Having a boat opens up a world of recreational possibilities on the water or perhaps your boat is for commercial purposes helping you run your business. Whether you use your boat for leisure or for earning an income, if things go wrong, the bill can be expensive.
Before you even take your boat out of the pen, it pays to have an insurance policy in place that’s right for your boating lifestyle.
Finding the Right Boat Insurance Policy
The type of boat insurance you’ll need depends on a few things such as where you store your boat and what you’re using it for. Home insurance doesn’t cover your boat (unless it’s a boat without an engine and damage occurs to it while on your property, not on the water) so you’ll need to take out a separate policy for your boat.
Phoenix Insurance Brokers can work with you to find the type of boat insurance that’s right for you, giving you peace of mind on and off the water. We’ll assist you to consider cover options that suit a variety of boats, boating lifestyles and on-water activities and we’ll work with you to determine how much cover you need.
Factors like how you use your boat, the value of it and your budget will help us determine which policy is best for you.
Contact Phoenix Insurance Brokers to talk about your boat insurance today.
Boat Insurance FAQs
Boat insurance can cover your boat for theft, accidental damage, storm, fire and flood, whether your boat is on land or on the water. You can choose from comprehensive cover or more basic cover such as third party fire and theft only or third party property only.
Comprehensive cover protects your boat in full. It covers you for damage caused to your boat as well as damage you cause to someone else’s property. It can also cover you for a range of insured events, like fire, theft and severe weather events.
Comprehensive cover can include:
- Accidental damage
- Incidental damage
- Storm or flood
- Fire
- Theft
- Earthquake
- Emergency Accommodation, Transport and Repairs
- Legal Liability, General Liability
- Water sports liability
- Towing, salvage and loss prevention
- Lock and keys
- Boat contents
- Personal injury and death
A third-party only cover is an option for when you want a more basic cover that just protects you from the costs of damage your boat causes to someone else’s property, for example.
Third-party boat insurance can include:
- Fire
- Theft
- Earthquake
- Emergency Accommodation, Transport and Repairs
- Legal Liability, General Liability
- Water sports liability
- Towing, salvage and loss prevention
- Lock and keys
- Boat contents
- Personal injury and death
The best boat insurance is the one that best suits your needs.
Your local insurance broker can assist in determining your requirements and making this fit with your budget. Understanding the different types of boat insurance and their inclusions is the best place to start when determining the level of cover you’ll need.
