A Buyer’s Guide To Dinghy Insurance

Whether your dinghy is for cruising or racing, having it insured will give you peace of mind on and off the water. We all know that purchasing any boat is a big investment, so ensuring it is covered should it damage or theft is beneficial.  Insurance may help to protect you financially if your boat is damaged or stolen, but also third party boats and property that may be damaged. Our blog delves into why we believe you should get insured and the key features of policies…

Is dinghy insurance a necessity?

Whilst dinghy insurance may not be a legal requirement on all waters, it may be wise to get comprehensive cover for many reasons. Firstly, it simply makes financial sense. Having insurance is a great way to protect yourself against financial loss should your investment be damaged or lost. In the long run, it is much more cost-effective to pay a small fee each month for a policy, rather than pay a lump sum if there is an accident or your boat is stolen.

Not only is it important to ensure your vessel is insured against loss or damage, but to also have protection against third party damage or injury caused by your own actions. This helps to protect you, your boat and those around you in case of an incident and saves having to pay out any hefty costs.

What will my insurance policy cover?

Depending on the provider you choose will influence what the policy covers. However, there are often commonalities between each policy including covering any damage to a boat such as the hull, on-board equipment, rig and sails. As well as this, the majority of insurance providers also offer European cover, don't forget to double check this with them first though. Generally speaking, your insurance policy will usually cover the following (but always check with your provider to see what is included):

• Medical expenses cover
• Legal protection cover
• Personal accident cover
• Third party liability 
• Accidental damage
• Loss

Will I have any obligations with my dinghy insurance?

When signing up to a policy, it's important to understand and stick to your side of the deal, as well as the provider sticking to theirs. Again depending on the provider, these obligations may differ (and you should always check this), however, this will usually include:

• Performing routine maintenance checks
• If you make any changes to your vessel, let the provider know
• Keep on top of payment plans
• Report any accidents or incidents straight away
• Make your provider aware if you sell your dinghy

Are there any exclusions?

Each provider may have slightly different exclusions, however, these can include:

• If the correct security measures are not in place and there is a theft of the boat or its contents
• Wear and tear
• Damage after a breakdown
• Corrosion/rot
• Depreciation of your vessel due to ageing

Where can I purchase dinghy insurance?

There are several places to purchase dinghy insurance, both online or direct from an insurer. Each has their own pros and cons, it's important to make sure the provider is the right one for you, especially if you have specialist requirements (such as foiling) . If you are interested in finding out more about what GJW Direct has to offer, please click here.

Are you looking for first-time insurance or thinking of switching insurers? Get a quote for dinghy insurance with us in minutes and you can even purchase online.

Header Image Source:  Mark Jardine