Boat insurance provides reassurance and financial protection if your boat is involved in an incident in which another person is injured or their property is damaged.
Some boat insurance policies will also pay out if your boat stolen or is damaged in an accident or a fire. If this is the case, the most they will generally pay out if your boat disappears or is damaged beyond repair is the market value of the craft at that time.
Boat insurance can be taken out to cover a range of different types of boats, including yachts, motorboats, narrowboats, and rowing skulls. All policies cover third-party liability claims, usually up to a set amount of say £3 million to £5 million. Beyond that, the level of cover depends on the type of policy you choose. Other risks that can be covered by boat insurance include:
Some insurers also allow you to pay an extra premium to add extra cover for personal belongings (loss or damage) and incidents involving your friends and family. However, as with all types of insurance, there are exclusions to bear in mind.
Common exclusions to boat insurance include damage caused while under the influence of drugs or alcohol and theft claims when your boat was left unlocked or unattended.
Boat insurance costs vary widely depending on factors such as the value of your craft, how you intend to use it, where it is moored, and whether or not you are an experienced skipper.
So while you could pay less than £50 a year for third-party insurance, a fully comprehensive Motorboat policy is likely to cost more than £150 a year.
Ways to cut the cost of boat insurance include:
Whether or not you are legally required to have boat insurance depends on the type of boat you have and where you use it. If, for example, you plan to use a powered boat or houseboat on inland waterways such as rivers and canals, you’ll usually need a third-party policy that covers you for at least £1 million in damages.
You will also need insurance if you plan to:
Cover is available for motorboats, narrowboats, sailing yachts, houseboats, rigid inflatable boats (RIBS), dinghies, as well as a wide variety of small and large pleasure crafts. You can even take out an insurance policy to protect your jet ski.
You can often pay more to add a variety of extra features to your boat insurance. Common optional extras you may want to consider include:
You may be able to pay extra to add theft and accidental damage cover for your boat to your home insurance.
However, this cover will sometimes only protect your boat while it is kept at your home. And even if your boat is covered away from home, it will not usually include insurance for incidents that occur in transit, for example when you are towing your boat from your home to a waterway.
It’s quick and easy to find and compare boat insurance quotes with MoneySuperMarket’s boat insurance partner InsureMy.
All you have to do is provide a few details about you and your boat, including how old it is and where it is kept, and they will show you a list of quotes that meet your needs from a range of different boat insurance providers.