What’s the best yacht insurance cover available? Are all policies the same? Should I get competitive quotes to ensure I get the best yacht cover available?


PUBLISHED 09/02/2018

BY admin

IN Tips & Advice

It’s impossible to define what the best yacht insurance policy is for any one individual simple because each customer tends to have slightly different needs. As a result we’d always recommend you take a little time to get several quotations, but in each case just take a little more time to scan read (as a minimum!) the policy small print for all important the policy inclusions and more importantly, the exclusions. This is never more important than if you get a particularly high or low quotation. A few extra minutes spent researching ensures you get the cover that’s right for you without paying for unnecessary extras.

That said, in our favour Mercia Marine are also fully approved insurance underwriters. Therefore if you feel our initial quote or policy conditions do not meet your specific needs, unlike most UK boat insurance providers who are insurance brokers, we have the additional power to include or veto additional policy clauses/ stipulations, which as a result will either lower our quotation or better suit your personal requirements. This is also usually done at no extra cost if there is negligible additional risk implications, thus it’s well worth speaking to us about your quote if it doesn’t immediately suit your needs… 01684 564 457.

Additional Common Yacht Insurance Questions

A Legal Requirement?

No! But you may need at least third-party cover to access private boatyards and marinas both at home but particularly in the Mediterranean. If in doubt, always check locally in advance.

Can I Buy Yacht Insurance Online?

Yes, usually. However you might not be able to if;

  • Your Vessel value is higher than £500 000
  • Your have recent claims history that needs to be reviewed
  • Vessel age above 25 years without a recent survey
  • You have non-standard cruising ranges
  • Commercial use vessels
  • Vessels undergoing major refit/ repair.

Reducing Your Yacht Insurance Premium

Remembering that more risk AND a higher vessel valuation equals a higher premium, firstly ensure your vessel valuation is accurate (check current market rates on a yachts for sale website). Secondly, certain factors are statistically known to increase the risk of claims: long distance cruising, racing, non-private/ unprotected moorings, older vessels. Ultimately get your valuation right, determine if you definitely need fully comprehensive insurance (we’d always recommend this for higher valued vessels however), then address those items you can to reduce risk.

Who’s the Best Yacht Insurer?!

Be wary of those who provide the lowest quotes, as well as those who provide the highest, better to go for a middling option. Thus we strongly advise against cheap yacht insurance, but equally definitely don’t buy the most expensive option unless you know they’re giving you not only an additional policy benefit no other company does but that it’s definitely something extra you’re actually likely to need! Those who quote high either don’t want your business (or spend a lot on marketing!) or are offering ‘premium’ cover options which you likely don’t need.

In truth, for the most common yacht types, most medium to large size companies will quote similar rates so you do have to check the small print (sorry!) or if all else looks equal go for the one who’s customer service you think will be the best. Unfortunately it’s usually difficult to get a clear view on how any company will deal with claims (i.e. the time when you need us most!) without knowing more background to the company… thus we can only check online web forums or check customer testimonials (a link to ours is available from our homepage)!

The Information We’ll Need To Quote

To buy yacht insurance we will ask you to supply the following information;

  • Your yacht’s make and model
  • Build year
  • Vessel length
  • Legal owner(s)
  • Cruising range
  • Mooring type/ location
  • No claims years / any recent claims
  • Place of registration (UK or otherwise)

Post-purchase evidence of no claims bonus will need submitting and older vessel owners (20-25 years+) may well need to supply recent boat survey evidence.

Shopping Round For Yacht Insurance, Should I?

Yes! We’re confident our insurance matches anything available but we want you to be entirely confident you’re getting the best deal for you should get multiple quotes, particularly if you have a high value vessel(s) or very specialist requirements. As stated above give us a quick call on 01684 564 457 if you’re unhappy with your immediate quotation or our standard policy conditions, it’s likely we can help!

Additional Yacht Insurance Options

Our insurance policies do all usually supply additional options such as;

  • 3rd party or fully comprehensive
  • Protected no claims bonus
  • Increased legal cover
  • Sails/ rigging/ spars/ contents cover
  • Boat racing cover
  • An increased policy excess.

Is The Best Yacht Insurance Available Right Here? Find Out!

We believe we do offer best value yacht insurance, without exception. Whether your journey is primarily UK coastal or further afield, you’re in the best hands. Get yourself covered in 5 minutes!