Speedboat Insurance - is it affordable to live without it?

Get a quoteAs like any boat when buying a speedboat or any other type of sports utility boat they can be expensive. They tend to cost £8,000 at a minimum and often significantly upwards for a new one depending on the specification and so we'd always argue that an investment such as this should merit some form of boat insurance. However, speedboats are only relatively expensive in comparison to the damage they can potentially inflict upon people and property can be far far more expensive. Affordable speedboat insurance often includes either 2-3 millions of pounds worth of public liability insurance. Let's face it - no insurance is going to cost a fraction of that cost but there is no reason why a single accident couldn't. If you didn't have the insurance, that is.

Speedboat insurance may also seem expensive when compared to the cost of insuring other boats of similar price or size but they're not called speedboats for nothing – speed equates to risk and thus all that extra speed inevitably increases the risk of accidents.

Therefore assuming you're now going to buy speedboat insurance, what must be considered? Well, there's a some reasonable number of things to think about as it happens. It's important to think about how exactly you're planning to use your speedboat, a carefully tailored policy could potentially save you a considerable sum. Equally, should you fail to consider your exact requirements and buy an incorrect form of insurance or just purely go for the cheapest quote you can find without reading the small print, then it could obviously be costly error an unscrupulous company seek a minor technical and seemingly unrelated policy condition in order not to have pay your claim (this is certainly the exception not the rule fortunately but nevertheless it does happen).

So, what are the things you should bear in mind? Firstly, do you want third party only insurance or comprehensive? Well, comprehensive insurance is always going to be the better choice, if you can afford it, to cover your own losses in the event of a claim also. A good comprehensive insurance policy should cover you against third party liability, fire, theft and vandalism. However, not all comprehensive insurance policies will cover you for a range of different extras and this is where it's important to tailor your policy. For instance, not every insurer will cover you for accidents that happen abroad – if you're planning to, say, visit Europe then it's important to make sure you're covered. Are you considering water-skiing? This is certainly something that you will have to make sure you're insured for. Or are you planning on using water toys such as bananas or donuts? Or diving with scuba equipment? If you are then ensure that they're factored into the insurance – however, as with all these things, if you're not planning to use/do them then make sure they're not factored into the insurance as it could save you a fair amount of money. If in doubt speak to your insurer!

Lastly, racing. Unfortunately ourselves along with most boat insurers will not cover racing risks for speedboats (dinghies yes, just not speedboats!) so make you're with one that does if you have any inclinations in this direction. Few things would put paid to your racing career more effectively than destroying your boat and being unable to afford the repairs!

Get a quoteWhy not get a fantastic value speedboat quote today... click here.

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