Boat Insurance: What value should you insure your boat for?

When arranging boat insurance you should insure your boat for what it would cost you to put yourself back in the same position in the event that the boat is a total loss. (i.e. owning a similar boat of a similar condition with similar features, equipment etc.)

A good starting point therefore is to try to discover the current market value of your boat. If your boat is relatively new you may be able to get a guide for its current price from the manufacturer’s website. Alternatively, you may wish to search the numerous ‘boats for sale’ websites to see if you can find a boat on offer of the same make and model with a similar specification and age.

It is important to insure your vessel for a realistic market value:

  • If you set the value far too high you may be paying more premium than necessary.
  • If you set the value far too low it may result in your boat being treated as a total loss following relatively minor damage, or to you having to make a contribution to the cost of a repair.  
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