When you've splashed out large sums of money on your boat, it probably stands to reason you'll need boat insurance to protect your investment. Maintaining a boat for pleasure and leisure pursuits is an expensive hobby, you will likely possess a wide range of equipment, safety devices and made modifications to the interior of your boat to ensure it is more comfortable when you are on the water. Insurances protect the sums invested in your vessel and give you peace of mind in the knowledge that your possession is covered.
In certain circumstances, it's possible some small amount of insurance cover for your boat, or possessions on your boat, could be available via your normal household insurance, but this will only be minimal. If you use a trailer to tow your boat, you may be covered in transit by your vehicle insurance, however, you should check out all this fine detail to ensure your investment is fully protected. You may use a jet ski on regular occasions, if so, taking out insurance cover is a wise decision to make.
In the UK, you're legally obliged to have insurance for larger boats before being permitted to travel inland or moor in harbours. You will need to show proof of insurance in many situations. Third party insurance cover is sufficient proof of cover, however, your property is not covered against damage at all.
One of the main reasons boat insurance is essential is to protect third parties from harm, this include members of the public and the property of others, boats or other material possessions which could be damaged by your activities. Third party insurance doesn't give any cover for your boat, it covers repairs and personal injury claims from the third party and gives you liability protection in the case of the claims against you.
Boat owners with older vessels, or low value boats used for fishing, are often covered third party, as the owners recognise their vessel has very little intrinsic value. Fire and theft insurance is also available as an add on. Boat owners need to be aware that in the event of their boat sinking, the owner is responsible for the salvage of the vessel.
Fully comprehensive boat insurance is by far the best option for vessels with higher values. You need to insure your boat to cover any eventualities, and will also need to cover the equipment used or stored in the boat. If your boat is kept in a marina, you will have even more concerns about its safety and taking good care to protect your vessel while you are at home. When boats are kept at home premises, good locks on sheds and garages are insufficient protection against determined thieves or vandals.
Insuring your boat is an important aspect to boat ownership. You need to consider every item of value on the boat and take relevant insurance cover. You will also need to contemplate all types of scenarios regarding use of the boat and transit of your vessel to assure the cover taken is adequate.