Our guide to making yacht insurance easy
When it comes to finding your first insurance policy for your new yacht, 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. You’ve probably gotten past the confusion of “what’s the different between Yacht Insurance and Boat Insurance?”, and now have come across our helpful guide to how you can get the best quote for the best insurance policy for your yacht.
In an ideal world, premiums become more favourable the longer your no claims discount is established, and your loyalty with your insurer is built up. Unfortunately, this isn’t always the case, as your insurers will have their own capital providers to keep happy, and this is often a much larger numbers game than most can imagine.
The premiums of the many, pay for the losses of the few. This is a great perspective on how insurance works, however when there are many losses around the world arising from an ever increasing number of natural catastrophes and other previously unimaginable events; it’s easy to understand why the premiums of the many honest and claim avoiding clients need to increase.
Our Top Tips
So when shopping around, 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.
· 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 are happy to bear 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.
Saving on your premium
If you want to save on your yacht 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 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.