Boat Insurance Magazine

How Much Does Boat Insurance Cost?

The cost of boat insurance will depend on many factors including type of coverage, the cost and model of your boat, and how you plan on using your boat.


Boat Insurance Cost Factors

When choosing a boat insurance policy, the cost will depend on a variety of factors.

  • Cruising area: the zone in which you plan on sailing
  • The boat itself: the valuation of the boat, its size and its model will affect the insurance cost
  • Storing area: where you store the boat can influence the price of insurance
  • Liability limits: the higher your liability limits, the higher the cost of the coverage
  • Boating safety education: sometimes insurers will ask if you have been formally trained or certified which in turn can affect policy cost
  • Good driving records: like car insurance, an impeccable boat driving record could positively affect the insurance quote
  • Deductible: the higher the deductible, the lower the cost of the premium


Type of Policy

Here are the different types of coverage that could be included in motorboat insurance policies.


Liability Coverage

Liability coverage can help you cover expenses if you cause an accident which damages another person’s property.


Medical Payments Coverage

This type of coverage will cover any medical payments should you or any of your passengers incur any injuries whilst on the boat. This can include any medication, X-rays or scans and any unexpected hospital bills.


Uninsured Watercraft Coverage

Uninsured watercraft coverage will cover you for any costs should you collide with an uninsured or underinsured boater. Should this happen, the policy will cover any expenses associated with bodily injuries as well as property damage.


Additional Protection

Taylor Watkins offers bespoke insurance policies which vary on a case-by-case basis. If you are concerned about any additional components such as special equipment, boat trailers, towing coverage or any boat accessories, you can include this when requesting a quote. Other potential elements to take into consideration are the cost of fuel spills or the cost of wreckage removal should there be an accident on the water.


How Much Can I Insure?

Your motorboat policy will be issued on an agreed value basis, so in the event of a total loss claim you will be paid out what you insured the vessel for.

We offer up to £5 million Third Party Liability cover, up to 25% No Claims Bonus (with some insurers offering the option to protect this) and the option of excess waiver cover on certain policies, meaning you will not pay an excess in the event of a claim.


How Quickly Can I Get Insured?

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.