How to Cut the Cost of Your Boat Insurance?
Your boat insurance premium is based on several factors, such as the type of vessel you own, how you use it, where you plan to use it, and the level / type of cover you choose.
The insurer you go with also affects the price. Different providers offer their own rates, discounts, levels of flexibility, and ways of managing your policy—whether that’s online, over the phone, or in person.
The good news is there are a few simple steps you should consider to help reduce your premium:
| Steps | Overview |
|---|---|
| Acquire boating qualifications | Taking recognised boat training courses shows you know what you’re doing and take safety seriously, something insurers value, and which could help lower your premium. |
| Limit who can use your vessel | Limiting who can operate your boat to experienced, qualified, and responsible users helps reduce risk and insurers will often reward this with discounts. |
| Improve your boat’s physical security | Using good-quality locks, alarms, and other security equipment can help protect your boat from theft or damage. For smaller boats, forensic security marking or tagging is worth considering, while larger vessels can benefit from GPS trackers and engine immobilisers. |
| Store your vessel safely | Storing your boat in a secure marina, boatyard, or well-protected area when it’s not in use can help lower your insurance costs, especially if there’s CCTV or 24-hour on-site security. |
| Select a higher excess | Choosing a higher excess, the amount you pay if you make a claim, can help lower your annual premium, so it’s worth looking for an insurer that lets you pick an excess level that suits you. |
| Only choose cover you actually need | If your insurer offers flexible cover options, take a moment to think about what you really need and choose only the ones that suit you. |
| Add higher cost covers only you need them | If you’re not planning to race, charter, or use your vessel for other higher-risk activities from day one, you can always add these options later, so you don’t pay for cover you don’t need upfront. |
| Select the right cruising area | Only select the cruising area you know you’ll use, you can always expand it later if your plans change. |
| Update your cover promptly when things change | If you lower your risk, such as by improving your vessel’s security, let your insurer know right away instead of waiting for renewal. It could help reduce your premium. |
| Look out for hidden fees | Some insurers may charge extra for making changes to your policy or for paying by instalments, so it’s worth keeping this in mind when choosing a provider. |
Taking a little extra time to consider the cover you need, select a provider who can cater for how your requirements might change, and then actively managing your policy through the year, can all make a meaningful difference in lowering the cost of your annual boat insurance.
How Can Visicover Help Cut The Cost Of Your Boat Insurance?
Visicover offers several features designed to help you reduce your insurance costs:
- Customisable cover so you can tailor your insurance to your needs
- Extensive discounts, including for experienced boat users or higher excesses
- Flexible payment over up to nine months at no extra cost
- Online policy management, allowing you to update cover any time as your needs change, usually with no admin fee.
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Author: Bob Bevan
Bob is an insurance expert with over 40 years of industry experience. He co-founded Visicover and led the development of its award-winning online boat insurance product.
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