Boat Insurance Magazine

What Determines the Price of Boat Insurance?

When you come to insuring a boat in the UK of any nature, you will, as with all other insurance policies have to consider which if any factors will affect your boat insurance premium. As with all insurance types, from home to car insurance, relevant considerations and factors play a role in determining the cover you are eligible for and the price you pay for your boat insurance policy.

What determines the price?

When taking out a boat insurance policy, there are many factors that come into play. This is why at Taylor Watkins, each boat insurance policy is tailored to the individual and their specific needs.

The type of boat

The type of boat, for example if you have a speed boat, a yacht, a fishing boat or a barge, will have an impact on how much you will pay to insure it.

The model of the boat

The year, make and model of the boat, and its motor, can determine insurance rates. Higher power engines may also have higher insurance premiums.

The value of your boat

Each insurance policy will begin with a cost valuation of your boat. This will determine how much the boat is worth and will, subsequently, impact the cost of insurance.

The length and size of the boat

Typically, the bigger your boat, the more it will cost to insure.

Purpose of sailing

If you are insuring your boat for frequent sailing, for a short-term trip, or a long-term trip, this will impact how much you will pay for coverage.

Area of cruising

Depending on where you will be sailing, this could affect the cost of insurance.

Where you store your boat

The area where you store your boat could impact how much you pay for coverage. This will also be dependent on the individual policy of the marina or the boat slip.

Your boating experience

Some insurers will ask about your motor vehicle driving record, and if you have any official certificates or qualification for training or safety courses.

Past claims

If you have filed many boat insurance claims in the past, you may have to pay more.

Safety Measures

Insurers may ask for certain safety measures such as a certificate safety course, functioning radios and approved fire extinguishers.

Who else can drive your boat

If you are adding any other drivers to your policy, their experience can also affect your policy.

What excess you pay

Generally speaking, the more excess you pay, the cheaper your insurance costs will be.

Taylor Watkins – Best Quote for your Boat Insurance

If you are looking for motorboat insurance, regardless of the type of boat or your sailing habits, we can help find the right insurance for you.

At Taylor Watkins we want to get you covered as quickly as possible. Apply online today or give us a call and we will get back to you as soon as possible with a quote, usually the same day. We can get you covered within a matter of days.

If cruising within the UK or Europe, you are likely to be offered an instant quote online which can be purchased immediately.

All quotes are no obligation, free to apply and tailored to your requirements.