4 tips for finding the right pleasure craft insurance
Finding the right cover for your pleasure craft can be challenging. There are so many different products available, offering different levels of cover, at very different price points. So, how do you find the right cover for your pleasure craft?
We’ve listed some tips to help you make an informed choice.
At some point, a smart person in your life probably told you to get three quotes before making a decision on a major purchase – this goes for insurance too. Except, when it comes to pleasure craft insurance, price shouldn’t be the sole factor.
In many cases, the cheaper marine insurance options don’t provide a comprehensive level of cover. So, if you ever do need to make a claim, the cover may not protect you. Having insurance that doesn’t actually cover you for the stuff that matters, is pretty much money down the drain.
When you’re comparing, take a look at what the pleasure craft insurance includes. Then, take a look at the price points. In the unfortunate event you do need to make a claim, comparing on price only could get you in trouble.
Check the fine print of your pleasure craft insurance
What exactly should your pleasure craft insurance include? This will depend on how you use your vessel, where it’s stored, who uses it and other important factors. As a starting point, we believe good pleasure craft cover should include four key elements:
i. Loss or damage to the vessel
This should include loss or damage to motors, equipment, accessories, as well as your personal effects, including those of anyone on your vessel. If you have a trailer, this should be covered too. Make sure the following features are included:
- Accidental damage
- Malicious damage
- Storm damage
- Latent defect
- Search costs
ii. Third party liability
This covers you, and anyone else you allow to control your boat, against legal liability. Third party liability should cover accidental death or bodily injury to a person other than you, and accidental damage to another person’s property.
It should also include property damage caused by, or directly arising, from the sudden accidental discharge of pollutants from a vessel, and finally, berth holder’s liability.
iii. Personal accident
A good pleasure craft insurance policy should also cover you for bodily injury or death, caused directly from the use of the boat. This should include both temporary and permanent total disablement. It’s worth comparing what different insurance companies will pay you, if these circumstances do occur.
iv. Other important considerations
When looking through pleasure craft insurance policies, these features are also useful to have:
- New for old replacement – if your boat is a total loss and under 12 months old.
- Water ingress – which is unfortunately common in many vessels and expensive to repair.
- Pollution liability – for accidental discharge of pollutants.
vi. Emergency cover
Having cover in case of emergency is essential. So check that your pleasure craft insurance covers the following:
- Emergency land towing.
- Search costs.
- Emergency fuel delivery.
- Returning craft to home (or usual berth, mooring or storage facility).
- Temporary accommodation and transport home.
- Reasonable costs associated with medical evacuation and patient transport.
Don’t be afraid to ask
If there’s anything specific to your vessel, like where it’s stored or how it’s used, be sure to check with the insurer if you’re covered for these activities or circumstances. This is important, because it means your cover is working for your unique situation.
For example, if your vessel is stored at a berth, make sure you have berth holder’s liability. If you use a trailer, check your trailer will be covered too. These things may seem unimportant, but a good insurer will be able to tweak your cover to suit the circumstances of your vessel.
Check online reviews
It’s also worth heading online and seeing what other people have to say about the provider you’re looking to buy pleasure craft insurance from. Consider:
- How many stars are they rated?
- What do people have to say about their service?
- How did people find the claims process?
Once you have compared different products, pricing and the insurance company itself, you’ll be closer to deciding which insurance product is right for you.
Of course, there’s no failsafe system for finding the right pleasure craft insurance. But these steps will help you ask the right questions, and get a better understanding of whether you’re on the right track.
Need pleasure craft insurance?
Head here for more information on our pleasure craft insurance. You can also contact us for an obligation free quote. We are happy to discuss your requirements and recommend a solution that matches your boating lifestyle.
Good luck and stay safe out there!