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Boat Insurance - Explainer

Jade Finance provides general advice on boat insurance to assist our customers with their boat purchase. Insurance and lending are closely related sectors in the Financial Services industry and while we’re not insurance brokers nor are we aligned with any insurance company, our consultants are extremely knowledgeable on boat insurance.

To assist you in selecting the right boat insurance policy for you and your boat, we share these hints, tips, explanations and general advisories:-

  • Many insurers offer marine insurance policies and there are several companies that specialise in boat insurance. You may choose to engage an insurance broker to handle your policy.
  • While boat insurance is not compulsory under the law or most state regulations, if you have a boat loan, some lenders will require you to have a certain level of insurance. Speak with your Jade Boat Loans consultant about including the first year’s insurance premium in your marine finance package.
  • As a highly competitive sector, the cost of boat insurance policies will differ across insurers and specific inclusions should be considered in detail when comparing policies. Cheap, budget and low cost boat insurance policies are not necessarily the best policies, but they may be!
  • Read the fine print, study the inclusions and ask questions about what is and is not included. It may not be immediately obvious what is not covered by the policy. Eg, is your boat covered for all waterways – enclosed and open seas; is it covered for all boating activities; is it covered at all locations; what on-board items are and are not covered; is your boat covered for damage from all types of weather events.
  • Ensure you have included coverage for the replacement of all the items and equipment that you want: life vests; safety equipment; fishing gear; dive gear; water-skiing equipment; etc.
  • Enquire as to the extent of coverage: theft only, damage only, theft and damage under only some conditions or all conditions.
  • For trailer boat owners, if desired, ensure your trailer is covered under the boat insurance policy or take out a separate policy. Comparing the costs of one or separate policies may be beneficial.
  • Insurers may offer slightly different policies for different types of boats: yacht insurance, cruiser insurance, trailer boat insurance, jet ski insurance. Make sure you get the right policy for your boat.
  • Commercial marine vessel insurance is a specialised sector and you should consult with an expert insurance broker to structure a policy to suit your business.
  • Read the full details of the policy and if you have doubts, ask the insurer or call your Jade consultant for guidance.
  • Boat insurance policies are usually priced according to the type and condition of the boat (make, model, construction materials, age), where it is moored, how and on what waterways it is used and other factors.
  • It is your responsibility to provide correct information to the insurer to ensure you are fully covered.
  • If you store your boat at a marina or in a dry storage facility, ask about what your marina/storage fees cover in terms of insurance. The marina owner’s public liability may provide some level of coverage for your boat.
  • If you store your trailer boat on the street, this may pose a greater risk than a locked storage unit and may increase your policy premium. It may be worth considering the cost of other storage options and how that decreases your boat insurance premium.

Selecting the right boat insurance policy for your requirements deserves significant consideration of many aspects. Take the time to consider the policies and ask, ask, ask if you are unclear on any aspect.

Your Jade consultant can provide further information, insurer recommendations and in some cases, we can include the cost of the first year premium of your boat insurance policy in your boat loan.

 For more information on boat insurance, speak with a Jade Finance Consultant. Call 1300 000 003

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