Compare the same cover, then the price
The price depends on the value of the boat and engine, where the boat is kept, how it is stored, the excess you choose and how much is included. So ask for quotes based on the same details and compare what is covered before you compare premiums. A low premium is worth little if the cover you need is missing or if your winter storage does not meet the insurer's terms.
Have these details ready
- The boat's make, model, year and current market value.
- The engine's make, model, power, year of manufacture and serial number.
- Where the boat is used and how it is stored.
- Whether you rent out the boat or use it for anything other than private leisure.
- What equipment should be included and what locks and theft protection you have.
You can find basic details in the boat catalogue and the engine catalogue. Still, go by how your boat actually is. The wrong engine year or the wrong use gives quotes you can't compare. Ask the insurer how to report a new engine or new equipment.
Excess: lower premium, higher out-of-pocket cost
Choosing a higher excess gives a lower premium. Some claims, such as engine damage and theft, often have their own fixed excess that applies regardless of what you chose. So read what applies to engine damage, theft and legal expenses cover, and don't just look at the basic excess.
Ask for quotes with different excess levels and think about how much you can afford to pay yourself after a claim. A discount that comes from removing important cover is no saving. Also ask whether the price is an introductory offer or applies for the whole next policy period.
Engine damage and engine servicing are different things
Machinery damage is often only included in the higher level of cover, and then with an age limit for the engine counted from the year of manufacture. What applies to you is in your policy document and terms.
Wear, poor maintenance and sudden damage are treated differently. Read the exclusions and keep your service history. The insurance doesn't pay for scheduled maintenance and doesn't work as a warranty on an old engine.
Winter, lifting and theft
Boat insurance normally covers launching, haul-out, transport and storage, but the requirements for locks and storage differ between cover levels. Find out in particular whether the outboard may stay on the boat outdoors over winter and what is required in terms of locks, supervision and laying up. The yard's insurance does not replace your own.
If anything about your storage is unclear, ask the insurer to put in writing what applies. Add the quote to the cost of the winter berth and the lifts. Keep the policy document, terms, photos and engine number somewhere you can reach even if the boat is stolen.
Frequently asked questions
How much does boat insurance cost per year?
It depends on the boat, engine, value, use, excess and level of cover. Request quotes with the same details so the prices can be compared.
Is engine damage always covered?
No. Basic insurance often doesn't include machinery damage, and the higher level usually has an age limit for the engine. It's in the terms.
Can I cancel my insurance while the boat is ashore?
It usually doesn't pay off. Theft, fire, storage and lifting may still need cover, and the yard often requires insurance.