Boat 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.