We think its very important for you to know ‘what’s what’ when looking at insurance policies for your yacht, but everything comes at a price. So when comparing yacht insurance quotes, look out for the price as well as the level of cover to find the policy thats tailored to your needs.
With CompareYachtInsurance.com, you get to see all the best insurance quotes, making it easy to pick the perfect one for you.
Cutting the cost of boat insurance
There are a few things you might want to consider to help keep the cost of boat insurance down.
Just as with cars and other vehicles, insurers will usually take into account a clean boating history.
And just like with driving, taking care at the tiller, being security-conscious and navigating with consideration to others will help you to build your no-claims discount.
Some insurers will offer discounts for fitting security such as alarms or particular types of locks.
Where you keep your boat will also affect your insurance – for example, a trailer boat kept in a locked compound might be considered more secure than putting it on your driveway.
Marinas or harbours may also be considered more secure than alongside moorings on the inland waterways.
Qualifications and experience
Insurers see seasoned boaters who have experience under their belt as lower risk and may offer them cheaper premiums.
If you’re new to all things nautical, one way to build your experience is to take insurance-recognised courses and qualifications, such as those run by the Royal Yachting Association.
Courses scoring a discount will vary by insurer and by your type of boat, so contact your provider to find out more.
Contents and personal possessions insurance
Contents and personal possessions cover may be included as standard with some policies, but you may have to add it as an optional extra with others.
Insuring possessions away from home
Make sure you check the cover you’re buying is adequate for your possessions and pay attention to any exclusions and security clauses listed.
You may also be able to take out cover for personal possessions under your home insurance policy, but probably not for items kept permanently aboard or attached to your vessel.
If you tow your boat from place to place or store it on wheels, trailer cover is worth considering.
Trailer insurance will cover you for damage or loss of your trailer and may include public liability insurance in case your trailer causes damage or injury to others.
Note that third-party boat insurance doesn’t usually apply while your boat’s being towed, as your car insurance should cover you for third-party damages while towing.
Cover to take your boat abroad
If you’re the adventurous type, you might want to take your sea-going vessel to foreign shores.
This might not be included as standard on your policy, but you may be able to add it for an extra charge.
Make sure you check any territorial limits to your cover before you travel and whether you need to request translated copies of your insurance documents.
Personal accident cover
Although boating isn’t perceived to be a particularly risky activity, accidents can and do happen.
Personal accident cover should provide a payout to help with your recovery if you’re injured aboard.
Insuring live-aboards and houseboats
If you live aboard, whether on a mobile narrowboat or a permanently moored houseboat, the main thing to consider is that you’ll want to insure your home in a similar fashion to every other homeowner.
That means making sure your contents cover is adequate for all your possessions.
Not all boat insurers will cover boats used as a primary residence and will list it in their assumptions.
Live-aboard boaters should always check an insurer’s assumptions list to make sure they can be covered.
Insuring smaller and unpowered boats
Waterways authorities such as the Canal and River Trust don’t insist upon third-party insurance for unpowered boats such as canoes, dinghies and row boats.
They do, however, strongly recommend it due to the risk even small boats could pose to others.
There are some members’ groups you can join which include third-party insurance and waterway licences in the cost of membership, and this may work out a cost-effective option.
For example, British Canoeing includes in its membership fees third-party liability insurance and licence to paddle on 4,500km of waterways.
Boats on home insurance
Rather than taking out separate insurance for the value of your small boat, you might find you can instead cover it under your home insurance policy.
If it’s worth more than £1,000 you may need to list it individually as a high-value item and it’ll probably only be covered in your own home unless you have personal possessions cover for items taken out and about.
You also won’t have any third party cover for using your boat under your home insurance, but a combination of third party cover through a members’ association and home insurance cover for its value could equate to comprehensive protection for your vessel.
Full credits and many thanks for this insightful look into yacht insurance to Derri Dunn – GoCompare.