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.

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.

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.

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.

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.

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.

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.

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.

As well as being much riskier for the insurance company, performance boats are usually much more expensive to buy that other types of vessel due to their nature. This also has a significant impact on the cost of annual premiums, but due to the risks involved with riding a speed boat, owners should never neglect obtaining a full performance boat insurance policy.

There are several things that speed boat owners will want to ensure are included into their policy so here is a quick explanation of what they are and why you will need them.

Property damage

If your vessel is damaged in an accident with another sailor or out at sea then you will need the insurer to pay out for any repairs required. The amount that the insurer will compensate you will depend upon the specific policy terms and whether you have a market value or agreed value policy.

Uninsured boater

Should you become involved in an incident with another vessel where the driver is uninsured, you and your passengers will be protected. This is particularly important because it is not a legal requirement for sailor to be insured, therefore increasing the number of people without adequate cover.

Towing & Assistance

As you would require with a car, towing and assistance means that your performance boat insurance will provide cover when you need your vessel towed after an accident.

Personal property

You are bound to have all sorts of personal belongings on board your boat, but what happens if your boat sinks? Without personal property coverage you would be unable to claim for these, leaving you at a loss.

There are all sorts of other things that could be included into performance boat insurance so make sure you consider every angle before purchasing a policy.

Comprehensive insurance provides cover against almost every risk associated with being a pleasure boat owner, from repairs and replacement to receiving a pay-out to cover the loss of personal belongings. This is the highest level of insurance and offers the most protection, but it is also the most expensive.

Third party liability insurance is a similar to what you would get on a car, it only provides cover if you are to blame for injury or damage to another person or their property. Third party insurance is the absolute minimum level of cover that any sailor should consider as otherwise you are personally liable for any legal fees and compensation – and these could potentially add up to thousands of pounds!

As well as there being two types of pleasure boat insurance, there are two types of settlement depending on the policy you have chosen: agreed value and market value. The difference between the two is very significant and the price of the annual premium will reflect this. An agreed value policy means that the insurer and policyholder have agreed a value of the vessel no matter what the current market price, whereas a market value policy takes the amount that the craft will now sell for.

The type of insurance that is suitable for you will depend on the pleasure boat that you have; if you have a much older but not a collectable boat you might find that third party market value insurance is enough for you, as otherwise you would be paying more for the insurance than the boat is worth.

However, if you have a new craft or expensive boat, you will want to ensure that everything is fully covered. This includes the engine and machinery, removal of wreckage, towing costs, personal injury and much more.