If you own a sailboat you will need to purchase sailboat insurance. The chances are you’re wondering what affects the premium.
Physical damage and liability are usually covered under boat insurance. Physical damage cover will pay to repair or replace your boat if it were damaged or destroyed by fire, theft, lightning, vandalism or windstorm.
The boat itself is covered, together with outboard motors, boat trailer, and personal property located on the boat.
Liability coverage will protect you in the event that you cause damage to property or an injury to someone other than you or a family member. Liability normally starts at £1 Million. Liability is very important and can cause just as much financial harm as physical damage.
Sailboat Premium Factors
As with car insurance, your sailboat quote can vary due to certain factors:
Your experience on the water
Previous insurance claims
Location of where you will be using your boat
Value, style, age of the boat
If you are an informed buyer, chances are you’ll save. Don’t be afraid to ask the insurance company questions about a specific policy. They can be confusing sometimes.
If you would like to increase the chance of lowering your premium and be a better risk for the insurance company, you may want to take a safe-boating course or a charter certification from a learn to sail program.
A boat Insurer likes a client who has taken courses such as these and has shown they are responsible. A well-experienced operator and well-equipped boat will affect the amount of the premium.
The condition of the boat is important to the premium also. If the boat is more than eight years old the boat will need to be surveyed to receive insurance. Sailboat insurance is basically like another piece of equipment on your boat. Meaning you shouldn’t leave the dock or mooring without it!
Location also determines how much your premium will be. If your boat is in a secure location, away from hurricanes, tornado’s, floods, and other natural disasters, the premium may be lower. If the area is known for vandalism or theft, it will also be a factor. The decision to dock your boat or have a mooring can affect the price of the premium too. It is generally safer to keep your boat on a dock; the marina will help protect against thieves and vandalism.
What If My Sailboat is Antique, Classic, or Wooden?
Antique and classic boats are boats that aren’t ordinarily used as a pleasure boat. Normally standard boat and yacht insurers aren’t interested in insuring a wooden-hull boat, custom built boat, or any other boat that is outside of the norm.
An antique or classic boat is a boat that was built over 25 years ago. Most of the wooden boats would fall under this category. In order to be covered for all risks, the boat must be safe to operate in the water. These policies usually are written for an agreed value on the hull, and include liability, uninsured boats, medical payments, and trailer coverage.
What is not normally covered:
Hydrocycles, jet skis, kit boats, ski boats, and other personal watercraft (PWC) High-performance boats with a design speed which is in excess of 50 Mph and also outboard motors which are not listed in your policy may not be covered
Fishing and Scuba gear
Personal items- clothing, jewelry, watches etc.
Ropes for wake boarding and water skiing
Food or beverages
Cameras Video equipment
Wear and tear
Deterioration Dents, scratches
Items Excluded from Hull Coverage
Ice and freezing
Insects, mold Marine life, and animals