Yacht Insurance Q&A

How much does yacht insurance cost?

In the UK a year’s yacht insurance normally costs between £50 and £300, inclusive of tax. The three single most important factors that determine that cost are;

  1. Third party Vs fully comprehensive
  2. Your vessel valuation
  3. Your cruising range

How is third party only yacht insurance calculated?

In order to calculate a third party only yacht insurance premium, most insurers will determine a rate which is determined by your chosen cruising range. At their discretion that rate can then be increased by factors such as; racing cover, risky mooring locations, a recent claims history or other specialist stated requirements. The final rate is then usually multiplied by a stated vessel value after which any no claims or increased excess discount are discounted. Finally any applicable UK tax is added, 10% at time of writing.


Is it a legal requirement to buy yacht insurance?

No, yacht insurance is not a legal requirement in the UK, however you may need at least third-party cover to access private boatyards and marinas both at home and in Europe. If in doubt, always check locally in advance. If you do risk it, buying yacht insurance online is usually quick and a third party policy can cost as little as £50 per year.


Can I buy yacht insurance online?

In most instances you can buy yacht insurance immediately. Only under certain circumstances might you not be able to; higher than £500 000 vessel value, recent claims that need to be reviewed, vessel age above 25 years without a recent survey, non-standard cruising ranges, commercial vessels, vessels undergoing major refit/ repair.


How can I get cheaper yacht insurance?

Remember the golden rule, more risk AND higher vessel value equals a higher premium. So first and foremost, make sure your vessel valuation is accurate. Secondly, these factors are statistically known to increase the risk of claims: long distance cruising, racing, open moorings, older vessels. First rule… have fun, second rule… address those items you can to reduce risk and thus your premium!


Buying yacht insurance online: What will you need to know?

To buy yacht insurance online you will be asked; to identify your vessel make and model, the build year, vessel length, named legal owner(s), cruising range, mooring type/ location, no claims years / any recent claims and place of registration. Post-purchase evidence of no claims bonus will need submitting and older vessel owners (above 20-25 years) may be asked to supply recent boat survey evidence.


What yacht insurance options are available?

Our policies all usually supply additional options. For a yacht these are third party or fully comprehensive, protected no claims, increased legal cover, spars/ sails/ rigging/ contents cover, racing cover an increased policy excess.


Additional queries...

Please just get in touch! Equally if you've decided you're ready to insure your yacht... go to our quote page.

Back to all articles


Leave Feedback

We welcome any additional thoughts about our site content or details of other material you would like to see. If you have any feedback please post this below.

Your name/ email
Your URL
Your comment

Quick facts
  • Rapid quotes
  • No claims discount up to 30%
  • Protected no claims discount
  • Specialist claims service
  • UK only staff
  • Quality policies only ever from well known and respected companies

Home | Quick Quote | News | Sitemap | Contact

Mercia Marine are authorised and regulated by the
UK Financial Conduct Authority, reg:304948

Copyright © 2015 (privacy policy)