How to Choose a Boat Insurance Policy

Insurance is important. We insure our cars, our houses, their contents, and our incomes. But what about Brisbane Boat Shop? Boat insurance is often overlooked, and for a lot of boat owners insurance falls through the cracks altogether. It’s easy to see why, too.

Insurance policies can be complicated, and there are a lot on offer in Australia. How can you tell which policy is best suited to your boats? The best place to start is with a bit of careful planning and research. To help guide your planning, we’ve put together a little list of things to think of.

Think about how you use your boat – how will the right insurance policy respond to your needs?

Insurance policies are designed to suit your circumstances specifically. That’s why you should think carefully about what your circumstances are. The first thing to consider is how you use your boat. Would you describe it as particularly risky?

There’s a big difference between cruising on inshore waters or lakes every now and then, and making regular bar crossings or going on long range offshore trips. That’s something your boat insurance policy should recognise. Don’t pay for risks you don’t take!

Boats spend most of their time off the water and your insurance policy should reflect that

Speaking of risks, it’s important to remember that most trailer boats spend far more time on land than in water. Work, family commitments, and variable weather conditions make it hard to get out every weekend. So our boats spend much of their life waiting patiently in the safety of the shed. What sort of damage could befall it there?

Again, think about where the risks really lie in your boat ownership. If your boat is safely stored most of the time, your insurance policy should focus less on the costs of salvage, for example, and more on theft or fire.

Do you need the inclusions that come with comprehensive boat insurance policies?

Comprehensive boat insurance policies are a fantastic lifeline for those who need them. Usually, comprehensive boat insurance is best suited to larger, more expensive boats, and boats that frequently voyage out of protected waters.

If you or your boat falls into either category, comprehensive boat insurance may be necessary. But if you only travel in estuarine waters, or you only own a small tinny, coverage for things like salvage is likely to cost more than it’s worth in the long run.

Not all boat insurance policies cover theft and vandalism – you should get one that does

Boat insurance policies aren’t always as simple as car or home insurance policies. A lot of them don’t include certain coverages that we are used to taking for granted. Theft and vandalism are an example of that. Many boat insurance policies don’t include cover for theft and vandalism, despite the fact that it’s a risk. Boat theft is surprisingly common in Australia, and Southeast Queensland particularly. It’s worth doing some research into theft and crime rates in your area, to work out if theft coverage is a must for you.

Do your research: boat insurance can be expensive so it’s important to get the right policy

That leads nicely into our last point: do some research! Boat insurance can be expensive, but it is often necessary for boat owners. The best thing you can do is make sure that your policy for boat insurance doesn’t cost any more than it needs to. So chat to the experts and get some advice. It’s also worth talking to other boat owners, to see if they’ve had any good or bad experiences with boat insurers. Information is everything, and research can save you big bucks in the long run!

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