Boat Insurance in the UK

With warm temperatures right here in UK, water season is luring the boat enthusiasts. If you are on your boat every day or whether on weekends, you must have boat insurance at least during summer months, and beyond if possible. With this in mind Insurance Blog thought we’d take a look at the oldest type of insurance….

What is boat insurance?

Boat insurance is a custom made insurance that covers your boat and this coverage becomes applicable once you have the boat insurance policy from your preferred insurance company. You need to pay certain premium and while the policy lasts, the insurance company will cover all the expenditure that has occurred due to damages resulting from mishaps, accidents or calamities. This insurance also covers damage done by your boat to other boats or people.

Things to consider when buying boat insurance

Different companies provide a variety of policy wording and you may be confused what sort of policy you require. The cover offered by an insurance company and the service provided by it can differ greatly. Hence remember that if you buy a cheap policy, you may end up spending more money in the long run, if you make a claim. The most important points to consider before you buy insurance for your boat are:
• Third party liability: You must always go for liability insurance as this covers you in case you have caused damage to another boat or have caused injury to a person.
• Comprehensive cover: This insurance covers you for any accidental damage, theft, fire and vandalism.
• Theft cover: When your boat is not in use, this policy covers you against theft.

However, each insurance company has different requirements and you have to adhere to them or you may be left uninsured.
Boat Insurance quotes
• Towing: Most policies cover expenses which cover towing waterskiers, kneeboards or inflatable toys, though restrictions may apply.
• Policy excess: This is the amount you have to pay if any claim is made.

Tips to save money on your boat insurance

Another way of reducing the cost of boat insurance policy is going for voluntary insurance excess. But remember that in an event of a claim you will have to pay the excess. So ensure that you are able to strike a balance between cost of the insurance and the excess you choose when trying to reduce your boat insurance premium in the UK.

Once summer months are over and the boat is laid up, it would be foolish cancelling your insurance, but consider laid up cover to protect the safety of your boat. Shop around for a Boat Insurance Quote!

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