Do I Need Boat Insurance?

boat in tunnelSimple Question - Do I Need Boat Insurance?'

Whilst we're all passionate about boating, it can nevertheless be an expensive past time and thus inevitably for most of us the additional expenditure of boat insurance needs to be justified. So whether we're new to boating and have just purchased our first vessel or if we're an experienced hand looking forward to another year on the water it is only reasonable to pose the query as to whether ‘I really need to renew boat insurance or can I survive without it’?

To commence this discourse we should first be aware that many of us will have no option but to have some kind of insurance policy in place be it third party or fully comprehensive. The simple reason for this is that reasonable proportion of local authorities and marinas insist upon the minimum third party liability insurance in order to use their mooring facilities. Thus for those boating inland you need to check with your local water authority regards their expectations, i.e. those whom you pay your annual boating license fee to. However, to be clear, besides such policy there is no general legal obligation to have boat insurance. So if there is no legal requirement under national/ EU law and no relevant authority has imposed its own limits, you may see having insurance as a potentially unnecessary luxury?

therefore the question remains, why buy boat insurance? As with all non compulsory insurance it is the peace of mind offered that you're covered for the unforeseen which makes it worthwhile in itself. The annual exchange of a relatively small fee in return for the guarantee that a potential large cost in the future will be paid by the insurers. Put yourself in the position of an albeit small minority, but those who have suffered loss or damage to their vessel or whom have accidentally caused damage to another vessel when uninsured. Clearly were you to speak to them and ask whether they would insure themselves in the future inevitably the answer would be yes, the saving does not warrant the risk!

Therefore as a first port of call an inexpensive third party only insurance (starting from between £30-110 depending upon your vessel type) is available for those whose vessel has limited financial value For these higher value vessels therefore a full cover policy will offer the greatest peace of mind as this will cover your vessel in a large number of eventualities including accidental damage, theft and vandalism.

You may feel that you do not use your vessel often enough and that you are always very careful when you do so the low likelihood of anything happening does not justify the additional expense. However, you may be surprised by the fact that a significant proportion of boat insurance claims occur whilst vessels are unattended in what the owners believed to be safe locations. Other people, through Theft, vandalism and unreported accidents are a significant risk to your use of your vessel and although this may seem unfair, its an unfortunate reality. So is it worth it? As a boat insurance policy underwriter we obviously think so, but it’s a decision for you. Can you justify spending a set premium for 12 months peace of mind and the knowledge that should the worst occur your enjoyment in your vessel and your financial investment in it is protected.

Boating in our beautiful waters of the UK and Europe, whether inland or at sea should be about enjoyment. We strongly encourage all to take the stress out of it and to give themselves piece of mind through insuring themselves/ yourselves against the worst of boating so you can fully enjoy the best of it. Get an affordable boat insurance quote and decide for yourself whether the peace of mind is better value than you though.

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