Insurance
The value of insurance
Unlike cars, there is no law that requires you to insure a boat. But it would be foolish not to. It doesn't happen very often, but if you were to be involved in an accident, you may not only cause damage to your boat, you could damage somebody else's and more importantly you could harm someone. If the accident was assessed as being your fault, the damages that you could be personally liable for, could be substantial.
Boat insurance is comparatively cheap and worth every penny, irrespective of what craft you own.
From the moment a boat is signed over to you it becomes your risk, so when taking out insurance on a purchase, ensure that the cover coincides with you taking possession of the vessel.
Cost and extent of cover
It is worth paying for comprehensive cover; otherwise trying to recover your loss from an uninsured third party could be very expensive and will take a considerable amount of time, even if you finally succeed.
The price of the premium will differ according to the type of boat, whether you are operating inland or out at sea, whether you are sailing in the UK and near-Europe or further a field, the type of mooring, the design speed of the boat and the actual value of the craft.
Most policies work on a figure of about 2% of the value but discounts can be available for no claims (although not as much as for cars), extra experience, qualifications and certain security installations.
Most policies will also insist on specific precautions or safety procedures; failure to implement these will void your policy, so when you take out insurance for your boat, read the policy carefully and adhere to what the insurance company requests.
Tip - A selection of leading insurance companies are listed in the Marine Services section of this site.
Looking after you and your boat
- Insurance
- Storage
- Keeping Safe
- Maintenance
