Congratulations on buying your first boat! If you thought that was half the fun, then here's the rest of it - learning about boat insurance.
That's right, it really is fun learning how to protect your new investment. Since boat enthusiasts are people after our own heart, we put together this little guide to help you learn all a-boat boat insurance and how to choose the best policy for your little home on the water.
What is boat insurance?
As you may have guessed, boat insurance covers damage caused to your boat. Each type of boat insurance has different features, and some also cover you for damage your boat causes to someone else's property. Considering there are over 850,000 registered boats in Australia, you'll want to be protected in case you run into any of them on the water!
Do I really need boat insurance?
That's a good question, and we've already answered it here. In short, if you own a boat, you should get some level of boat insurance. Even if you don't plan on taking it in the water, your boat should still be protected from things like accidental damage, fire, theft or natural disasters.
What does boat insurance cover me for?
What you're covered for depends on the type of boat insurance you get. Here they are in a nutshell:
Comprehensive Boat Insurance
This is the total package when it comes to boat insurance, covering damage caused to your property as well as damage you cause to someone else's. Youi comprehensive boat insurance will also protect you from a wide range of insured events, including fire, theft, and severe weather. Other features include an immediate replacement boat if you need one while trading in your current boat, and up to $1,000 worth of contents cover.
Third Party Fire & Theft Boat Insurance
This is still a diverse range of cover, offering protection from damage caused to your watercraft, damage your watercraft causes, and damage caused by fire or theft. Youi third party fire & theft boat insurance also covers emergency accommodation if you can no longer safely use your boat as a result of an insured event, as well as towing costs to get your boat to a safe place.
Third Party Property Only Boat Insurance
Third party property only is entry-level cover that will protect you from footing the bill if your boat damages someone else's property. It's a pretty good start, and if you take out Youi third party boat insurance, we'll pay you $200 if you set a new ANSA (Australian National Sportfishing Association) fishing record.
Now that you have a better idea of what boat insurance is and how much of it you may need, why not start a quote with us to see how much you could save?
