Top Tips for Speedboat Insurance

When it comes to choosing boat insurance for your newly acquired vessel, it can be difficult to know what you need to be aware of whilst researching boat insurance providers. Below we have highlighted items to look out for when researching speedboat insurance that is best for you. 

Do I need speedboat insurance?

In the UK you are not legally required to have boat insurance for your vessel if your only voyages will be at sea, however, if you’re looking to navigate any inland waterways, you will be required to have insurance in order to register your boat with the relevant river and canal authorities. Most council-owned and commercial slipways will require a minimum of third party liability cover and you may find that some marinas will require you to have boat insurance in order for you to moor there.

What am I covered for?

This will vary from one insurance company to another, however, check the terms and conditions when you are researching speedboat insurance. GJW Direct speedboat insurance covers you from: 

  • Third-party liability
  • Theft
  • Damage from submerged items 
  • Machinery / hull / engine damage
  • Heavy weather including lightning strikes 
  • Negligence (except in cases of deliberate acts)
  • Malicious acts of third parties including vandalism (except if it is as a result of your own deliberate acts)
  • The expense of inspecting the vessel after grounding 
  • Medical expenses incurred as the result of an accident onboard the vessel

What are the benefits of speedboat insurance?

Although not a requirement, acquiring speedboat insurance can offer you peace of mind when venturing out to sea with your vessel. 

When considering GJW Direct as your insurer, it’s worth noting that, as an added bonus, policyholders can also access exclusive discounts for a number of recognised marine brands such as Sailing Chandlery, August Race, Rockley Watersports and many more when signing up to our digital boating organiser, MyBoat.

What type of exclusions should I look out for?

As with any policy you take out, it’s essential to look into what exclusions there are in your speedboat insurance policy. This, again, will vary, depending on who you’re insured with, but, as a guide, here is a list of the sorts of exclusions you can expect:

  • Any damage caused by lack of general maintenance or wear and tear
  • Damage or loss as a result of war, civil disturbance or terrorism
  • Damage or loss caused by any marine growth or insects
  • Rot, mildew, dampness or weathering or any other gradually operating cause 
  • Your craft when left unattended on a trailer unless it has been properly secured
  • Defective workmanship
  • A fault in design or construction 
  • The failure, error or malfunction of any computer, computer system, computer software programme, code or process or any other electronic system
  • The use or operation, as a means for inflicting harm, of any computer, computer system, computer software programme, malicious code, computer virus or process or any other electronic system
  • Wilful misconduct
  • Racing, speed tests and trial

What are my obligations?

This will vary depending on your insurance provider, but in general, you’ll need to:

  • Perform regular maintenance on your vessel
  • Keep your insurance provider up to date with any personal information or changes to your vessel
  • Report any and all incidents or accidents to your vessel as soon as they happen
  • Make sure your insurance provider is aware if you sell or dispose of your craft
  • Ensure all scheduled payments are paid in full
  • Ensure the minimum required number of crew members are aboard when using your craft

N.B. Your cover may differ from insurer to insurer so it is always important to read your own insurance policy. 

boat insurance

Image Source: Pixabay

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