This article looks at the key price calculation factors that ultimately impact upon your boat insurance quote for inland waterways vessels. This information is provided with goodwill intent, please always check small print and we always advise generating multiple quotes to satisfy yourself of the best deal.

Vessel Types

Whatever the type of vessel you own the majority of marine insurance companies will put them into groupings of similar vessel types. The reason for this is partly due to simplicity as there are so many boat types the boat insurance companies have to create and maintain premium calculation rules for, but actually the key reason is because the inherent risk of a claim within these vessel categories is similar.

Fortunately those who own an inland-only waterway vessel (i.e. a canal boat, a dutch barge, a cruiser or a house boat) this immediately guarantees you lower rates of insurance levy.

Higher powered boat or those undertaking extensive worldwide cruising ranges tend to attract the highest levies for an obvious reason, higher risk. 

Comprehensive or Third Party

Regardless of boat insurance category however all good boat insurance companies will firstly offer you the option of either comprehensive or third party only insurance.

As one could reasonably assume, this option is the single biggest criteria in determining your insurance cost as you are indirectly making a statement of whether the insurer must pay a claim on one or two vessels in the event of an incident should you be ultimately at fault.

Third party insurances are usually calculated as a fixed base cost, but assuming you select comprehensive insurance, the second key factor determining the price of any boat insurance quote is your vessel valuation.

Vessel Valuation

When it comes to vessel valuation all insurance companies will literally take the value of the vessel, plus an additionally quoted items (e.g. generators, outboards, navigational equipment, trailers, contents) and multiply it by a specific percentage rate (i.e. vessel value x 0.#%).

Knowing the above, means you know therefore how fundamental the given vessel valuation is upon your quotation!

When it comes to inland waterway vessels, the insurance rate applied is normally fairly static however the rate can be on a sliding scale (i.e. reducing gradually for higher valued boats). However age may well be classed as a factor (i.e. as boats age the probability of hull disrepair increases the likelihood of accidental sinking).

No Claims Bonus

Another key factor that will affect you quote will be (similar to most insurance types), years no claims bonus. Most insurers provide 5 years but some do provide 6 years. For each and every year without a claim a percentage will be knocked off your final insurance cost up to the maximum number of years.

Mooring Location

It is perhaps not surprising that similar to both cars and houses, where the vessel is permanently moored (or not, as the case may be) is statistically shown to affect the likelihood of a claim. The result therefore is that those without moorings (roaming vessels) will attract a higher rates, where as adversely marina’s (due to there being less chance of third party impacts with passing boats and tighter site access security) tend to attract lower rates.

Additional Items

Finally, there are also some additional items which may need to be taken into consideration (this all depends on individual insurers) which perhaps don’t affect a majority but inevitably will affect some.

The remaining factors determining your insurance cost are often thereafter optional.

Clearly taking up additional optional boat insurance items incurs a cost as they each represent an additional risk for the insurer to provide insurance against.

As a result this then inevitably affects the quotation price.

Break-down cover

This is usually a fixed price item.

Contents cover

This depends on the type and value of contents being covered & normally requires direct contact with insurance staff.

No claims bonus protection

No claims bonus protection is usually made available. This is usually applied as a small percentage rate increase to the premium.

Exemption Areas

There are certain inland waterway exemption area which are not usually included in standard inland waterway policies. For example, not having a mooring (roaming boats are of greater risk to insurers due to increased movement) or requirement for access to tidal areas e.g. on the River Severn near Gloucester for instance.

Boat Owner Age/ Experience

Perhaps it may surprise you but whilst most insurers will stipulate either an age limit such as eighteen or over evidence or training or boating experience, thereafter age is not a factor upon boat insurance cost.

Adversely however those over seventy years old however may well find certain policy exemptions from personal injury claims. As always therefore it’s best to check small print or simply to ask the company when you take out the policy.

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Interested in Climbing Aboard?!

This boat insurance article was brought to you with goodwill and thus we hope you find it of good benefit.

We’d also love to have you on board if you are of interest! Our insurance offers total peace of mind and it usually only a matter of minutes to get a quote and indeed be covered!

We’re one of the UK’s leading inland waterway boat insurance providers so you’d be boating safely, with great quality protection, quality UK-based customer service and at fantastic value.