Tips For Hiring Boat Insurance
December 22, 2019
You have a boat and you have raised more than once, what would happen if the sails are broken, the engine is damaged or you have a blow against a rock and need towing assistance to the port? Hiring a boat insurance means enjoying the sea and sailing without worrying about what may happen, and with the total peace of mind that any unforeseen event may be covered.
Boat insurance protects you from any accident suffered by you or a third party while you are sailing. This type of insurance is intended for any pleasure craft, whether motor or sailing, for private use or rental, whose purpose is the enjoyment of its owners and users.
As it is a motor vehicle, the hiring of boat insurance is mandatory by law in Spain, as happens with car, truck and motorcycle insurance. Specifically, on pleasure boats, sports and jet skis, which must have the Civil Liability when they go out to sea. The law also includes “floating objects that lack motor and have a length exceeding 6 meters.”
What should you insure of your boat?
Boat insurance has an extensive list of basic coverages and optional ones for each client. The fundamental thing is to protect the material goods of the ship, the personal objects of the occupants and the damages that you can cause to a third party.
The minimum that you must hire is the Obligatory Civil Liability insurance of the vessel. This will cover the cases in which for the use or pattern of your boat, cause damages or harm to third parties being you responsible. From here, you have an extensive list of optional guarantees that you can hire to achieve total peace of mind for both passengers traveling with you and the boat itself.
The insurance for boats is so flexible that, in addition to Compulsory Civil Liability, it offers you the possibility of hiring those coverages that you need to feel comfortable and safe sailing. The coverages that you can add are:
- Voluntary Civil Liability
- Legal protection
- Legal telephone support
- Personal effects
- Travel assistance to people and the boat
- Medical and hospitalization expenses
- Towing and custody expenses
- Personal accidents
In addition, optionally you can also cover:
- Own damage to the boat.
- Total loss, theft and partial damage in accident.
According to your needs, look well what coverage you are interested in hiring. Remember that it is important that you are protected against the risks to which you may be exposed.
How much does boat insurance cost?
The price of boat insurance will depend mainly on two factors:
- Of the coverages that you contract. As usual, the more guarantees you choose to protect yourself from the risks, the higher the premium that you will have to pay to the insurance company.
- Of the values to insure of your boat. You must quantify the value of the whole boat, from the hull, the engines, the sail, the auxiliary boat, to the accessories that it carries. According to the value you will pay more or less to protect them.
Keep in mind that the premium that you have to pay for nothing will be expensive, since the economic consequences of having an accident with your boat can be so high that you can be ruined. So look at it as an investment that will protect you.
Next, I detail the data that are necessary to prepare a budget for a boat insurance:
- Make and model of the boat
- Length
- Use (private, regatta, rental …)
- Year of construction
- Construction material
- Approximate value (both of the helmet, engines and accessories)
- Use of auxiliary vessels
- Power and number of engines
Remember, if you only hire the Obligatory Liability insurance, the price will be the minimum according to the characteristics of your boat. The premium will increase if you add other complementary coverages with the will to protect you better.
To make a budget, you can go to an insurance broker, who will present you a comparison with several insurance companies, indicating the advantages and disadvantages in each case. That will allow you to compare and choose. And if you have any questions, you should advise and answer all your questions.