How to Get the Cheapest Boat Insurance Policy

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How do you get the cheapest boat insurance policy? What exactly is boat insurance and why do you need one? And what can you do to lower your boat insurance cost in the UK?

In this article, we will walk you through all you need to know about boat insurance, why it is not a legal requirement yet important and how to protect your finances.

What is Boat insurance?

Boat insurance is a type of insurance that covers you financially if your boat is stolen, damaged or involved in an accident that affected other people.

Depending on the extent of cover you want, you can get insurance for your yachts, narrowboats, kayaks, watercraft, canal vessels, etc.

A wide-range of yacht insurance cover will protect your boat if it suffers a fire, vandalism or accidental damage both on the land or on waterways and third-party liability protects you financially if you have an accident involving another boat.

While you are not required by law to have boat insurance in the UK, navigation authorities for waterways and marina and harbour operators always insist that you have at least a third-party insurance cover that will protect others from any damage your boat might cause.

They are always so strict about this that without third-party insurance, you will not be allowed to use your boat on the waterways. In fact, you will not be allowed to use any marina.


Do I Really Need Boat Insurance?

There’s no known law mandating you to have a boat insurance cover before you can use your luxury yachts on large oceans or your kayaks in small waters. 

But inasmuch as it is not a legal requirement, we often recommend that you have it so that you can protect your boat and those onboard your boat in case of any damage, theft or accident.

Be that as it may, some states in the United States of America might need you to have one. California doesn’t mandate you to have boat insurance but you must reach a minimum age before you can allowed to use a boat.

Even if your state might not mandate you to have a boat insurance cover, your bank will, especially if you took a bank loan. The level of boat insurance cover you will get must be enough to cover the cost of replacing the boat with a new one should they be a case of accident or theft.

3 Mind-blowing Facts About Boat Insurance

There are basically 3 amazing facts about boat insurance we think you ought to know so as to always get the cheapest boat insurance policy every single time.

  1. Boat insurance unlike car insurance isn’t a legal requirement. In California for example, you are not mandated by law to have boat insurance or a boater’s license but you’ll need at least third-party cover to access rivers, canals, boatyards and marinas
  2. Your boat insurance cost will vary depending on factors like boat size, type, power and use
  3. By building up a no-claims discount and improving the security of your boat, you can drastically reduce your boat insurance cost

Here are some of the things you can do to improve the security of your boat so as to cut down your cost of insurance.

  • Always choose a marina with full-time security and good lighting so as to reduce your cost of yacht insurance.
  • Install an alarm and a tracking device. An anti-theft device attached to your boat can help you get the cheapest boat insurance policy when comparing quotes.


How to Shop for an Affordable Boat Insurance Policy

Before purchasing your yacht insurance policy, it’s important that you shop around to be sure you are getting the cheapest boat insurance cover.

You can also compare boat insurance quotes online by checking a couple providers. Most of the affordable providers in the UK have some policies for as low as a US$21 premium per month.

What boats can you shop for insurance cover for? Here are a couple of boats you can easily get a cheap boat insurance cover for: 

  • Yachts
  • Motorboats
  • Rigid inflatable boats (RIBs)
  • Jet skis
  • Narrowboats
  • Rowing sculls or skiffs

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