Have you just bought a pleasure boat and want to insure it at the best price? The price of boat insurance may vary depending on the type of boat and the guarantees included in the contract. Why take out boat insurance in addition to your home insurance policy? What is the average price for the insurance of a pleasure boat? What are the main criteria that can influence the price of boat insurance? Discover the essential information you need to know to find boat insurance at the best value for money.
What is boat insurance?
Boat insurance allows the owner of a boat to be covered in the event of a claim at sea or dock. Its subscription is not obligatory but highly recommended. Indeed, the law requires compensation for material and bodily damage caused to others. The amounts due can sometimes be very high. When you are covered by boat insurance, it is your insurer who replaces you to compensate the victims of the damage suffered. Depending on the contract, your insurance may also cover damage to your boat and damage you and your family have suffered.
Why pay for boat insurance in addition to your home insurance?
Does your home insurance contract cover your boat for civil liability? Even then, it is recommended to take out boat insurance. Civil liability only covers damage caused to a third party. Specific insurance allows you to navigate with complete peace of mind by ensuring the coverage of passengers and equipment and by offering you additional guarantees. Among these additional guarantees, we can mention the following: assistance with towing, total loss guarantee in the event of damage or theft, etc.
Without boating insurance, it is up to the owner to pay the costs in the event of a claim if he is the cause of the damage caused to his boat or if no one responsible has been identified. Boat insurance allows you to be prepared for all eventualities.
Boat insurance rate: the main criteria that influence the price of your marine insurance
It is difficult to estimate the price of boat insurance. Indeed, its price depends on different criteria. Here are the main elements are taken into account when establishing a quote for boat insurance :
- The type of boat: sailboat, motorboat, yacht, the price of boat insurance varies primarily according to the type of boat insured. At the time of subscription, it is necessary to estimate the total amount to be insured. The latter includes the gross value of the boat and the value of the equipment purchased in addition. Depending on the make and model of the boat as well as the year of first registration of the boat, significant price variations can be observed.
- The history of the insured: some insurance companies apply reductions for boaters who have not experienced any claims or accidents in recent years.
- The navigation area: the price of insurance may vary if you practice river navigation or if you sail in coastal areas or on the high seas.
- The type of insurance contract: you have the choice between third-party boat insurance and all-risk boat insurance. Liability insurance is the basic cover. Its price is more affordable but it only protects you in the event of bodily injury and damage caused to a third party. Multi-risk insurance is available at a higher price because it includes additional guarantees: collision, shipwreck, vandalism, theft, etc.
- Additional options: an all-risk insurance contract can be reinforced by taking out additional options such as breakdown assistance and assistance at the dock and sea, legal protection, trailer insurance, etc.
- The conditions of application of the contract: deductibles, compensation ceilings, terms of compensation, etc.
You can subscribe to a basic formula from a hundred euros per year. For the more covering formulas, the price starts between 300 and 400 euros per year. The more benefits and options, the higher your premium.
Your goal is to find coverage that includes the benefits you need, all at the best price. Each insurance company has its own rules for calculating the number of premiums. For the same level of coverage, prices can therefore vary considerably. Before taking out your boating insurance, do not hesitate to compare the offers of insurers. You will be able to find a boat insurance contract adapted to your needs and at an affordable price
