Top tips to choosing the right boat insurance

by | Dec 11, 2024 | Insurance | 0 comments

Protect yourself with pleasure craft insurance 

In Australia, we love cooling off in the summer months in and around our beautiful waterways. Nothing beats spending a leisurely afternoon on a boat with friends and family.

Unfortunately, like most insurance products, many boat insurance policies include exclusions and limitations. This can be a disastrous and a very real trap for boat owners who are content to buy a low cost/low cover product without seeking advice from an insurance professional.

Given the escalating costs of boat repairs and replacement, it’s important to have peace of mind knowing that whether you’re onboard or your vessel is moored, appropriate coverage is in place.

Questions to ask

To help you prepare for the summer boating season, here are our recommendations on what you should consider when choosing an appropriate pleasure craft insurance policy.

  • Is your insurer offering agreed value?
  • Is a no claim bonus available (at least up to 25%)?
  • Are you able to reduce your premium by taking a higher excess?
  • Can your insurer offer a layup cover? Where relevant, this is a great way to potentially reduce your overall costs.
  • Does the policy provide additional benefits such as salvage costs and/or accidental pollution clean-up costs?
  • Are you covered if you take your boat out of the inland waterways? You might be surprised to learn that some policies are extremely limited in this regard.
  • Do you intend to race your yacht? Often this requires a specific extension of cover.

Get the right advice

It’s also important that you understand the insurer’s requirements for renewal well in advance, especially if an out of water survey is required. JMD Ross has noticed that the need for surveys has increased significantly in recent times.

Recreational boating should be safe, secure and – most of all – fun for everyone.

Speak to JMD Ross about your boat insurance needs and avoid this season becoming your summer of discontent. 

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Disclaimer: Applicable to Australian residents only. The information on this site is for general information purposes only and does not take into account your particular needs and objectives. For appropriate advice you should contact our office to determine which products and services are most appropriate for your needs. As the website does not include full details of any products referred to, you should read the respective policy wording that can be made available on request. We will not be liable to any individual or organisation for any damages whatsoever arising out of the use of the site.

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