Buying Boat Insurance
How to Avoid Common Pitfalls

Buying boat insurance can be an important step in protecting your investment and ensuring peace of mind while enjoying your boating adventures. To avoid common pitfalls when buying boat insurance, consider the following tips:

  1. Decide on the type of cover you need

For example, with boat insurance from Park Home Assist you can choose boat insurance that provides boat and public liability cover, third party liability cover only or craft cover only – this is suitable for a boat that is permanently ashore or being refurbished ashore. If you choose craft and liability cover, which is the most popular and suitable for most people, then you also need to understand the details.

  1. Understand the details of your boat insurance requirements

Start by assessing the value of your boat, the equipment onboard and any additional features you want to protect. Underestimating the value may lead to insufficient insurance cover, while overestimating it could result in higher premiums.

Check the cover limits for different aspects such as personal liability, hull damage, theft, personal property and third-party liability. Ensure the cover limits meet your needs and consider adjusting them if necessary.

Check what levels of cover are available as standard. These may vary according to the type of craft but may include: accidental damage, malicious damage, theft, attempted theft, third party liability, personal accident, salvage, towage and assistance charges. Assess whether you need additional cover for items such as personal effects.

What is the excess? This is an important consideration as well as when it is charged. For example, Park Home Assist may offer no excess on liability claims and it is not doubled on underwater claims.

  1. How and where will you use your boat?

Again, this depends on the type of boat of you own. If you have a dinghy, will you be using it for racing? If so, check whether this is covered as standard when buying boat insurance. What are the cruising limits? Do you need insurance cover for the UK only, or will you be taking it further afield? Is your boat covered while in transit? If you have a motorboat or RIB, will you be towing waterskiers or toys?

  1. Research insurance providers

Look for insurance companies that specialise in boat insurance. Read reviews and quality ratings. Assess the quality of customer service that you should expect, should you need to make a claim. Consider the reputation and financial stability of the insurers and ensure that the insurance provider has experience dealing with boat insurance and understands the unique needs of boaters.

  1. Compare quotes

Obtain a few quotes and make sure you are comparing like for like. For example, thoroughly read and understand the policy terms, conditions and exclusions. Pay attention to areas such as navigational limits, storage requirements and any specific conditions required for boat insurance cover. Ensure that the policy aligns with your boating habits and intended usage. Take your time to evaluate the offers and choose the policy that provides the best value (not necessarily the lowest price) for your specific needs.

  1. Ask questions

If you’re new to buying boat insurance or have some specific concerns, then ask questions. At Park Home Assist, many of our park home insurance customers also own boats. Therefore, we are experienced in understanding their specific needs. Although we’re not able to offer advice, our staff can explain the different aspects of boat insurance to help you make an informed decision.

  1. Review your boat insurance policy annually

Remember, each insurance policy may have its own terms and conditions, so it’s essential to carefully review the documentation and seek clarification when needed. Also, your boat insurance needs may change over time, so regularly reviewing your policy will ensure that it still meets your requirements. Notify your insurer of any modifications or improvements made to your boat, that may affect your insurance cover.

We hope these tips will help you to avoid some common pitfalls when buying boat insurance. Happy boating!

This is a marketing article from Park Home Assist, multi-award-winning providers of residential park home insurance.  If you would like to speak to an advisor regarding insurance for your park home, please contact our friendly team in our Northampton office on 01604 946 796.

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Published – 21/07/23