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Is the sum insured on your boat still right?

The sum insured is usually set when a boat is bought and then left alone for years. Check here whether it is still right for your boat: pick the builder, model, year and condition and enter the figure from your policy. The comparison uses the ranges from our boat records for 45,381 models from 3,580 builders, checked regularly against current asking prices.

What belongs in the sum insured

• It should reflect what an equivalent boat with its equipment costs today: hull, engine, sails, electronics, covers.
• If you have added a lot of equipment, the right figure sits above the range. How equipment is valued is set out in your policy.
• For a new boat, the price you paid counts, including extras and delivery if they were part of it.

How to set the right sum insured

• New boat: the dealer price including equipment, inventory and VAT. Keep the invoice, it is your proof if you ever make a claim.
• Used boat: the price you paid is a fair starting point. A single listing is only what the seller hopes for; the comparison above shows the range across many listings for that model, year and condition.
• After a refit, not every invoice adds its full amount to the value, because much of the work replaces what was there. Ask what the boat would sell for today. Tell your insurer about upgrades and send the invoices, otherwise they are often not covered.
• How a total loss is settled is set out in the clause on insured value. With an agreed value, the agreed sum is paid; with market value, it is what the boat was worth on the day. Some policies tie the agreed value to the age of the boat.
• For partial losses, check whether the policy deducts new for old. Without deductions, repairs and new parts are paid in full; with an age scale, you get less for older parts.
• Salvage, wreck removal and disposal are usually paid on top of the sum insured, but only up to a limit. If that limit is the sum insured itself, it can fall short on an older boat with a low figure.
• Once a year before the season, ask: could I buy an equivalent boat for this amount? If not, have the figure adjusted.

How the comparison works

The value today comes from our boat records: a midpoint with a spread for each model and year. A share of the models is fine-tuned against current asking prices every night.

Your figure is compared with the range for the condition you choose. What you type stays in your browser and is not stored.

For a binding figure, for a classic or after a refit for example, you need a valuation survey.

More on boat values

Questions about the sum insured