, if the boat is made from wood, has previously sustained some serious damage, or if it has been self-built. All these factors make the boat more of a risk to insure, and therefore the company is unlikely to provide insurance cover without knowing further details.

In addition to the type of boat and its history, another way boat owners’ can often obtain boat insurance without a survey is if they opt for a low level of cover. For example, a third party only insurance policy only pays out for in the event that you have injured another person or damaged their property.

A survey is generally not required in these circumstances because the boat’s overall condition and history is much less important as the insurer will never be paying out for repairs or replacement to your vessel.

If you are looking for boat insurance without a survey because you are concerned that the vessel may not pass, you should consider replacing your boat.