Boat insurance is one of the first things you should always consider for any kind of commercial vessel. It is essential for any ship, but it is crucial for those whose livelihoods depend on their vessels!
However, to find the best cover for your boat, you will need to work with an insurance broker that will happily tailor the policy to your specific needs.
So, let’s get started – and look at a few sample commercial boat insurance policies, rates, and a few things to bear in mind in your hunt for the perfect cover. One of the most asked queries is how much boat insurance costs, so let’s give you an idea in this article.
How Much Should Commercial Boat Insurance Cost on Average?
Unfortunately, there’s no straight answer here – there’s no such thing as average commercial boat insurance rates!
Due to the varying uses of commercial crafts, there are many different commercial boat insurance policies and specifics.
In fact, most insurance companies apply different covers and prices to individual needs. That is why creating an average for commercial marine insurance policies is nigh-on impossible.
As you can imagine, a cruise ship with hundreds of passengers, more difficult mooring and countless instruments and employees will pay a far different comprehensive cover than a local fisherman.
It pays to compare and contrast.
There’s a reason why the average is likely to vary so much. Whatever your business, running a commercial craft has a variety of challenges.
Whether you will have your own customers boarding and even staying on the boat, or you use it for your own commercial purposes (such as fishing), your boat will likely go through a lot – including different settings, weather, and even the occasional breakdown.
That is why ensuring that you are fully covered is essential – and why you should start comparing rates as priority.
What Does Commercial Boat Insurance Cover?
When looking into boat insurance comparison, you’ll likely find the following areas are covered by policies:
- The vessel’s commercial purpose (whether it is for fishing, diving, cruising, ferrying, sightseeing, potting, layering, water sampling, etc.)
- Your trading style (how you’re registered)
- The age of the vessel
- The owner’s experience and previous claims
- Its mooring location
The list goes on.
Now, depending on what the boat is used for, insurance experts will be able to better determine what exactly your commercial boat insurance policy should cover.
Some of the more common policies include:
- Marine legal protection cover
- Crew liability
- Third-party liability
- Personal belongings
- Personal accident cover
- Outboard motors
And, again, the list goes on.
The best insurance brokers will work closely with you to better determine exactly what should be covered for your vessel – it’s worth setting up a conversation once you have at least three commercial boat insurance quotes to hand.
Commercial Boat Insurance Price Examples
We understand that finding an average price for boat insurance can be a little tricky.
As there are so many things to consider before being able to reach a set price, and of course, with the price varying depending on the insurance brokers, it can be quite stressful, especially when you are setting out your business plan at the same time!
With that in mind, here are a few examples of boat insurance quotes, bearing in mind that these are for very specific boats and their needs.
For example, all under fully comprehensive cover:
- Large motorboats cost on average just over £260.
- Dutch barges cost on average just over £700.
- RIB insurance costs around £330.
- Catamarans cost around £480.
However, it is essential to remember that these rates vary depending on the age and current state of the boat, the owner, the captain, the crew, the public, the mooring, the size of the boat, etc.
The only way to truly determine how much you will have to spend on boat insurance is by getting multiple quotes online.
Thankfully, boat insurance comparison has never been easier, and we can help you with that!
We are a vastly experienced, commercial boat insurance broker who will get the most competitive rate possible for your policy needs.
Commercial Boat Insurance Quote
If you wish to insure your commercial boat here in the UK and need to find the best commercial boat insurance quotes available, then you have certainly come to the right place!
All you need do is click on the ‘Get Quote’ button at the top of the website and fill in some quick personal data about your boat to make obtaining insurance quotations that much easier.
We’re also completely authorised and regulated by the Financial Conduct Authority, too – so you can rest easier.
It takes just minutes to arrange cover for your commercial craft.
With a wide array of options available to you, it won’t take long for you to find the perfect insurers to protect you when out on the water.
It’s time to protect your business, your interests, your people – and your boat.
Run a commercial business using your yacht, sailboat, pleasure craft or other type of boat? You can trust your vessel with Velos. Start your COMMERCIAL BOAT INSURANCE POLICY QUOTE NOW by clicking on the quote button at the top of this page.
Insurance for commercial vessels is always going to vary when it comes to the cost. That’s why it makes sense to save money and time by contacting us at Velos to use our decades of experience to find you the best policies and rates, depending on your precise needs. It’s time to get yourself covered.
Are you considering taking to the waves? Or are you maybe considering upgrading ? Besides the costs of the actual boat and running it, one of the biggest things you will have to consider is the cost of boat insurance.
Whether you have a rowing boat or a yacht, every boat owner needs to ensure that they have the cover that they need to protect themselves, their crew, their ship, and other traffic!
That is why we are going to guide you through boat insurance, the costs, and more – how much is boat insurance (UK based) on average? It’s time to get covered.
How Much Should Boat Insurance Cost on Average?
In some ways, boat insurance is like any other kind of insurance in that the price depends on the size of the boat, its age, where it is (where it is moored, to be exact), and on you, the owner.
Do you have any experience owning and driving a boat? What are your previous boat insurance claims, if you have any? Are you a licensed driver?
The price of boat insurance also very much depends on the kind of boat insurance policy that you are looking for.
Given that boat insurance is not a legal requirement in the UK, there are some boat owners that would assume that it isn’t necessary.
However, it is essential to note that certain marinas will not allow you to moor your boat without insurance and that in order to use your boat on the British waterways, you will need coverage of some form or other.
But what kind?
To save money, some opt for third party boat insurance alone.
Now, while third party cover is excellent, it will not cover everything, which is why having fully comprehensive boat insurance is always the wisest idea.
Now, we can practically hear you thinking that something like a fully comprehensive cover will cost a fortune! Thankfully, it doesn’t have to – keep reading and we’ll show you why.
Are Boats Expensive to Insure?
On the whole, no – but that all depends on a few basics. Generally speaking, smaller boats such as dinghies can cost anything from around £100 a year to insure, whereas bigger boats such as yachts or speed boats can cost a lot more.
However, there are ways that you can reduce the cost of your boat insurance. For example:
- Get your licence: While having a boat licence isn’t always necessary, it definitely helps to reduce the cost of insurance policies. Put yourself in the shoes of the insurance companies – if they have to insure a boat owner who has no experience sailing or driving a boat, then they are statistically more likely to have a boating accident with it. Therefore, by providing the necessary proof that you do indeed have experience commanding a boat of that size and that you have been qualified to do so, your boat insurance quotes will be significantly lower.
- Get safety equipment: One way of lowering your rates is by proving that you are at a lower risk. Preparing your vessel for any eventuality, be it for fires, equipment failures, lifejackets, lifeboats, etc., your insurance policy is bound to be cheaper.
- Consider using the same company as the one you use for your home and auto insurance: You may find that the insurance company that you already use for your car insurance, homeowners insurance or others can offer you good insurance cover for your boat at a lower rate. An insurance company that does not know you is bound to offer higher premiums than one that has experience working with you already.
- Compare boat insurers: The best way of ensuring that you are getting the best policy possible is by comparing as many marine insurance companies as possible.
What Are You Paying For When You Insure a Boat?
Of course, what you will be paying for exactly with your boat insurance depends on the policy basics. However, here are a few things that you should expect to see if you get boat insurance:
- Third-party cover: The first thing that you should really look at is third party insurance – as discussed. In many cases, boat owners choose to only have this as it covers something that none of us can control – third parties on the water. Third-party liability insurance covers you, your crew, and the guests on your boat should any injuries, damages or even death have been caused by a third party.
- Fully comprehensive boat insurance: As the name suggests, fully comprehensive boat insurance covers most things, including things that we simply cannot control, such as theft, vandalism, third party fire, property damage, sinking, and even weather-related damage.
- Medical expenses: Some insurance policies do indeed include cover for medical bills induced from accidents caused onboard that could hurt you, your crew, or your guests.
Example Costs of Boat Insurance
As mentioned, defining exactly how much you will have to pay on boat insurance will vary depending on a few factors.
However, there are, of course, certain averages that can help you to better understand how much you are potentially looking at when it comes to insuring your vessel.
Here are a few examples of boat insurance policy costs in the UK:
- Yachts: For fully comprehensive insurance for a yacht here in the UK, prices average at just over £380.
- Catamarans: On a fully comprehensive insurance policy, catamarans cost more on average, coming in at over £480.
- Speedboats: If you are looking at insuring your speedboat on a fully comprehensive policy, then you are looking at more around £340.
- Houseboats: Houseboats cost even less to insure, coming in at around £260.
- Dinghy: If you are looking at a small dinghy for weekend adventures, then you will be happy to know that, on average dinghies cost around £115 on a fully comprehensive insurance policy.
Whether you use your boat daily or just every now and then, it is always best to have the best insurance possible.
Anything can happen on boats, whether you are just cruising up down a river or taking on the seven seas.
Thankfully, with high quality boat insurers like Velos to choose from, you ensure that you pay a fair amount for the cover that you need.
Whether you own a yacht, sailboat, pleasure craft or motorboat, you can trust your vessel with Velos. Start your boat insurance policy quote now by clicking on the QUOTE BUTTON at the top of this page.
It can take a little time to decide what exactly you want and need but trust us – it is definitely worth it when it means keeping you, your boat, and your loved ones safe.