Boat Insurance Costs Vary Depending on the Type of Vessel

Boat insurance is something that every boat owners needs and that is generally where the similarities end. There are so many different factors that can influence boat insurance costs, and the one with biggest influence is the type of vessel.

Insurers tailor their boat insurance costs for each individual boat and their owner, and the risk that they pose to the insurance company. For this reason it is highly unlikely that you will ever find two boat insurance policies the same.

If you are a sailor with twenty years of experience behind you, and on a whim buy a powerful speedboat you will probably receive a much higher quote than someone new to the waters with a wooden rowing boat.

There are boat insurance policies that are specifically designed for certain vessels, including performance boats, dinghies, rowing boats, yachts etc. You might find one of these policies from a specialist boat insurance provider to offer you better value for money than one from a general insurance company.

The type of vessel you own is one of the biggest deciding factors in boat insurance costs, so it is important that you think about this wisely when choosing your vessel. The more risk there is of you being involved in some sort of incident, a crash, theft, or vandalism, the higher the cost of your boat insurance policy.

Although boat insurance may seem like an added expense to some owners, it is absolutely essential if you want to avoid any added costs at a later date. If something were to happen to you, your boat, passengers, or any other third party, you could find yourself in a position of having to pay thousands of pounds in compensation out of your own pocket.

Boat insurance costs a lot less than you might think, by researching different providers and doing online price comparisons, you can often find boat insurance at excellent prices. Although boat insurance is not a legal requirement in the UK, many waterways do ask owners to ensure that they are fully insured. Plus, it is always better to be safe than sorry.

Sailing boat insurance policies are essential to anyone who wants to protect their boat from the risks associated with sailing and owning this type of vessel. It is important that owners try to obtain the most competitive quotes without compromising the quality of the policy.

Some of the easiest ways to find sailing boat insurance providers is by using the service of a marine insurance broker or via an online insurance comparison tool. Both of these methods can help take the hassle out of searching for a suitable policy.

Once you have managed to receive some quotes from providers you need to know a little more about the actual coverage to ensure that it is adequate enough for your needs. There will be different levels of cover available, from the most basic third party insurance through to the most comprehensive and complete cover possible.

Here are some of things that you will need to review when checking over your sailing boat insurance policy.

Exclusions
Nearly every single sailing boat insurance policy will have some general exclusions to what policy holders can claim for. These do vary between policies so it is important that you check before signing any agreements, but typically include things such as wear and tear.

Off-season
Check the terms and conditions to find out if the policy includes an off-season or lay-up period. If it does, you will not be protected when using your sailing boat during these times.

Equipment
Some insurance policies will cover every single item on your sailing boat, whereas others will provide cover for up to 70% of the value of your equipment. It is up to the policy holder to decide how much they value their equipment, and ultimately what level of cover they require.

Cruising area
If you have planned sailing trips, or even just a general idea of what you want to achieve with the boat, does the policy accommodate this?

Agreed or cash value
There is a big difference between these two coverage types, agreed value insures the sum that was agreed at the time that you arranged the policy, whereas the actual cash value is based on the resale value of the vessel at the time of the loss, based on age and condition.

When it comes to dinghy boat insurance every single owner’s needs are different as only you can know what you value most and what budget you have for the policy. As an absolute minimum dinghy owners should be investing in third party liability insurance as this pays out in the event that you have caused damage or injury.

Here are some common dinghy boat insurance questions.

Do I need to buy my policy from a dinghy specialist?
Absolutely not. You can purchase your insurance cover from any company that offers it, however it may be in your best interest to research the provider first to ensure that they are capable of offering you the expertise you require.

Why is third party insurance so important?
It is not a general legal requirement to have any dinghy boat insurance, but most waterways will not allow you to flat without third party liability. As well as it providing access to British waters, this cover protects you against legal costs or compensation payments in the event that an accident is your fault.

Does comprehensive insurance cover my dinghy in transit?
This will depend on your policy as some providers do protect dinghies whilst out of the water whereas others will not. If the insurance company does provide this cover there will probably be certain restrictions on where and how the boat is travelling, but check the terms of your policy to make sure.

Do I have to be in charge?
Most insurance policies allow anyone with your permission to float your dinghy but it is important that you check in advance as you do not want to invalidate your insurance policy. Receiving money in return for allowing someone to use your dinghy is hiring, and will probably not be covered unless you requested so when you took the policy out.

Can I take my dinghy abroad?
Dinghy boat insurance policies will generally automatically provide customers with a holiday period where the vessel is covered abroad. However, this is usually restricted to 30 days so it is important that you read the policy terms and contact your insurer if you plan on staying out of the country for a longer period of time.

People of the UK are boat lovers, and it is incredibly easy to understand why, the canals that pattern the landscape and the stunning shores provide the perfect setting for a relaxing boat trip. As a boat owner you will undoubtedly know just how important it is to safeguard your vessel against the risks associated with owning a boat.

This is where boat insurance comes into play. There are different levels of cover available for individuals wanting to protect their boats, just as there are with standard motor insurance. The most basic level is boat insurance third party, which pretty much does what it says on the tin. This cover will pay out in the event that you cause damage or injury to another person or their property.

If you do not think that this level of cover is enough for you, and you would prefer to be protected against a wide range of threats you will be best investing in a comprehensive policy. This level of insurance can safeguard your vessel and yourself against a whole host of risks including fire, theft, vandalism, legal expenses, accidental damage, and personal liability.

You might think that comprehensive cover is the obvious policy for anyone who values their boat, but in some cases boat insurance third party can be enough. For example, boat insurance third party would generally not be recommended for someone who has invested in a luxury yacht or other expensive vessel, as it is absolutely essential that the boat is protected against every imaginable risk.
This basic cover might be appropriate for someone who is borrowing or hiring a vessel, rather than purchasing their own; or in situations where the value of the boat is relatively low.

When searching for boat insurance third party cover or comprehensive policies it is important that you shop around. Accepting the first quote you come across is bound the leave you disappointed. It is important that you check the provider’s reputation, the annual premium they are quoting, the level of cover, and the terms an conditions of the policy.