Many Brits today enjoy the freedom, fun, and adventure associated with sailing and boating. There are many nautical experiences to be had, whether it be a lazy weekend paddle on a lake, a fishing cruise around the local bay, or an adventurous journey to far off lands. The fact is, boating in the UK has never been so popular. As with any outdoor activity that involves expensive equipment such as the boat itself, navigation tools, fuel, protective gear, maintenance and repairs, it makes sense to protect your investment with boat insurance cover.
Unlike car insurance, boat insurance is not legally required in the UK, though there may be some instances that it required such as when racing or mooring, or if it is being used for business purposes etc. Note that there are many scenarios where accidents may occur. Your boat could become damaged from hitting rocks below the water’s surface, colliding with another boat, through vandalism, mother nature, or any variety of unforseen situations. If you’re lucky, you will never be involved in an accident but without having boat insurance cover, you are surely taking unnecessary risk and could pay dearly should something unfortunate happen to your marine craft.
Despite not always being legally required, there may be certain situations that require boat insurance cover. For example, if you are applying for marine finance, your potential lender may ask you to purchase boat insurance cover prior to securing a loan. The marina that you dock your boat may also require you to take the necessary precautions to protect your marine property.
The reality is, most water-based vessels are expensive and considered valuable assets. As you would protect any property of value, such as your car or home, boat insurance cover should also be a priority. The added benefit is you’ll not only sleep better at night but your boat will be protected for years to come.
One question often asked is, “When is the best time to purchase boat insurance cover?”. In all honesty, once you have shown keen interest in purchasing a boat, you should begin the search for the best boat insurance cover policy. One caveat to keep in mind, don’t just take the cheapest boat insurance you find purely to save money. As you would with car or home insurance, be sure you understand each boat insurance policy during your research. Each plan should offer a key facts summary and if anything is unclear, don’t be afraid to ask the insurance representative to explain any details.
Another tip, although this will appear to be obvious, is to double-check that your prospective insurer is regulated by the Financial Services Authority (FSA). Seek out companies that are not only regulated by the FSA but also specialise in boat insurance cover. For example, ask if they are members of the British Marine Federation.
Obtaining adequate boat insurance cover is highly recommended no matter the size of your boat, whether it be a small dinghy or a yacht. Through research, asking questions, comparing policies and obtaining free quotes, you’ll be able to find affordable boat insurance cover allowing you to rest easy knowing one of your most valuable assets is protected.