What Kind of Boat Insurance Do I Need?
Are you considering looking into boat insurance cover?
While it may seem simple enough to arrange boat insurance coverage for any vessel, there are actually different types of boat insurance policy that cover different needs, wants and activities.
It’s important to know what different boat insurance policies offer before you take to the water.
Let’s take a look at what the main types of boat insurance policies are, and how they can support you.
Commercial Marine Boat Insurance
If you are running a vessel for business, then standard boat insurance policies won’t cover your needs and demands at sea.
For example, this type of cover includes liability insurance in the event of crew accident and ship repair.
Commercial marine insurance policies may also offer third party liability in some cases.
The right commercial boat insurance for your commercial marine operation can be tailored to the specific size of vessel you are running, too.
Inland Waterways Boat Insurance
If you’re planning to run a houseboat or canalboat down inland waterways, there are specific boat insurance costs you can pay to protect your vessel down smaller bodies of water.
For example, you could insure your boat against weather and temperature damage, accidental loss, fire, or personal accidents.
Crucially, if you’re going to run a boat down canals or rivers, you’re going to need your insurance company to cover you specifically for non-sea use.
Yacht Insurance (Pleasure Crafts)
Pleasure craft or yacht insurance coverage comes in handy if you intend to sail a personal watercraft for cruising, racing, or watersports.
In some cases, you may not need this type of boat insurance quote to cover a yacht outright. It’s worth checking specific boat insurance requirements with your chosen carrier.
In most cases, you’ll need boat insurance for these vessels that cover personal accident, fire and explosion, malicious attack, theft, third party incidents and more.
You can also add extra cover for racing, too.
Bluewater Yacht Insurance
Bluewater yacht insurance generally covers those vessels that are likely to head out into the wide blue yonder!
If you’re going to sail your yacht or pleasure vessel into the Atlantic or to explore the Pacific, this cover is going to be your best port of call.
Many carriers will protect you in international waters, meaning it’s worthwhile checking which type of yacht your prospective bluewater insurance cover protects you for.
Super Yacht Insurance
A super yacht insurance policy is likely to go further than most.
Super yachts are almost like luxury holiday homes on water – in which case, boat insurance rates can cover you for up to millions of pounds in potential claims!
These insurance policies will cover you for accidental loss, malicious attack, machinery freeze and more.
Again, the exact liability coverage will vary with the carrier you sign up with.
Marine Trade Insurance
Marine trade insurance is a little different to the third party insurance policies and cover you’ll find for standalone vessels.
These policies will protect your marine business on land as a fixture – for example, you may run a sailing club, or a marina in your local area.
How do boat insurances differ?
Comprehensive cover for one type of boat might not be relevant for another – for example, running a houseboat down a canal will require inland waterway insurance, which won’t cover you for a diesel powered boat, for example, in the open sea!
As a responsible boat owner, it’s mainly important to choose the adequate financial protection for your type of vessel, where you’re sailing, and who may be impacted by your activities.
Beyond that, many different types of boat insurance policy cover familiar ground.
For example, you can expect to receive protection against a potential boating accident, frost cover, accidental damage, loss of personal items, bodily injury liability, etc.
Is It a Legal Requirement to Have Boat Insurance?
In the UK, it’s not a legal requirement to run a boat.
However, boat insurance claims will protect you in the event of damage to your own boat, or to someone else’s property.
If you run a business, too, you can expect financial cover to help with salvage costs, boat management fees and other potential costs.
Ultimately, an uninsured boater is likely to be at significant risk of high fees and costs should the worst happen – an accident involving another vessel, for example, or if they lose personal items.
What’s more, comprehensive coverage will support those running businesses at sea – whose livelihoods may be impacted greatly by service interruption or unexpected costs.
Do I Need Insurance for A Small Boat?
It’s a good idea to insure any boat you intend to run, for personal or professional reasons.
While vessel insurance is not like car insurance (in that the latter is a legal requirement), insuring even a small boat will protect you against potential costs of repair and replacement should something go wrong.
If you don’t have enough actual cash to pay for potential damage, it makes sense to protect yourself with a safety net.
How much do different types of boat insurance cost?
The price you pay for different types of boat coverage will vary depending on a few different factors.
For example, the actual cash value of your boat, where you intend to sail, what you intend to use your vessel for – all will have direct impacts on the price you pay.
Consider, too, that the costs you pay will likely vary from insurance agent to insurance agent.
What’s more, add-on services such as hull insurance, additional coverage for medical payments, etc – all will likely increase the price you pay in premiums.
Whether you own a yacht, sailboat, pleasure craft, motorboat, or a commercial boat or marine trade, you can trust your vessel with Velos. Start your boat insurance policy quote now by clicking on the quote button at the top of this page.
The unfortunate reality of running any kind of boat is that you are at risk of property damage, accidents and more.
While it’s not a legal requirement to set up boat insurance, choosing the right insurance policy will ensure that you have financial recourse to recover from the worst possible case scenarios.
Take your time to look through different policies and types – and be sure to protect yourself and your interests for the years to come!