Once you’ve invested in your dream boat, taking out an insurance policy may not be at the top of your priority list. Instead, your mind is probably running at a thousand miles an hour thinking of the exciting boat trips you are about to set sail on, but stopping to consider the practicalities is an important next step.
You won’t be the only boat owner taking out boat insurance, as global marine insurance premiums totalled $35.8 billion in 2023. It makes sense to protect your investment so you can enjoy taking your boat out on the water without worrying about costly incidents.
Contents
- What is Boat Insurance?
- Why Do You Need Boat Insurance?
- A Guide to Third-Party Liability.
- What Should the Best Boat Insurance Include?
- How to Secure Your Ideal Boat Insurance.
- Best Boat Insurance Benefits.
What is Boat Insurance?
A boat insurance policy will cover and protect your personal watercraft should an unexpected eventuality occur causing damage, or loss. The typical policy will cover all aspects of your water vessel, this includes its engine machinery, hull, and fittings.
Most standard coverage options will also offer coverage for any personal belongings whilst on board, and any additional boating equipment. If you’re looking for coverage for boating accidents, theft and damage due to bad weather conditions, you must consider an additional premium.
GasanMamo’s policy for boat owners based in Malta can be a comprehensive coverage – for loss/damage to your boat and third-party property damage and/or bodily injury, or third-party only.
Why Do You Need Boat Insurance?
Insurance coverage for boats is not a legal requirement in every stretch of water. But just as you need to insure your home, your boat deserves reliable protection to save you from unforeseen costly repairs.
Data from the European Union shows that 22% of marine insurance claims between 2013-2018 were due to damaged goods and physical damage to vessels, reflecting the need to be covered for any eventuality.
As a boat owner, you’ll be aware of the many perks. But are you up to date with all the advantages of boat insurance that give you peace of mind? Here are two key benefits:
- Your initial investment will be at risk if you don’t seek adequate insurance coverage in the event of loss or damage.
- Having appropriate boat insurance helps protect against third-party liability if you cause any damage to another boat.
A Guide To Third-Party Liability Protection
Many boat insurers offer third-party coverage within their policies. Put simply, third-party liability coverage protects you in case of any claim for loss, damage or injury to other people’s property. Anyone in charge of a boat will tell you that costs related to sailing a vessel can quickly escalate if not kept in check.
Plus, marinas may require you to have this in place to use their services. You might want your boat insurance coverage questions answered by completing additional research if you have any questions.
What Should The Best Boat Insurance Include?
It’s a challenge when you’re busy to find time to research all available options and evaluate them. A typical policy should cover physical damage, such as harm to machinery, the hull, and on-board furnishings.
Here are some areas that standard watercraft insurance often covers:
- Engine damage.
- Accidental damage, including fire, sinking and collisions.
- Lifting risk.
- Weather damage, such as frost.
- Personal belongings.
Each policy will have its list of coverage items, so it’s good to check your choice covers your wish list.
How To Secure Your Ideal Policy
Before you settle on a policy, it’s sensible to consider the following so you pick the best boat insurance to suit your individual needs.
What kind of boat cover do you need?
Decide on the type of boat coverage that aligns with your use and upkeep. Do you need public or third-party liability? Or are you just looking for craft cover if your boat is permanently ashore? Being clear about your personal needs and requirements will help you on the journey to finding the best policy for you and your vessel.
Do you know the details of your boat insurance?
In order to gain the correct boat insurance to cover yourself properly, you have to supply the right details to your insurer. Ensure you know the specific value of your boat and any equipment.
If you own a boat that isn’t new, you might want to find out more about the best boat insurance for older boats to help you select the perfect policy.
What does your insurance policy cover?
Discovering exactly what your policy covers is key to getting the best deal. Find out what is covered as standard and what extras you can add on.
Asking questions about excess cover can also help when it comes to securing an insurance policy that provides you with total peace of mind.
The Best Boat Insurance Benefits
While having your boat can deliver exceptional levels of freedom, you won’t feel secure without adequate insurance.
With the recreational boating market growing to over $30 billion in 2022 and expected to reach $60 billion by 2032, more boats on the water may mean a greater chance of an accident.
With this in mind, you may want to start your boat insurance search by browsing the significant benefits available for you on our boat insurance page. Here you’ll find access to a No Claims Bonus scale up to a maximum discount of 25%.
GasanMamo Insurance is authorised under the Insurance Business Act and regulated by the MFSA