What Does Boat Insurance Cover?

Join us as we explore the ins and outs of boat insurance coverage. We’ll outline its essential protections and explain why every boat owner should consider having an insurance strategy in place.

Types of coverage provided by boat insurance

Understanding the various types of coverage provided by boat insurance can help ensure you're fully protected on the water.

Third-party liability coverage

Third-party liability coverage protects you from claims of accidental injury or damage caused to others. This is important in situations like a collision with another vessel or with a property, where you could be held responsible for repairs or medical expenses.

Comprehensive coverage

Comprehensive coverage offers extended protection, including theft, vandalism, fire and accidental damage to your boat and its equipment. It covers various incidents, such as your boat being damaged in a storm or stolen from the marina. Contents cover may be available as an extension for liveaboard vessels – if you want to include this, ask the Towergate team for more information.

Personal accident coverage

Personal accident coverage can help protect you and your passengers, covering medical expenses and compensation for that may happen on board e.g. loss of limb, loss of sight or accidental death. It can offer financial support in the event of an accident.

Equipment and personal belongings coverage

This coverage protects equipment and personal belongings stored on the boat. This could be navigation tools, fishing gear or electronics. Be aware of coverage limits and that could apply to certain high-value items: the standard policy excess would apply to these.

Salvage and wreck removal coverage

Salvage and wreck removal coverage handles the costs of removing a damaged or sunken boat. It's helpful to have in cases where your vessel becomes a hazard or environmental concern after an accident.

coverage

Environmental damage coverage addresses costs associated with any pollution or damage your boat might cause for an insurable event. It helps you comply with regulations and cover clean-up expenses. This is particularly important to protect waterways and marine life.

Benefits of comprehensive boat insurance

Having the correct boat insurance in place is important for every boat owner. Some of the benefits of being fully covered are below.

Financial protection 

Having the appropriate boat insurance can offer financial protection against unexpected events. Without insurance, the costs of repairs, replacements and legal fees can be overwhelming.

For instance, repairing a damaged hull or replacing stolen equipment can cost thousands of pounds, not to mention potential legal fees from third-party claims.

Peace of mind

When you’ve got the right boat insurance in place, you’ll enjoy better peace of mind. It comes from the knowledge that you’re protected in the event of any unforeseen accidents. Knowing you’re financially safeguarded allows you to enjoy your time on the water without worry.

Compliance and access

Boat insurance can also ensure that you stay in compliance with marina or harbour requirements. Some marinas only accept boats with valid insurance to protect their facilities and other boaters. This access is important for enjoying prime docking locations and the amenities these marinas offer.

Note that comprehensive cover for Towergate boat insurance does not include mechanical electrical breakdown.

Things to consider when choosing boat insurance

When assessing the kind of cover your boat needs, consider its type and usage. Do you use it for leisure? For example, is it a motorboat or yacht? This affects value and equipment requirements.

Evaluate your boat's worth including all gear to make sure you get accurate insurance coverage. Typical usage areas matter too. Inland waters have different risks compared to coastal or international waters.

Review and compare insurance policies, focusing on terms and conditions like coverage limits, exclusions and premiums. Look for policies tailored to your boating activities and locations.

Looking for boat insurance cover?

Having the appropriate boat insurance in place can be hugely beneficial to you as a boat owner. It can protect you financially, help with repair or medical costs in the event of an accident and can keep things cool on the water.

Boat insurance from Towergate

Your boat deserves the best protection. Contact us today for a boat insurance quote either online or by phoning us on 0344 892 1987.

About the author

Adam Summersby is a respected leader with 11 years’ varied experience in niche personal and commercial lines insurance, including caravan, site operators and excess reimbursement, with proficiency in leadership, sales and account management.