Covering your boat requires specialist insurance, but many people are not aware of what exactly alters the premium. There are of course a multitude of factors to consider, which will be covered in this post.
The first and most obvious thing that insurers will consider is the price of the boat. As an example, a luxury yacht is going to cost a lot more to insure than a weekend sailor. The more a boat costs, the more the insurer will have to pay out in the event of either an accident or a total loss.
Beyond that, insurers will begin to look at the risk associated with covering the boat.
The boat’s owner has a major impact on the cost of the premium – they will be the one in control, and therefore the ones responsible in the event of an accident. Experience, training and qualifications may all come into play here. If you’re looking for boat insurance, then it might be wise to prove your credentials as this may reduce costs with some insurers.
The type of boat is also a critical factor. Just as with cars, the larger and more powerful it is, the more risky it becomes to use. Age and condition can also come into play, with newer and sturdier vessels benefiting from better outcomes in the event of an accident.
Activities the boat will be involved in will of course be important too. The purposes it is used for, and the time it is out on the water will alter how likely an accident is likely to occur. If you only use the boat infrequently, then it’s not going to cost as much as if you’re planning on a long trip.
Location has a great deal of influence on risk for many reasons. Even when not in use, the boat’s mooring location is very important. Different locations can pose different threats to the safety of the vessel; weather in particular. In addition to this, location can mean that repairs or recovery are more expensive, especially if they’re remote.
Some insurers will offer bonuses for those individuals who have no claims, so it’s always worth checking this out.
The final impact on price is something you very much have control over – the excess. This is the value above which the insurer will pay out for claims. The higher you set it, the lower the overall premium will be. Beware of course that if it is set too high, you may end up paying a considerable amount in the event of a claim.
To conclude, there are a great many factors that can influence how much your boat insurance premium is going to cost you. Getting a quote is the only reliable way of working out how much you need to spend, and remember to use more than one provider in order to find the best price. Brokers www.towergateinsurance.co.uk can help you find the quotes you’re looking for.