What share of the boat's value?

Short answer

The familiar ten to fifteen per cent rule describes all running costs together; insurance is the smallest item in it, well behind berth and winter storage.

Get a quote Boat insurance overview

The rule of thumb owners quote to each other does not describe the policy. Running costs taken together come to something like ten to fifteen per cent of the boat’s value a year, and the largest share of that is the berth and winter storage, followed by maintenance and fuel. Insurance is the smallest line in the list, which is why comparing policies on price alone rarely changes the budget and often changes the cover.

The entry premiums, so that there is a figure on the page: third-party liability starts at around 39 euros a year, named-perils hull cover at 199 euros and all-risks hull cover at 219 euros. Those are entry figures for small craft and not examples for a yacht. For a figure that applies to your boat the online quote takes about five minutes and shows the price on screen.

Five things move the premium: the type and value of the boat, its year of build, engine output or sail area, the cruising range you choose and the excess you accept. Motor boats are rated on output, sailing boats on total sail area, and hull cover adds the value on top.

That is also why there is no price table here. Two boats of the same value pay differently because the waters, the year and the excess differ, and a table that hides this quotes the wrong price for everyone. The quote engine is the table, with your figures in it.

What lowers the premium for good rather than for one year: new customers start at a forty per cent no-claims discount and pay sixty per cent of the premium, with ten points added for each claim-free year. A higher excess reduces it further, and so does a seasonal policy, though that leaves the winter storage period out. If you are switching, a switching bonus is added permanently rather than as a first-year offer.

Worth remembering

Insurance is the smallest line in a bill that almost everyone blames it for.

What percentage of the boat value is insurance?

The ten to fifteen per cent figure covers all running costs together, not the policy. Insurance is the smallest item in it; berth and winter storage are the largest.

What does the cheapest boat insurance cost?

Third-party liability starts at around 39 euros a year, named-perils hull cover at 199 and all-risks hull cover at 219. Look at the limit and the inclusions, not only at the figure.

Why do you not publish a price table?

Because waters, year of build and excess move the premium as much as the value does. A table that leaves them out quotes the wrong price for everyone.

How do I bring the premium down?

A higher excess, a seasonal policy without winter storage cover, or switching to us with a permanent switching bonus. On hull cover you start at the maximum forty per cent discount.

Why is your quote higher than the other one? What happens if the boat is underinsured? Can I insure with a German insurer?