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Vessel Insurance – Compare Cheap Quotes
Whether you own a commercial fishing trawler or a vehicle ferry, a large yacht or a catamaran, it would be a wise idea to compare quotes for vessel insurance from a range of different providers. By shopping around like this you can increase your odds of finding the right vessel insurance policy at the right price.
How much does vessel insurance cost?
It’s difficult to give a straightforward answer to that question because vessel insurance companies use a very wide range of different risk factors to calculate their premiums, some of which are specific to you and your vessel.
For instance, the type of vessel you’re insuring, its estimated market value, the value of any cargo it transports, where the vessel will be sailed and the ports it will use can all affect the cost of your vessel insurance.
The best plan is to use our price comparison service to compare vessel insurance quotes from a range of different providers, and then go with the one that offers the best coverage at the best price.
Is vessel insurance mandatory in the UK?
There is no government legislation that makes vessel insurance a legal requirement in the UK, but in many cases it might be mandatory even though it isn’t required by law.
For instance, if you plan to sail your vessel on an inland waterway in the UK there’s a good chance you will need an inland waterways licence, and insurance is a prerequisite for this licence.
Similarly, even though you aren’t legally obliged to insure a seafaring vessel there’s a good chance the docks, ports, harbours and marinas you might want to moor or dock at will insist that you have suitable vessel insurance in place.
Does a ‘third party only’ policy offer enough coverage when taking out vessel insurance?
Third party boat insurance is the minimum level of coverage you can take out, and is usually enough coverage to meet the requirements of inland waterway authorities, marinas etc.
However, this type of policy might not be enough to meet your own needs, because as the name suggests it is designed to protect third parties when you take to the water, but not your own vessel or cargo.
in order to ensure your vessel is fully protected it would be advisable to consider a more comprehensive policy that insures your own vessel against the risk of accidents and theft.
If you usually transport a lot of cargo it would be a good idea to take out a policy that specifically covers this cargo against insurable risks as well.
Should I use a vessel insurance broker to find a cheaper policy?
If an insurance broker specialises in vessel insurance policies it’s possible they might have access to specialist insurance providers that you might not be able to find yourself, in which case it might be worth finding out what sort of quotes they can offer you.
However, even if you do decide to speak to a specialist vessel insurance broker it’s still a good idea to compare policies yourself as well. After all, if you compare quotes from a wide range of different providers you increase your odds of finding the right policy at a cheaper price.