Insurance for boats is cover that protects boat owners against the costs of having your motorboat or yacht repaired or replaced. The cover means that you should not lose out financially if a disaster happened to your yacht.
The benefits of boat insurance should apply to the hull itself, sails and rigging, and outboard motor if appropriate. If you boat is moved around on a trailer or a trolley, this should also be included for the purposes of completeness.
Getting the best deal
The price of the premium will depend on a number of factors, including the model, make and age of your boat. The insurer may also enquire how experienced you as the policyholder are on the water.
Apart from issues specifically related to insurance for boats, a standard approach is taken by providers to determine the cost of your premium.
First, you insurer will ask if you have a no claims bonus. The higher number of years that you can state that you have been claim free, the larger the discount you are likely to get.
Also, the premium will depend on the conditions in which you keep the boat. Generally speaking, a boat kept in a secure well maintained area will be less expensive to insure than a craft that is kept on a trolley at the water’s edge. Given that the cover will extend to sails and accessories, a lockable trolley box for these items could be a sound investment.
Is there anything else that you can do to bring down the price of your premium? You could volunteer to have a higher than standard excess on your policy, so you limit your own ability to bring smaller value claims under the cover. This way the insurer sees you as a customer who would not bother them with vexatious claims for trifling sums – you would only make a claim when absolutely necessary.
Looking beyond the cover
When considering which insurance for boats is the best, it is easy to become fixated on price alone. Whilst you understandably do not want to pay a penny more than you have to for the cover, cost is not the only issue. The quality of service that you will receive will be the most important consideration, if you ever have to make a claim. This is where a specialised company can come into its own, with staff who are used to dealing with marine issues day in day out.