We regularly re-challenge ourselves to ensure that we can guarantee our boat insurance policy prices provide the best value available. We know that our customers not only want a high quality boat insurance, policy and value for money. Whilst we believe we provide this, many customers also do not understand that there are also a number of decisions/ actions that they can make for themselves that will ultimately lead to a reduced boat insurance quote.


PUBLISHED 13/04/2010

BY admin

IN Tips & Advice

We consistently challenge ourselves to ensure that the boat insurance policies we provide are among the most competitive available (if not the most competitive available)! We know that our customers not only want a high quality of insurance, but also expect great value for money. Whilst we believe we achieve this (see reasons below), many customers do not understand that there are also a number of decisions/ actions that they can make that will ultimately lead to a reduced boat insurance quote. Listed below therefore are the absolute key factors that can affect or increase the cost of our boat insurance policy… knowing these can help you save money! 

Key determinants of boat insurance quotations

  • Your boat valuation. The key (indeed the absolute key!) aspect of comprehensive boat insurance quotes are that quotations are predominantly determined simply through multiplying your stated boat value against a minor percentage rate (i.e. 0.01-0.10% of the value of the vessel) that is determined by the other responses you give to critical risk factor questions… namely boat type, boat engine size, cruising range, mooring location etc). Whilst without question, of course you should not devalue your boat, this is purely since overvaluing it will inevitably lead to higher insurance costs. So we advise all customers to check the true market value of the vessel before generating quotes.
  • Safe moorings: Certain mooring types (e.g. private marinas or mooring ashore) are considered safer – statistically they are less likely to lead to a claim. Meanwhile adverse swing or tidal moorings are considered more risky (especially if you do not have an auto-bilge), therefore when asked for mooring type this decision (and therefore any future decisions about choice of mooring) will inevitably directly affect your boat insurance quote.
  • Yacht racing: Yacht insurance racing cover will inevitably cost more due to the additional risks involved with racing.
  • Comprehensive Vs Third Party Only insurance: We do not recommend this, as the cost of repairing your own vessel would fall upon yourself in the event of an accident, however Third Party Only cover will normally significantly reduce your policy quotations… if your boat is of very low value to you this may be your option though.
  • Additional cover items: Again, whilst we don’t recommend it, not opting for breakdown, legal or contents cover will lead to a lower boat insurance quote as these are additional policy add-on’s.
  • Water-skiing and water toys cover: RIB or speedboat owners are charged additionally for both the water-skiing option and the water toys option.. again to save money perhaps you don’t need both?
  • Boat age: Whilst there may be no option in the short term please do be aware that many boat types over a certain age (e.g. 20 years) can attract slightly higher quotations (this is due to the increased likelihood of hull/ boat disrepair causing a claim) and the potential need for evidence of an out of water inspection (usually every 5 years).
  • Increased excess: Choosing to increase your excess (the amount you pay towards any claim) will reduce your quotation by a certain percent, a percentage which grows as you increase your excess.
  • No claims bonus: Finally, while clearly a many insurance claims are both unforeseen and unavoidable, there are also equally as many that could be avoided. Here are a few recommendations… staying safe and avoiding claims.

Reasons why our quotations are so, so competitive

Whilst we always strive to offer a high quality of boat insurance and service to our customers, we are sensitive to making sure we can still offer these at highly competitive rates.

  • We underwrite tens of thousands of UK customers annually, which means we get the very best prices.
  • We tightly control our business overheads so that these costs aren’t passed on to you.
  • We offer up to 6 years no claims discount (remember most insurers only provide 5).
  • We constantly monitor market prices.

Finally, shop around… we mean it!

Why not get yourself a competitive boat insurance quote from us? We’re certain that our boat insurance rates are as competitive as any in the industry so if you find a better value, like for like boat insurance policy elsewhere not only do we want to know about it and have the opportunity to quote against it! All you need to do is contact us with details of the competitive quote and tell us you want it beaten… simple!