Is my boat covered by my home insurance?
Do I need separate insurance for my boat?
Boats have a high recovery and replacement cost and come with their own risks. So, insuring them makes sense. You may find that your home or car insurance provides a degree of cover, but there are lots of good reasons for taking out dedicated boat or watercraft insurance.
Will my home contents insurance cover my boat?
While your boat is stored at your home it may be covered – up to a certain value – by your home insurance.
Home insurers, for the most part, do not have any particular expertise in insuring watercraft. So, you will find the coverage is not tailored to your needs. And if you are in the unfortunate position of needing to claim for damage or an accident to your boat, you may be getting help from someone who does not have a full understanding of what has happened and what your needs are.
It is certainly worth calling up your home insurance provider and asking them whether your boat is covered.
But specialist boat or watercraft insurance will give you better coverage, better service and better peace of mind. It will provide coverage when your boat is on the water, in a marina or in a boatyard, too.
Will my car insurance cover my boat?
While you’re towing your boat to the water, it may be covered by your car insurance if you’ve made appropriate arrangements. Note that some motor insurances have restrictions about the length of boat you can tow. It’s best to call up and ask before you set out.
Do I need boat insurance?
You probably do need boat insurance, particularly if we’re talking about a larger boat with a high replacement cost. Insurance may also be a condition of navigating certain waters or taking part in organised sailing activities. So not having boat insurance can be quite limiting.
Your home insurance might cover your boat while it’s stored at your home. But it won’t cover your boat on the water, in transit or in a boat yard.
Is boat insurance a legal requirement?
There is no UK law saying that you must insure your boat – but you will need at the very least third-party cover if you want to access the facilities at a marina or use a boatyard. And you’ll also need it if you plan to navigate rivers and canals.
Am I covered by the previous owner’s boat insurance?
If you buy a boat second-hand, the insurance previously held won’t apply any more. You need to take out a new policy for your boat.
How do I cut the cost of my boat insurance?
You can reduce the cost of boat insurance by:
- shopping around to find a policy that best meets your needs (note that Velos won’t be on any price comparison websites because we offer a tailored insurance service)
- building up a no claims bonus
- taking some training (particularly if you are a new boat owner).
How much does boat insurance cost?
The cost of boat insurance varies enormously according to what type of boat you wish to insure, where it is stored, your level of experience and competence and what activities you have planned on the water. At Velos we provide tailored insurance, so the best way to find out the cost of your boat insurance is to use our form to get a quick quote.