Insuring your motor cruiser is an important precaution. If you’ve spent thousands of pounds on a new boat, be it motor yacht or a cruiser, a good insurance policy can save you hundreds should you ever need to make a claim.
You can get a comprehensive boat insurance policy that will protect you against accidental damage, fire and theft, loss or damage of personal belongings, third party liability and personal accident.
Different insurance companies will obviously have a set limit for each kind of risk. But they will usually pay up to the current market value of your boat if it becomes damaged beyond repair, or if the cost of the repair(s) would be more than its current value.
When you’re looking for boat insurance, remember that some policies contain exclusions that you need to be aware of before you purchase. For example, some insurers will only cover you while you are afloat if you’re up to a certain number of miles offshore of the UK or Europe. And most policies will not cover the cost of repairing wear and tear, or the gradual breakdown or corrosion of your boat. Always check the insurance policy carefully for all exclusions so you can be confident any claim you make will be accepted.
When you apply for your insurance policy, you’ll be asked a number of questions about your motor cruiser, including:
There are some factors that can have an impact on your motor cruiser insurance cost. Insurers will take a look at your use of the boat, your motor vehicle driving record, your history of boat insurance claims, the boating experience of any others who will be driving the boat, your gender and your age and the horsepower of the boat. The spec of your boat may also come into play, such as the year, make and model of the boat and motor.
If you haven’t yet bought a boat, it’s a good idea to consider shopping for insurance first. Insurance rates can vary so you might want to factor in the cost of your insurance cover before you determine which boat you can afford.
If you’re already a boat owner, or have a boat in mind, get in touch with GJW Direct today to discuss your policy options. You’ll also be able to access lots of exclusive discounts with MyBoat when you take out an insurance policy with GJW Direct.