Rod Daniel, director at Craftinsure, shares some useful money-saving advice for anyone looking into insuring their boat at the start of this new season.
As boat owners look to manage higher costs, insurance is just one expense to consider. The impact of higher inflation will mean that some premium increases in 2023 are inevitable.
Apart from higher prices for raw materials, such as resin and paints, boat parts, particularly where imported, are a lot more expensive now than a year ago. Prices of stainless steel and aluminium have also risen sharply, making stanchions, toe rails and similar parts quite commonly damaged more expensive to replace, as well as propellors, masts and rigging.
As yet, boatyard labour charges do not appear to have increased significantly, but these are also coming under pressure. Heating, diesel and other general boatyard expenses have, of course, increased in recent months.
If you are facing a premium increase, do not be tempted to under-insure your boat. Values have generally increased over the past two years, so make sure your policy cover is still adequate.
SAVING MONEY
If you do need to save a few pounds it is better to consider taking a higher excess, and if spreading the cost over the year would be helpful, some insurers provide a monthly payment option. Craftinsure offer this at no additional cost where the annual premium would be over £180.
A ‘multi-boat’ discount may also apply if you have more than one boat to insure. As with many things, it pays to shop around, especially if your renewal premium has increased significantly. Getting an online quote for comparison should only take a couple of minutes from a good boat insurance website or app.
Marine insurance is a specialist class of business here expertise is important, and so it is not usually possible to use the same company that insures your home or car, where having multiple policies with one provider can otherwise offer savings.
AVOID A CLAIM
Avoiding claims is another good way to help keep your insurance premium down of course! Thorough pre-season checks are very important.
Sadly, theft is still a very common cause of claims. Try to ensure that your boat, trailer and outboard motor are not seen as a soft target. Fit good quality locks and make sure electronics and other valuables are securely stored ashore, or at least out of sight if left on board.
