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Home boat insurance what to look out for

Taking out boat insurance: what do I need to look out for?

Owning a beautiful boat is something you have always dreamed of. Now the time has finally come and you have the luxury of investing in the boat you have been longing for. Done deal! Of course you are very enthusiastic about the purchase, but at that moment other things come into play as well. Are you going to take out boat insurance for this precious possession? Where will you take out this insurance? How much will it cost exactly? And what about the conditions of the boat insurance?

Wa boat insurance

How is the premium of my boat insurance determined?

In general, there are a number of factors that determine the premium of a boat insurance. These factors are interpreted differently by each insurer, which means that taking out a certain type of boat insurance may be cheaper with one insurer than with another. These factors are categorised below.

Boat insurance? Calculate your premium!

The boat

  • The type of boat (e.g. speedboat, cabin yacht/catamaran, open (motor) boat or dinghy)
  • The length of the boat (in centimetres)
  • The year of construction of the boat
  • The current value of the boat (this includes the engine, audio-visual equipment, extra accessories and special constructions)

The engine

  • The type of engine (outboard motor, built-in motor or no engine)
  • The total power of the engine(s) in horsepower
  • Fuel (petrol, diesel, LPG or electric)

The coverage

  • The boat's area of coverage (Netherlands, Europe or European seas)
  • The coverage (WA, WA + limited Casco or WA + Casco (Allrisk))
  • The berth of the boat

Other

  • The number of claim-free years you have accumulated from previous boat insurances
  • Possible membership of a water sports association

The above items are requested when you take out boat insurance. In addition, you can indicate in the application whether you want to insure accidents and/or legal assistance. When you take out an accident on board coverage, you will receive a payment when one or more persons on board become permanently disabled or die after an accident. Legal assistance offers coverage when recovering damages from an opposite party.

Do you take out a boat insurance with WA + limited Casco or WA + Casco (All Risk) coverage? Then you can choose to insure your boat trailer as well.

What should you pay attention to in the policy conditions of the boat insurance?

When comparing boat insurances, it is important that, in addition to the differences in premium, you also carefully analyse the policy conditions. Below are 3 important policy conditions that you can approach with extra attention during your search.

1. The bonus/malus ladder

Based on the claim history, each insurer calculates a discount on the premium for the next insurance year. In other words, if you sail a year without a claim, you build up 1 claim-free year. This equals a discount on the premium of your boat insurance. The discount granted for claim-free years differs per insurer. This ultimately affects the premium that you have to pay.

2. The amount of the third-party cover

Do you cause damage to others with your boat? Then you can be held liable. Depending on the nature of the damage, these costs can be enormous. It is therefore important that you pay attention to the maximum insured amount per event when taking out boat insurance.

3. Own defect

Cover for damage due to inherent vice may vary. Own defect refers to an inferior quality of the insured boat that should not occur with similar boats. Think of a material defect or a mistake in the original construction, as a result of which the boat is no longer suitable for sailing, for example.

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