Most people don’t give their boat insurance a second thought once they’ve paid the premium each year – but it can really be worth tailoring the cover for the perfect fit. This has two benefits – not only will you be covered for what might befall you on the water, but you’ll also save money. Here are some things to consider…
Boats are often cheaper to insure if kept in a marina as opposed to an exposed swing mooring. What’s more, you’ll often find a boat can be covered through the winter on a marina berth if you add ‘winter use’, whereas many swing moorings are only covered in the summer months. Check your policy!
Third Party or Fully Comprehensive?
One way that some boat owners like to reduce the cost of their boat insurance is to buy third-party cover. This might reduce the premium, but does come with a significant risk – you won’t be covered for any loss or damage to your own boat, only for damage to a third party.
Some marine policies are based on an agreed value rather than her current market value. Don’t forget to check the market value of your boat every now and again too – the higher the insured value, the higher the premium. There’s no point in paying a premium that covers more than your boat is worth.
Some policies ask for a mast, sails and spars value. Get a quote from your sparmaker and sailmaker for the replacement cost for the lot so that you’re covered should the worst happen, although insurers may apply a deduction for age. The value is often far more than you’d expect.
Racing cover is often included on a policy and can add a hefty amount to your premium, even if you don’t race! Some insurers like Insure4Boats include club racing as standard but without affecting your premium. Make sure you check the policy cover details thoroughly.
Carrying over a no-claims bonus will also keep the premium down, so hang on to any paperwork.
Restricting your policy to a more confined area can sometimes result in a lower premium – but don’t forget to let your insurers know in good time if you’re planning to head off on a longer trip.
Be reasonable when adding up your personal effects, but don’t short-change yourself – your on-board items can add up to a surprising amount. Take the time to get it right.
If your current boat insurance policy includes expensive extras you don’t need, why not get tailored specialist boat insurance from Insure4Boats?