Home > Rules & Regulations > Boat Insurance

Boat Insurance

By: Jeff Durham - Updated: 11 Jul 2017 | comments*Discuss
 
Boat Insurance Boating Insurance

Just like you would with a car, if you own any kind of boat, you definitely need some kind of watercraft insurance. The extent of the coverage will probably be determined by the value of the boat and its intended use etc.

Nevertheless, many people end up losing thousands of pounds every year simply because they fail to take out boating insurance usually because they hardly ever take their boat out, apart from a few weekends over the summer months, or they feel the insurance would be too costly against the boat’s actual monetary value. Whatever type of boat you have, you should take out some form of insurance policy for it and here are some of the reasons why.

Accidental Damage, Collision & Theft

No matter how good a boat skipper you are, things can go wrong whether you’re on a tranquil narrow boat cruise down one of the British canals or speed boating across the English channel.

Plus, it’s not only your own boat which you need to concern yourself with but others with whom you may end up coming into contact with so it’s important that you’re adequately insured for financial losses that you may incur due to capsizing, fire, explosion, sinking, collision with another vessel, vandalism where the boat’s been moored, storm damage and theft to name just some things that can go wrong.

When considering boat insurance policies, therefore, you need to make sure that you don’t simply make your decision by opting for the cheapest as that would pointless if any of the issues mentioned above were exempt in the event of a claim.

Wreckage Removal

You should also find out if wreckage removal and towing ashore is included in the insurance policy. In the tragic event that your boat is written off, in most places there is a responsibility on the part of the boat owner to make sure that the remains of the boat is removed from the sea or other stretch of water and, as you’ll imagine, that doesn’t come cheap.

Likewise, if your boat isn’t wrecked but breaks down and needs towing back to shore this also will cost you money. Therefore, your boat insurance should also include this type of coverage and it’s well worthwhile to pay a little extra for repairs that may need to be carried out once a boat that has broken down is towed back to shore as that can run into several thousands of pounds.

Named Driver

Unlike with cars, depending on what kind of sailing vessel is involved and the nature of the trip, most people onboard often fancy their chances of getting behind the wheel or cranking up the engine themselves and playing at being ‘Captain’ for a while. And, whilst for the most part, that’s perfectly legal, some insurance companies will only pay out for one specific boat operator named on the policy and even then, some companies will insist that they will have passed some kind of boat safety course.

Therefore, that’s something which might be important to you if you intend on sharing boat navigating duties with others. Then there are those insurance companies who will offer you a discount if you’ve passed a specific boat safety qualification so it might be well worth checking that out too as you may be able to recoup the cost of a specific course in terms of the savings you’ll make on your insurance policy.

One final important thing to remember is that, with an increasing number of people choosing to buy a boat more as a luxury item than ever before, it can often work out cheaper to have your boat tacked onto your general home and contents insurance policy. However, before doing so, check the small print first and seek advice as many home insurance policies which incorporate a boat will only cover the very basics which might be inadequate for your needs, especially if you are using a boat as a permanent or semi-permanent residence.

A boating specialist store should be able to give you some basic advice and should also be able to recommend a selection of reputable boating insurance companies with whom you can discuss the issue further.

You might also like...
Share Your Story, Join the Discussion or Seek Advice..
I have vacated my boat and wish to find insurance for renting my boat out to long term live aboard letties. Which insurance companies provide this type of insurance please?
Jay - 11-Jul-17 @ 1:37 PM
Share Your Story, Join the Discussion or Seek Advice...
Title:
(never shown)
Firstname:
(never shown)
Surname:
(never shown)
Email:
(never shown)
Nickname:
(shown)
Comment:
Validate:
Enter word:
Topics
Latest Comments
  • Incorrect Facts
    Re: Paying Taxes If You Live on a Boat
    You said: "Depending on the value of the mooring, there is also the possibility of paying either value added tax (VAT)…
    18 August 2017
  • Jacqui
    Re: Paying Taxes If You Live on a Boat
    Hello I am a member of a boat club. The club is run by a committee who are also members and volunteer to be a committee…
    7 August 2017
  • carole
    Re: How Much Does It Cost To Live On a Boat?
    Looking for a houseboat for longterm rent in norfolk. Would like to buy one but still saving at the moment. So a…
    31 July 2017
  • Jay
    Re: Boat Insurance
    I have vacated my boat and wish to find insurance for renting my boat out to long term live aboard letties. Which insurance companies provide this…
    11 July 2017
  • Carol
    Re: Renting a Houseboat
    I am a 57 year old woman who has over the past 4 years lost my parents and my younger sister just before chrisrmas 2016 and no family left…
    1 July 2017
  • Ali
    Re: What is Your Address If You Live on a Boat?
    @ It doesn't affect your council tax but you still have to be careful especially if she's a person whose…
    15 June 2017
  • ninjajan
    Re: What is Your Address If You Live on a Boat?
    I have a friend who lives on a canal boat and wants her mail delivered to my address. Does that affect me in…
    14 June 2017
  • Jellytotz
    Re: Renting a Houseboat
    Hi there, we are a family, partner works full time, so we are looking to rent all years round, possibly long term, we are looking into the…
    10 June 2017
  • Chez
    Re: Renting a Houseboat
    Hi we're a solvent mature married couple (early 50s) with a view to renting a canal boat mid to long-term anywhere in the UK but pref outside…
    19 May 2017
  • LivingOnABoat
    Re: What is Your Address If You Live on a Boat?
    Fran - Your Question:Hi I m going to live on a boat with a mooring that comes with the boat but it will be on a…
    16 May 2017
Further Reading...
Our Most Popular...
Add to my Yahoo!
Add to Google
Stumble this
Add to Twitter
Add To Facebook
RSS feed
You should seek independent professional advice before acting upon any information on the LivingOnABoat website. Please read our Disclaimer.