Key boat insurance pricing factors

We make every possible effort to ensure our boat insurance policies are highly competitive. 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 realise 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 are the key factors that can affect or increase the cost of our boat insurance policy.

Key factors that affect boat insurance quotes

• Your boat valuation. The key aspect of comprehensive boat insurance quotes are that quotations are predominantly determined simply through multiplying your stated boat value against a rate determined by the other responses you give (e.g. boat type, cruising range, mooring location etc). Whilst you certainly should not under value your boat, 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 will 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.
• 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-ons.
• Waterskiing and water toys: Speedboat and RIB owners are separately charged extra for waterskiing and water toys.. again to save money perhaps you don’t need both?
• Boat age: Whilst there is little you are likely to be able to do short term please 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).
• No claims bonus: Finally, while clearly many claims are 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 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 (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 believe our rates are as competitive as any in the market 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!

Reviewed: 08/01/2012

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