If you love spending time on the water in a boat or a jet ski, this might interest you. Boat Insurance also known as Marine Insurance is designed to protect one of your most expensive properties. Accidents, thefts, or damages to other people’s property when you’re using your boat will usually be covered by most policies. Your gear will also be covered including your sails, outboard motor, protective covers and even your fishing, diving and water skiing equipment (sometimes provided as optional cover). Some covers offer protection for these things while in storage in the marina or in dry storage, giving you peace of mind both on and off the water.
If you own a boat or jet ski we recommend that you take a look at this insurance. It’s similar to your Car Insurance, both in practice and principle. You’re protecting something that is worth thousands, and more importantly, in case you caused an accident or damage to others’ property, you’ll know you don’t have to pay for repair costs and such from your own pocket, which could cost up to tens or even hundreds of thousands of dollars. You’re on a boat to rest and relax and worries should be the last thing you’d want to bring onboard. Insurance helps with leaving those feelings behind, so you can enjoy your time uninterrupted.
First, know what type of vessel you have and its value. You can also consider repair costs and reviews from fellow insurance owners. Check out some of the standard insurers such as AMI and Tower online to get a feel for what is normally covered and what isn’t.
Second, some websites provide instant quote and purchase online, but most still require a call to the insurer to finalise the details. Get in touch with various insurers and do a simple comparison to see which is best for you.
Third, pick your Excess. The higher the Excess the cheaper the premiums (ongoing cost of insurance). Excess is the amount you’ll have to pay when you need to make a claim. You essentially take away some of the risk that the insurance company takes on so they reward you with a cheaper price (premium). However, make sure you’ve got enough in your bank account to pay the Excess if you did get into an accident or needed to use your insurance. Putting the Excess on your credit card is expensive!
Lastly, check that your policy is still right for you every 12 months. Marine vessels decrease in value over time just as cars do, so make sure to keep up with adjusting your insurance policy to match.
Quashed is an online platform that makes it easy for you to manage and track all your insurance in one place. You’ll be prompted at the right time to check on your insurance and it helps you keep track of how your premiums are increasing each year.
The cost of your premium is different with each provider and they don't all follow the same guidelines when it comes to calculating costs. Premiums are the on-going payments you make to continue your cover and protection. Below are some of the common factors used in the industry that will play a part in determining your premium.
Vessel Type: Boats can be categorised into many different types, each with a different price tag in purchasing Boat Insurance. Vessels that are more expensive will have a higher cost than cheaper boats such as a trailer boat.
Boat Size: The bigger your boat, the higher your Boat Insurance premium. Reasons for this include the increased cost of repair, increased likelihood for accidents and more. Larger boats will usually also have more complex technology, adding additional components into the mix which increases repair costs.
Boat's age & construction materials: The age of your boat, as well as what materials were used in the construction of it, play an important part in determining the costs of repair. Your insurance premium will change depending on how old your boat is (older vessels costs more) and the quality of materials used.
Storage Location: The environment of where your boat is stored and the risk of damage is also taken into account. Exposed open storages out on the water can often lead to more expensive premiums than on-land indoor dry storage.
Your experience and age: Your skill and experience is another significant factor when it comes to calculating your premium. The older you are, and the more boating experience you have, the lower your Boat Insurance premium will be.