Yacht Insurance
| Insurer | Outstanding Policy Features | Quote |
|---|---|---|
| Discounts for certain marina locations. Optional racing cover. Extended cruising cover. |  |
|
| Noble Marine are specialist insurance brokers providing boat insurance for most types of pleasure craft based in the UK. | |
There’s something incredibly luxurious about owning a yacht, and there aren’t many people out there that wouldn’t like to add one to their list of possessions. If you’re lucky enough to own one then yacht insurance should always be your first priority, particularly as it’s likely to have taken a huge chunk out of your savings.
Given that yachts can be incredibly expensive purchases, most online insurers recommend that you get in touch with them by phone to discuss your specific needs. Some won’t even offer online quotes for vehicles over £50,000, but by going to them directly you’ll be able to get a tailored policy to give you just what you’re looking for.
Whether you’re getting an online quote or one by phone, there are several things you should probably bear in mind to make sure that you’re fully covered. The first is third party liability cover, and this should come as standard in even the most basic of policies. Third party cover is essential as it negates any personal financial responsibility should your yacht injure someone else or their property, and by having it in place you don’t lose out should anything go wrong.
But, as your yacht is so expensive, this should be the very least of your worries. You also need to think about the boat itself, as if any damage happened to it the costs of repairs or replacements could be vast. Always make sure that it’s covered in the event of any accidental damage including fire or theft (particularly for theft as these vessels will be particularly tempting to thieves), and look for hull and personal accident cover too so you can protect your vessel, yourself and your passengers.
Most policies will be able to offer plenty of added extras as well, including cover for racing or for an extended cruising range, so always see what extra goodies can be offered. Be aware of the exclusions too, such as depreciation, corrosion or minor damage through everyday use, as you don’t want to have a shock when you put a claim in.
It’s worth noting, however, that if you’re buying a particularly old yacht it could be tricky to insure. Most yacht insurance brokers stipulate that a yacht survey is undertaken on all vessels older than 25 or even 20 years old so they can properly calculate the insurance risk, as only then can a real estimate be given.
So, yacht insurance really is an essential purchase for anyone who owns one of these highly desirable vessels. It protects you financially and means that your pride and joy is fully protected, so always spare the time to find the right cover to meet your needs perfectly.