Boat Insurance Magazine

What Does Motorboat Insurance Include?

Motorboat insurance can help protect your boat from certain risks. Depending on what coverage you choose, you can tailor the policy to suit your boating needs.

Types of insurance

Actual cash value coverage: This type of coverage accounts for depreciation when paying for repairs.

Agreed amount coverage: This type of coverage helps to pay for repairs based on how much your boat is worth. The value of this will be agreed between you and your insurer when you purchase coverage.

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

Liability Coverage for Motorboats

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.

The Cost of Motorboat Insurance

How much your motorboat insurance will cost will depend on many factors including:

  • The model of the boat and the size
  • Where you will store and use the boat
  • The coverages, limits and deductibles selected as part of your policy

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.

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.