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Motorboat Insurance – Compare Cheap Quotes
While the term ‘motorboat’ is sometimes used as a synonym for ‘speed boat’, in actual fact a motorboat is actually any boat that has an inboard or outboard engine – no matter how fast that boat can travel.
As such, motorboat insurance will be mandatory for some vessels, while merely a wise idea for other motorboats – but the difference will be where those boats will be sailed rather than how fast they can go.
Motorboats that are intended for use on inland waterways in the UK will usually require boat insurance, while motorboats that are only launched in coastal waters usually don’t have to be insured.
Of course, even when it isn’t mandatory motorboat insurance is still a wise investment, particularly if your boat is worth tens of thousands of pounds.
How much does motorboat insurance cost?
It’s difficult to predict how much you’re likely to have to pay to insure your motorboat, because boat insurance companies take a wide range of risk factors into consideration when they are calculating the premium. For instance, the type of motorboat you own, its estimated market value, its make and model, the year it was built, the type of engine it has, where you store or moor it and where you normally sail it can all affect the cost of insuring a speed boat.
The best plan is to use our price comparison service to compare boat insurance quotes from a range of different insurance companies, and then go with the one that offers the best motorboat insurance policy at the best price.
I’m only planning to use my motorboat on coastal waters, so does that mean I don’t need motorboat insurance?
It’s usually the case that you won’t have a legal obligation to take out motorboat insurance if you only ever use your boat at sea, but motorboat insurance is still a sensible investment even when it isn’t mandatory. This type of policy can help cover the cost if you crash into another vessel or damage someone’s property, and if you opt for a comprehensive policy rather than third party motorboat insurance you’ll usually be covered if your own boat is damaged or stolen.
Given that many motorboats are worth thousands or even tens of thousands of pounds, it really is worth taking a moment to compare motorboat insurance quotes – a policy might be cheaper than you think.
Am I allowed to take my motorboat out on the river?
Most motorboats can be taken out on a river in the UK, although some of them are likely to be less suitable than others. For instance, although speed boats are a type of motorboat they aren’t likely to be suitable for navigating rivers, because most rivers have strict speed limits of just 6mph, whereas speed boats are designed to travel at speed.
Whatever type of motorboat you own, though, if you do plan to take it onto UK rivers it’s important that you get a waterways licence from the relevant inland waterways authority first. In most cases that means you will have to take out motorboat insurance first as well, because most inland waterway authorities will need to see proof of your insurance before they will issue your licence.
What’s the minimum level of insurance cover I need to insure my motorboat?
If you do decide to insure your motorboat the minimum level of cover you’ll be able to take out is third party only boat insurance. In most cases this type of policy will provide you with up to £1 million of third party cover.
However, as the name suggests this type of policy is designed to protect third parties when you take to the water, which means you won’t be covered for damage to your own motorboat.