Boat insurance is often cheaper than car insurance especially for a small boat. A comprehensive plan will cover damage to the hull, the machinery and the parts. It is also worth checking if the plan covers theft, injury and any specialist equipment on board like fishing tackle.
Insurance varies a lot depending on the boat. Narrow boats, speedboats, dinghies, yachts, rowing boats and motorboats all have different systems for working out a quote. A fibreglass boat (usually GRP,
glass reinforced plastic), like most speedboats, is in a higher insurance
band than a wooden or steel boat such as a narrow boat.
This is
because fibreglass hulls can be damaged or dented very easily while steel
hulls for example are very hard to cause any significant damage to. You can
get cheaper insurance for diesel powered boats, as they are less likely to
explode, and also for using coast guard approved fire extinguishers. A
certification in a boat safety course may also reduce insurance.
It also depends on where you intend to sail the boat. The boat will be in a different insurance category depending on whether you intend to sail it in canals (least expensive), rivers, lakes and tidal waters (more expensive) and the ocean.
There are also insurance policies for special circumstances. You can have a boat insured for damage while it is being built, or for a vessel sailing into a war zone or terrorist associated waters, or for specific cargoes such as highly perishable goods that may fail due to delays.
