As with any significant purchase you need to think about insurance for your boat. Unlike car insurance it is not a legal requirement but you will find that you need cover to berth, finance or race a boat. You can take out a policy from the moment you have a financial interest in the boat.
The most basic insurance is third party only cover (normally only available on-line) but most will opt for a comprehensive policy. You can find specialist boat insurers or insurance brokers in the magazine classifieds or ask whoever you are buying the boat through for details.
Comparative to motor insurance, boat insurance premiums are not too expensive. To give you an idea, a 10 year old £50K production cruising boat in a secure marina and with an experienced claims free owner will cost under £300 a year. You can normally pay by instalments but it will cost a bit more. Boats are insured for market value, the price paid for the boat plus a bit extra for extras you add or works carried out.
When looking at different boats it is worth remembering the effects they can have on your boat insurance premium. Fast petrol cruisers and speedboats will cost more to insure than slower diesel cruisers and large yachts. Racing yachts will cost more to insure than smaller cruising boats. Wooden construction is also harder and more expensive to insure than GRP or steel. For any boat over 20 years of age most insurers will need a survey and the age will likely inflate the premium.
Where you plan to keep your boat is a very important consideration. Secure sheltered marinas normally get you a reduced premium and 12 months cover afloat. Other swinging moorings will be restricted to summer periods only and some may not be acceptable to insurers at all. Your experience as the owner is also important, insurers would normally expect a certain amount of experience to have been obtained in charge of similar craft or that you undertake approved RYA courses in local sea schools before you take the boat out.
Private cruising use in local coastal waters is what standard cover is based on. Should you plan to race or charter the boat or undertake extended cruising you should expect to pay more and would need to check you can get that cover first. Also remember that outboard motor theft is on the rise, so ensure if your potential new boat has an outboard that it comes with outboard motor locks before your find out that was a policy condition.
Navigators & General, the UK's largest pleasurecraft insurer will have a stand at the Kip Marina boat show and presence at the other shows over the weekend of 14th to 16th October 2011. Staff will be very happy to offer advice and premium indications to both new and existing boat owners. Please drop by the stand or ask one of the dealers to locate one of the N&G team if you need any help or guidance over the weekend.
Joe Field
PR Consultant
Navigators & General
Nile House
Nile Street, Brighton, BN1 1HW
Phone: 01273 863441 Internal: 7762 3441
