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Boat Insurance quotes are provided by a selected broker from our referral network and may not represent all providers in the market. We may receive a referral fee at no cost to you. We do not provide financial advice or credit assistance directly.
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Boat Insurance: Protect Your Investment on the Water
Owning a boat offers great enjoyment, but it also comes with risks. Comprehensive boat insurance can cover accidental damage, theft, fire, storm damage and third-party liability, subject to the policy’s terms, limits and exclusions. We connect boat owners with insurance brokers who can help them explore cover options.
Why Do You Need Boat Insurance?
Damage to your boat or an accident involving someone else can leave you facing substantial repair costs or liability claims. Third-party liability cover addresses certain claims for injury to others or damage to their property; it does not cover damage to your own boat. Comprehensive policies can include both vessel damage and liability cover. Check any insurance requirements with your relevant boating authority, marina or lender.
What Boat Insurance Features Should You Check?
Whether you own a personal watercraft, trailer boat or yacht, check which parts of the vessel and equipment are insured. Ask whether the trailer, outboard motor, personal belongings, salvage costs and uninsured boater protection are included, optional or excluded. Review the sum insured, liability limit, item limits and excesses, as well as whether a total loss is settled on an agreed-value or market-value basis.
Check navigational limits and cover while the boat is stored, moored or transported. Racing, water skiing, offshore trips and commercial use may need specific cover or be excluded. Look for exclusions relating to wear and tear, corrosion, mechanical breakdown and maintenance, and read any security or storm-preparation conditions in the Product Disclosure Statement (PDS).
How Much Does Boat Insurance Cost?
Boat insurance costs vary depending on the boat’s type, age, usage, and location. Vessel value, storage arrangements, boating experience, claims history, cover choices and excesses can also affect premiums. Compare the total cost, including any fees and instalment charges, alongside the cover and exclusions rather than price alone. Ask the broker whether any safety-equipment, multi-policy or no-claim discounts are available and what conditions apply.
Preparing for a Boat Insurance Claim
Keep photos, purchase records and details of your boat and equipment. After an incident, prioritise safety, take reasonable steps to prevent further damage where safe, and contact your insurer promptly. Check the policy’s reporting requirements and ask about repair authorisation, evidence needed and any excess payable.
Request a Boat Insurance Quote
Buying a boat or renewing your cover? Start your boat insurance enquiry with Financial Services Online to request a no-obligation quote from a broker. Have your vessel details, value, storage location and intended activities ready so the broker can discuss available options with you.
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Please note that some of our calculators may use assumptions that are not necessarily applicable to your current specific circumstances and we therefore cannot always guarantee their accuracy. You should always seek professional financial advice from a licensed professional before proceeding with any financial recommendations.
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