With such a wide range of boats and activities on the water, not to mention a whole raft of available insurance policies, it's not always clear what to look out for. Our guide below should help you to gain a clear understanding.
Like Jet Skis, it's likely that you're vessel will spend a lot time in transit or storage, and you'll want to consider coverage for both. Whilst obviously not as costly as a yacht, these boats aren't cheap and can take a lot of knocks and damage over time. Many people opt for the cheapest level of cover, particularly if just as an occasional hobby, but you may want to ramp up your coverage to help repair any damages that occur. If you're visiting different coastlines you'll need to make sure that your policy extends to those areas, or allows you to add them, and mention if you're planning to race or compete at all.
If you're not planning on racing, then low level cover (i.e legal minimum) is surely enough for you. Dinghy insurance is reportedly very flexible and should you decide to upgrade your level of coverage, or add any extras at some point, most insurers will offer this function.
Speed Boat Insurance
Standard policies generally include some cover for personal belongings alongside, damage by rodents/vermin, road transport, outboards and trailers. Insurers will be most concerned about where you plan to go in the boat, and prices will be reflected by the risk. It's quite easy to get carried away and end up further at sea than intended. With piracy off the southern coasts of Spain and South Africa, there's a realistic risk of danger in those particular areas.
Commercial Boat Insurance
If your activities on the water are not solely private, i.e. you're renting row-boats, jet skis, or taking out members of the public on inflatables, then you'll need to acquire a commercial boat insurance policy.
Obviously this will cost more as the risk is much greater. There's a greater chance of public liability, not to mention a heightened risk that the increase in use of your vessel(s) is going to cause more damage, or at least the likelihood of it occurring. The level of coverage for your boat will be determined by the business, but you should think about coverage for things such as employers liability, crew liability, and public liability.
Most fishing boats will be part of a business, and will therefore need commercial insurance, like described above. If it's a private fishing boat in question, depending on it's value and condition, you should look for coverage to the hull and standard, including any machinery or equipment on board. Aside from that you might want to consider cover against death, and personal accident or injury.
Crime rates for motor boats is quite high and they are often stolen to order. Assuming you've obtained yours through legal means insurance is quite straightforward. You can help reduce your premiums by improving security measures such as trailer locks, CCTV, engine locks and steering locks – there are many options available. You may be planning to travel further afield, meaning you'll need to find a policy which suits, or allows you to add additional areas or regions as you need.
Most insurance policies for motorboats won’t provide any form of coverage whilst the vehicle is in transit. You may be able to obtain coverage for these moments from your car insurance provider or take out an additional policy for trailer insurance.© Sean Nel | Dreamstime.com