How Much Does it Boat Insurance Cover in UK
Are you considering taking to the waves? Or are you maybe considering upgrading ? Besides the costs of the actual boat and running it, one of the biggest things you will have to consider is the cost of boat insurance. Whether you have a rowing boat or a yacht, every boat owner needs to ensure that they have the cover that they need to protect themselves, their crew, their ship, and Boat Insurance Cover in UK! That is why we are going to guide you through boat insurance, the costs, and more – how much is boat insurance (UK based) on average? It’s time to get covered.
A good insurance policy will save you significantly if you need to make a claim. What’s more, many of the UK’s marinas demand third-party insurance as a condition for mooring. Still, although boat insurance is highly recommended, there’s a load of policies out there to sift through. For an insight into what boat insurance a year in usa does and what to look for, our essential guide is here to help. Read on to learn how to insure a boat and how much boat insurance costs.
These damages may concern the boat itself (theft of equipment, or theft of the entire boat, collision with an underwater object etc.) but also crew members who could easily get injured whilst being on a boat. Boat Insurance Cover in UK can also protect you against potential damage that you could cause to a third party (collision with another boat for example). If not always mandatory, we would however strongly suggest any boats’ owner, especially of high value boats, to get boat insurance.
How Much Should Boat Insurance Cost on Average?
In some ways, boat insurance is like any other kind of insurance in that the price depends on the size of the boat, its age, where it is (where it is moored, to be exact), and on you, the owner.
Do you have any experience owning and driving a boat? What are your previous boat insurance claims, if you have any? Are you a licensed driver?
The price of boat insurance also very much depends on the kind of boat insurance policy that you are looking for.
Given that boat insurance is not a legal requirement in the Boat Insurance Cover in UK, there are some boat owners that would assume that it isn’t necessary.
However, it is essential to note that certain marinas will not allow you to moor your boat without insurance and that in order to use your boat on the British waterways, you will need coverage of some form or other.
Is boat insurance necessary?
Simply put, yes. As we’ve said, while you don’t legally need it, it provides essential protection from incidents and accidents. What’s more, there are certain circumstances in which boat insurance is actually mandatory. These include when financing a new boat with a marine mortgage. Other situations where insurance is required include:
- Racing or chartering your vessel
- Mooring your boat in a harbour or marina
- Using inland waterways where local authorities mandate essential third-party insurance
- Sailing across national borders and in other countries
If you meet any of these criteria, you need to take out Boat Insurance Cover in UK. If you don’t expect to encounter these scenarios, it’s still recommended as long as your boat is in use.
How to choose boat insurance
Whether you own a motorboat, yacht, or fishing vessel, insurance is similar to other auto insurance policies. You can choose from an increasingly wide number of insurers. Luckily, comparing insurance these days is a breeze with countless boat insurance quote comparison websites available. However, instead of getting bogged down on general overall insurance costs, identify the most costly aspect of your boat. You can then check the policy coverage in case of damage to these elements to ensure monetarily sound coverage. What’s more, you should always check that your insurer is registered with the Financial Services Authority and British Marine Federation.
When choosing insurance, many look at the level of premium as a deciding factor. All boat insurance policies are different, however, so try and strike the perfect balance between costs and benefits. For starters, you’ll have to make sure your policy covers the waters you’re sailing on. You’d be surprised how often this step is overlooked, particularly for those now traveling through Europe. International boat insurance will cover you for these international trips. Look at the exclusions, too, like wear and tear coverage. You’ll have to look at the wording carefully to choose the coverage that suits your needs. Next, we’ll look at the sort of coverage you’ll find in your boat insurance policy.
Type of Policy
Here are the different types of coverage that could be included in motorboat Boat Insurance Cover in UK.
Liability coverage can help you cover expenses if you cause an accident which damages another person’s property.
Medical Payments Coverage
This type of coverage will cover any medical payments should you or any of your passengers incur any injuries whilst on the boat. This can include any medication, X-rays or scans and any unexpected hospital bills.
Uninsured Watercraft Coverage
Uninsured watercraft coverage will cover you for any costs should you collide with an uninsured or underinsured boater. Should this happen, the policy will cover any expenses associated with bodily injuries as well as property damage.
Taylor Watkins offers bespoke insurance policies which vary on a case-by-case basis. If you are concerned about any additional components such as special equipment, boat trailers, towing coverage or any boat accessories, you can include this when requesting a quote. Other potential elements to take into consideration are the cost of fuel spills or the cost of wreckage removal should there be an accident on the water.
Are you considering taking to the waves? Or are you maybe considering upgrading ? Besides the costs of the actual boat and running it, one of the biggest things you will have to consider is the cost of boat insurance. Whether you have a rowing boat or a yacht, every boat owner needs to ensure…