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Compare Yacht Insurance is your one-stop destination for comparing and purchasing great boat insurance policies that are available in the market.
Boating can be a great experience, but it’s important to protect your investment and yourself against any unforeseen circumstances. That’s where boat insurance comes in. Boat insurance provides coverage for damage or loss caused to your boat, as well as liability coverage in case you are held responsible for causing damage or injury to others.
At Compare Yacht Insurance, we understand that finding the right boat insurance policy can be a daunting task. That’s why we’ve made it easy for you to compare policies from leading boat insurance providers in just a few clicks. Our platform allows you to compare policy features, premiums, and coverage limits side by side, so you can make an informed decision and choose the policy that best fits your needs and budget. We’ll be here right by your side to help you save money and get better coverage.
Why do you need Boat Insurance?
When it comes to finding your first boat insurance policy for your new boat, or for that matter at any subsequent insurance renewal, you’ll probably think how you can reduce your premium and still get the same level of cover from your insurers.
So whilst there are many factors that go into getting the best boat insurance policy, the easiest thing you can do is get quotes from as many of the different insurers available. This allows you to find an insurer that best fits your requirements. We at CompareYachtInsurance.com do this for you and you can get the various quotes by simply filling out our form. Once you hit submit, you can get access to a wide range of quotes and save time and money in the process.
However beyond just using our service there are further things that can be done to reduce your boat insurance costs, something which we will further explain on this page.
Saving on your Boat Insurance Premium
If you want to save on your Boat insurance premium, the most important thing to remember is being upfront and honest with your insurer. The more information you provide them, the more likely they are to being able to accurately and fairly price you as a ‘risk’. When you get your boat insurance quotes from our panel of insurers, you’ll be able to respond to them directly with any questions you have or amendments that you may want. You can find out more about buying the right policy by reading our article on: How to shop around for the right insurance quote.
What can influence the premium payable for Boat insurance?
From a small boat to a large super-yacht, each vessel presents a different level of risk. So just like car insurance – boats are usually categorised according to their vessel type. The simplest way to pay less premium is to be a lower risk to insurers. Keeping your insured value up to date and in line with market value is an easy win for reducing your premiums.
Undeniably, a ‘Sunseeker’ with powerful engines costing several hundred thousand pounds will be far more expensive to insure than a smaller, much less powerful craft.
Type of Vessel
Every boat will have a different risk assessment by insurers. A yacht will be very different to a dinghy or a jet ski. Therefore it’s important to remember that insurers will factor in the type of the vessel. Furthermore they’ll also consider any potential repair bills before calculating the premium.
Value
In general, the actual size of the boat isn’t as important as its value, how easily it could be stolen and the potential for damage.
Experience
The experience of the owner and whether it’s private and pleasure use only will play a big factor. Undeniably, insurers will want to see an owner suitably experienced before agreeing to cover charters. Whether charter or racing is covered, is likely to significantly affect the premium. Thereafter, any previous claims experiences are also taken into consideration when calculating the premium.
Our Top Tips
Before you buy, here are some top tips of what to look out for when comparing the policies from prospective insurers. We’ve already made this process as easy as possible for you, by not leaving you to have to get a quote from every insurer separately. You can find out more details in our post on finding the right yacht insurance policy.
· Are the boat details identical?
· Is the Total Sum Insured the same?
· What is the Third Party Liability limit?
· What Excess / Deductible applies to the quotes? (If you’re happy with a higher excess then do not be afraid to ask your insurer. This will likely result in a reduced premium).
· What cruising parameters does each quote provide?
· Is the cover being offered comparable?
· All of the above will impact the cost of your insurance premium, so be sure you have all the details when making a comparison.
How we can help you with your Boat insurance
At Compare Yacht Insurance, we know that finding the best insurance for your Boat can be a tricky business. We’re here to make it easy and we do the hard work for you. When you use your service, you’ll benefit from seeing great quotes from the top insurers in one place. To get started right away, all you need to do is fill out our simple form
Do you have any questions on Boat Insurance?
Here at Compare yacht insurance we are always happy to help and share our knowledge on the Boating industry. We help our customers achieve great cover for their boat. Therefore to get in touch please visit our contact page.
Compare Yacht Insurance FAQ's
I’m going to take my yacht out of the water for a prolonged period, should I notify my insurer?
You almost certainly should notify your insurer as the risk will change in their view. You may be entitled to what are called lay-up credits, whereby you are entitled to a reduction in premium to reflect the reduction in risk.
I have sold my yacht, what should I do with my policy?
The moment that you hand over the keys to your yacht in a sale, you no longer have insurable interest. Therefore no insurance policy would be enforceable, as even if the yacht were to catch on fire the next moment, this would be the responsibility of the new owner. You should contact your insurance company as soon as you sell the vessel, and ask them to cancel the policy. Depending on whether or not your in your first few months or first year of your insurance policy, will dictate what sort of insurance premium refund you’ll get – as long as you’ve not made a claim on the policy.
What are all risk policies?
An all risk policy covers your yacht for all types of losses that you may have, except for those that are excluded in the exclusions section. If there is a new type of loss that insurers aren’t aware of, then you are automatically given the benefit of the doubt with the claim being covered.
How do I qualify for discounts on my yacht insurance premium?
Discounts usually come in the form of loyalty benefits or improving the ‘risk’. If you stay with an insurer for multiple years, they should look out for you and entice you with a loyalty discount that is fair for them too. If you are in your first year of insurance or looking to further decrease your premium, then you should ask insurers to reduce your coverage, or present yourself as an improved risk. Let them know about any and all extra qualifications that you have attained, any improvements to your yacht, and anything else that will help insurers regard you and your yacht as a safer risk.
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