Ten best ways to keep your boat insurance costs down

Adrian Waters • 29/07/2014

You can take advantage of our knowledge of the boat market - after all we created the only live, instant boat insurance comparison service in the UK. We've also been in the market for over twenty years, so you benefit from our in-depth knowledge.

Here are our top ten tips for getting the best value boat insurance.

1. Look around and compare benefits and prices

This is the best tip for value for money, whether it's for boat insurance or any other service or product. We know that most of our customers are looking for the best deal and we expect everyone to look around.

What you've got here is the only boat insurance comparison service that will instantly give you quotes from all the major UK insurers, after filling in just one form. Other services say they compare but they don't do it immediately - they'll just send your details to a raft of other brokers and insurance companies. Then those people will call you back over the next week or so, asking you the same questions again and again.

With Compare Boat Insurance you get your premiums and prices to compare, right here, right now.

2. Compare like with like

Take care not to pick an unsuitable policy for your boat and your situation. It's important to make sure you have all the cover you need as well as the best price.

Saving a few pounds on the premium might be good now but it can backfire badly if you find you're under-covered.

3. Don't over-cover

Having said all that, it's also important not to pay over the odds for cover you don't need. For example if you might race your yacht or sailboard, but you're not sure, there's no point putting the cover on until you are certain - it can always be added on if and when it's needed.

Check your other policies too - for example computers and phones might be covered under household policies or specific gadget policies, so there's no need to pay for cover for so many possessions.

4. Help your bank account

Spreading the cost of your insurance through the year can be a big help for your finances.

This won't, in most cases, lower your premium in the strictest sense, because there will probably be a modest interest charge or administration fee for doing this. But it will help your monthly cash flow - pick the option that suits you best.

5. Excess amounts matter

If premium price is of paramount importance you can often lower it by choosing a policy with a bigger excess. If you are unlucky enough to suffer from damage, accident, fire or theft, you will receive a smaller amount from the insurance company.

But that might suit you better, if you think the chances of disaster are low. With Compare Boat Insurance the excess amounts are clearly laid out against each policy when your choices are presented to you.

6. Look at different storage options

Where you store your boat, both in season and out, can make a significant difference to your boat insurance premium. Some insurers don't like swing berths, for example, so they charge more.

With the Compare Boat Insurance instant comparison service you can try the different options - out of the water, marina berth, bankside, locked compound, garage etc. You can select different options then go back to your selection of quotes to see the difference it makes. You might find that an increase in storage fees is offset by a lower premium - or perhaps it will be the other way around.

7. Be accurate - it's worth it in the long run

Don't be tempted to downplay any aspect of your craft or its use to save money on a premium. You can get a cheaper premium by specifying a lower top speed or horsepower rating, for example.

But if something does go wrong and an insurance company discovers that the craft hasn't been accurately described, they will refuse to pay out. Is that a risk worth taking?

8. Accurate valuations

If you stick to valuations for your craft and engine(s) that are too high, your policy will cost more. Although you can get official valuations, you'll have to pay for them, but at least have a look at prices for similar craft on the secondhand market.

9. Training and qualifications

Many policies will offer discounts for your training and qualifications, so make sure you keep certificates. The amount of discount depends on the policy, the type and level of qualification, but you can try different policies to see which gives you the best discount.

10. Talk to us

While we have invested millions of pounds in computing systems to bring you accurate quotes in seconds, boat insurance products are very varied and it's hard to bring all the elements of other insurers' and brokers' policies to you in an easily digestible form.

So if you can't find the right combination of features and policy price, feel free to phone us between 9am and 7.30pm Monday to Thursday, 9am and 5.30pm on Fridays and 9am to 5pm on Saturdays. Our customer staff are all based in the UK so you'll be talking to someone who knows the ins and outs of UK boat insurance.

Get the right policy for you

Remember that the cheapest policy might not always be the best policy.

Compare Boat Insurance can help you tinker with the different aspects of your boat, engines, storage, possessions and qualifications to work out what's the right insurance for you, at the best price.

And if you find it all a bit too confusing, you can always call us and we'll take you through it, with no obligation.

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