Boat Insurance-How to Get the Right Insurance at the Best Price

Whether you have a canoe, a jet ski or a yacht, you will need to ensure your watercraft is insured. Without insurance, you are putting your boat and the people in it at risk every time you take it out on the water. While your main concern when it comes to boat insurance may be to get the cheapest deal, the first step is to find the best policy to meet your needs.

Do Your Research

The internet can provide you with a plethora of information regarding boat insurance and potential insurance companies. It is crucial that you choose a trusted insurance company to protect your prized possession. If a company has a website but no available contact number, this should be a red flag. Study the website and only opt for companies that are regulated with the Financial Conduct Authority.

Choose the Right Type of Cover

Your boat is at risk from fire, theft, storm damage, collisions and explosions. As a boat owner, you can choose from a range of insurance options including comprehensive and third party. If your main concern is centred on cover should your boat be lost or damaged or whether you are only concerned about the liability you will face should an accident arrive and you are at fault. Third party insurance covers you against financial losses should a member of the public made a claim against you while comprehensive cover will cover accidental damage to your own vehicle.

Know the Terms and Conditions

Whatever policy you decide on, make sure that you know exactly what it covers you for. If you don’t know the ins and outs of your policy, this could backfire if you ever need to make a claim. There are certain aspects that may not be included for example if you plan to take your boat out of the UK or if you intent to tow skiers on your motorboat.

Shop Around for the Best Deal

Once you have identified the best type of cover to meet your specific needs, it is time to find a company that will ensure your boat for less. You can use the internet to compare insurance quotes at speed and find the perfect policy for your boat and budget. Searching for the right insurance policy can be time consuming and it can be tempting to opt for the first policy you come across that suits your budget but as we have discussed above, the cheapest cost does not automatically equal the best policy. Shopping around for the best boat insurance while you also look at the best repair material (such as bronze screws) for your boat is a worthwhile step in the process.

If you’re thinking of investing in a boat this summer, a jet ski or even a canoe then it’s essential that you get yourself a great insurance deal. You wouldn’t dream of driving your car on the road without insurance and the rules when you are out on the water are just the same. For more information on boat insurance Towergate Insurance may be able to help.