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Boat Insurance UK - The Easy Guide to Boat Insurance in the UK
Insuring your boat is an important part of watercraft ownership. Especially if you own a particularly expensive craft, it's necessary to get it insured in case of an accident. Insurance is relatively inexpensive – about 1% of the purchase price of your boat. As long as you don't intend to use your boat for commercial purposes, you shouldn't have to pay much for the protection of insurance. Commercial class insurance is much more expensive, so you should make sure that you are not using your craft for purposes that your insurer will consider part of your business. This includes chartering, even only occasionally, and entertaining clients. Also, when using your boat in the ocean, be careful about cruising range. Your boat may not be covered outside of a certain range from the shore. Different UK boat insurance companies will have different rules about what this range is, so be certain to check with your broker to find out. Also, you must notify the insurer when you are going to go outside coastal waters. This may change your coverage. There are several kinds of boat insurance offered in the UK. These include comprehensive cover, third party liability insurance, racing coverage, new for old coverage, and laid up period insurance. Generally, you'll want to have two or three of these kinds of insurance at once, if not all of them, depending on what you do with your boat. Comprehensive cover provides insurance for your boat against accidental damage, fire, theft, and damage by vandalism. Third party liability insurance, on the other hand, protects you from costs if your boat should cause damage in a collision, or if someone else should be hurt while on or around your boat. Most insurance policies do not normally cover any damage while racing, so be sure to find out how your insurer feels about this activity. You may be able to purchase insurance to add on racing coverage. The additional premium is usually calculated against the cost of replacing the mast and sails for sailing boats, and other important part for motorized craft. New for old coverage means that instead of receiving
market value (including depreciation) for your boat and any personal items,
you'll get the amount required to replace them entirely. This kind of coverage
can be especially helpful in the event of a boat loss. You may be limited
in the age of boat that can be covered by this kind of insurance. Some policies
may come with an excess included. Excess means that you will pay a specified
amount if your boat is damaged or lost, before the insurance company begins
to offer you any compensation. You can lower your premiums by raising your
excess, but beware of the trade off – you'll
have to cover all of that amount out of pocket if there's an accident. Many
insurance companies offer a laid up period – a time when your boat is
out of the water and in dry dock, where your premiums are lower. Depending
on the area where your boat is stored, your insurance company may require you
to have this kind of coverage, to prevent storm damage. 
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