How to find the best marine insurance

How to find the best marine insurance

If you’re new to boat ownership, or looking to update your existing marine insurance, finding the right product for your needs can feel overwhelming.

Luckily, there are ways to cut through the noise and pinpoint a marine insurance product that matches your needs and budget.

 

Here are five tips to help you on your way.

 
  1. Cheap isn’t always best

Finding the right marine insurance for your budget is very important. After all, no one wants to be stuck with insurance that is a struggle to pay. Budget should always be a key consideration when searching for marine insurance, but it shouldn’t be the only one.

There are many insurance products on the market that are incredibly cheap. But look closer, and you’ll find they’re not necessarily as comprehensive as they should be. This is why it’s important to read the fine print, and know what you need cover for.

Having cheap insurance that will not protect you in your time of need is money down the drain. Finding the right marine insurance is about striking a balance between cost and comprehensiveness.

  1. Get the best fit

When you’re reviewing different marine insurance products, it’s important to know what you’re looking to be covered for. Things like, where your boat is stored, whether you tow your boat to launch, and your equipment, all impact the level of cover you’ll need.

If you’re boating for pleasure, you’ll want to ensure that your cover protects you in the event of loss or damage to your vessel – including accidental damage, theft, sinking, malicious damage, fire, storm damage, latent defect and search costs.

Third party liability is important too, as this covers you and any other person you allow to be in control of your vessel, against legal liability. Personal accident and emergency cover should also be included in your policy.

For more detailed information on what every good pleasure craft insurance policy should include, please get in touch.

  1. Shop around

Choosing the right marine insurance for your needs is a big financial decision to make, but it doesn’t have to be scary. We recommend securing at least three quotes from difference insurance providers, so you can compare what is available.

When comparing different quotes, steps one and two should come into play. That means making sure the quote is within budget, while also ensuring it covers you for all of those essential elements.

In some cases, you may be able to negotiate a lower rate for your cover. So, if you do find a policy that meets your needs, which is a bit above budget, don’t be afraid to ask if they’ll consider a lower cost. The worst they can say is no.

  1. Check reviews

Before you choose a marine insurer, it’s important to make sure they have a good reputation. Ask around at your local boating club to see what others have to say about them, or check out reviews online.

Ideally, you want to know how the insurer responds to claims, whether they’re helpful and professional, and whether they are responsive if and when you ever need them urgently. Google and Facebook reviews are a great place to start.

If an insurer has consistently poor reviews it’s a good idea to consider other options. That way you’re less likely to be caught out by poor service or support in the unfortunate event of an accident or incident.

  1. Review your cover

Now you have completed all of the above steps, you’re probably very close to choosing a marine insurer that matches your needs. Well, the job doesn’t stop there. We recommend reviewing your cover at least once per year, to ensure it still aligns with your needs.

In many cases, new insurance products become available that are more affordable, while still being comprehensive. When this is the case, it makes sense to switch to a more attractive product.

A good insurance company will take care of this process for you, which means it is easy to do. And, you’ll end up saving more over the life of your marine insurance, while securing the best cover for your needs.

Get help

 

If you need support with identifying the right marine insurance for your boating life, please get in touch. Our marine underwriters care about making sure you’re covered for the stuff that matters, so you have peace of mind out on the water.

 

Get started now.