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Protecting your investment and your home is important so getting the right marine insurance is something to think about now, even before you purchase your vessel.
Your floating home is valuable to you so it is very wise to get marine insurance.
Many mooring operators now insist that the vessel has marine insurance for at least 3rd Party Cover. This means that if your boat broke away from its mooring, or you lost control of the boat and your boat damaged another vessel, your marine insurance would pay for the other vessel but not for your boat.
As you have invested in your boat and it is also your home it would be wise to get a Comprehensive Marine Insurance Policy on the vessel if possible. This will cover you for damage to both your vessel and any other vessel involved.
Although Comprehensive Marine Insurance cover costs more you do have that peace of mind knowing that if the worst happened you are covered.
Speak to marine insurance companies before you purchase your vessel as costs can vary according to the type, age and construction material of the vessel. It is wise to know rough boat insurance costs before you purchase your vessel as this may influence your decision when buying.
Some marine insurers will not insure certain types of vessels so find out about your options before purchasing your boat.
Things do happen and you never know when they may occur so you should protect yourself against a very expensive repair or even total loss.
It is very wise to get as many boat insurance quotes as possible as companies prices can be very different and also check you are getting the right insurance cover for your type of boat. The last thing you want is to find out you were not covered by your marine insurance after something has happened.
Typical details you will need to supply a marine insurance broker when looking for a quote will be:
Age of vessel
Over all length of vessel
Construction of vessel
Date of the last survey on the vessel
Approximate value of the vessel
Where the vessel will be moored (marina, towpath, swinging mooring etc)
What areas the vessel will be used in (canals, rivers, coastal, worldwide etc)
Is the vessel registered
Does the vessel have a current BSS certificate
You may find marine insurance brokers ask you many other questions so have as many of your boats details to hand when getting boat insurance quotes.
If you are a liveaboard you may also want to ensure the contents of your vessel, your personal belongings, as also covered by your boat insurance in case of lost of theft. If this is not an option on your boat insurance policy you may want to find quotes from other insurance brokers that may cover your belongings on a separate insurance policy.
Remember to shop around as much as possible to get the right price and the right cover and you will have some peace of mind knowing that if the worst was to happen your investment and your home are protected.
Happy hunting
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