Motor Boat Insurance Explained | Buyers Guide | Towergate

what is motor boat insurance?

Just like owning a fast car, owning a motorized boat comes with some risks. the value of items like outboard motors, for example, which makes them attractive to thieves. plus, its high-speed capability means the potential for personal injury and damage to other boats is also a factor. Motor boat insurance is intended to support you by getting you back in the financial position you were in before a loss such as theft of your motor boat.

towergate motor boat insurance covers personal injury, damage to your boat, and damage caused by you to other people or their property on the water. By law, you are not required to have motorboat insurance, but some marinas require third-party coverage at a minimum in order for you to moor there. Regardless of where you keep your boat, it’s best to be covered.

Reading: How does boat insurance work

what are the benefits of motor boat insurance?

We offer four levels of coverage to help you get the insurance that fits the way you use your powerboat. At a basic level, we offer third-party cover for those with smaller, less frequently used vessels. At the other end of the scale, our platinum-level policy covers a broader range of risks, such as personal injury, machinery freezing, and accidental loss or damage.

  • £3,000,000 Third Party Liability Included as Standard: It can all be a bit hit and miss when you’re out on the water. We know that you are as careful as possible, but sometimes accidents happen. That’s why, as well as covering your boat, we also include £3,000,000 worth of third party cover.

  • road transit coverage for vessels under 30 feet: if you don’t like staying on a particular stretch of water, you may need to transport your motorboat over the road to the pastures (or rather, waters) again. our silver level policy (and all levels above silver) includes coverage for your boat and trailer while you’re away.

  • Theft Coverage: Since motor boats have a fairly high value, they can be targeted by thieves. Plus, since outboard motors are easy to remove (and have a high value of their own) on some boats, this also makes powerboats easy prey for thieves.

  • Underwater Machinery Cover: Have you ever gone over a speed hump too fast in your car and scraped the undercarriage? If you run over a submerged object in your motorboat, you can damage the propeller, propeller shaft, or rudder. this element of our motor boat insurance covers you in case this happens.

  • We will not charge you an excess for any claims made while moored or stored in a marina. personal accident coverage (optional). If you like to test the limits of your boat, we highly recommend adding personal accident coverage to your policy. Personal accident coverage will pay for emergency medical expenses. it will be paid in case of loss of limbs, loss of sight and even total disability or death.

  • continental use: if you tow your boat abroad and use it in European waters, you will continue to be covered for up to 30 days in a row.

  • protected no-claims bonus (platinum-level coverage): Get our highest level of coverage to have your no-claims bonus protected year after year, even if you have to claim (no more of two claims per year).

  • marina benefits (platinum level coverage only): if you permanently moor your boat at a marina berth or keep it ashore in the same place, we will not charge you the excess on any claim made while moored or stored. this will also not affect your no claims bonus.

    • Travel Concierge Service: Part of the joy of owning a yacht is the ability to travel to new places. what to do when you get there? call our travel concierge service and they can arrange; local hotels, restaurants, theater tickets and more.

    • legal expenses coverage: if a third party files charges against you for damage caused to your boat or personal injuries caused by you, our legal expenses coverage can help you with your fees legal up to 100,000 pounds sterling.

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      24-hour legal advice and claims line: In addition to covering legal fees, we also offer legal advice to guide you on what to do if you get involved in a legal dispute.

      how to get the best value on your motorboat insurance?

      Consider where you moor your powerboat;some moorings are not well suited to certain types of boats. it pays to do your research to find the right mooring for your boat. If your boat is moored in the wrong type of mooring, we may not be able to cover it.

      use smart water: If you mark you’re on board with the team by purchasing a smart water kit with your exclusive towergate code, you can receive an additional 10% off.

      Think about other items you want to insure: We can provide coverage for handheld electronic devices, such as GPS or VHF radio. however, you will need to tell us that you want them covered, otherwise they may be overlooked.

      tell us about your rya qualifications: we like to reward people who try to develop their own boating proficiency as this only makes them safer on the water. let us know if you have any rya qualifications and we can give you another 10% discount.

      exclusions explained

      It is very important to read your policy documents carefully to understand exactly what is covered, what is not covered, and what could invalidate your coverage. here are some exclusions you really should be aware of, but be sure to read their docs to make sure you understand all of them.

      • outboards must be insured; you must use an anti-theft device for your theft coverage to be valid.

      • third parties are excluded during transit; the good news is that third party coverage while hauling a trailer should be covered by your auto insurance. however, it is best to check with your auto insurance provider.

      • Trailers must be secured with a wheel lock: If your boat has a top speed of 17 knots or more, you will need to secure the trailer with a wheel lock when leaving unattended to that your policy remains valid. If your boat has a top speed of less than 17 knots, you can use a hitch lock instead.

        • Waterskiing and towing toys: Waterskiing and wakeboarding are popular activities among powerboat owners. we will cover you for these activities; however, you can only tow a maximum of two people at a time.

        • Personal accident coverage will not cover those over the age of 76; if you are over the age of 76, the personal accident aspect of our coverage will not apply. however, all coverage related to the vessel will still apply.

        • wear and tear: wear and tear is not covered at all by our powerboat insurance policy.

        • Replacements beyond the sums insured in your policy: This policy works on the basis of market value. therefore, it is important to know the true replacement value of your boat. you will not be able to claim a replacement powerboat above the value you provide us. If you are unsure of the value of your powerboat, a marine expert will be able to do an appraisal and give you an exact value.

        • Racing: Unfortunately, we cannot provide you with powerboat insurance if you are racing your boat as the risk of accident is too great.
        • types of covers for boats

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          Our powerboat insurance policy covers a multitude of types of boats. but powerboat is just a general term when in fact we can provide a policy that is specific to different types of powerboat.

          Here are some of the different types of boats we cover, to help you find the right policy for you.

          • sports boats: tend to be very powerful (engines 200bhp and above) with long but narrow hulls. Like a sports car, these boats are usually two-seaters with a rudder that also resembles the interior of a sports coupe.

          • Ski boats: These are typically used for, you guessed it, water skiing and wakeboarding. the hulls of these boats are designed to create wakes and are usually powerful enough to pull people behind them. they are also sometimes modified to hold extra boards or skis.

          • Sport Cruisers: Similar to sports boats, however, they tend to be larger, capable of carrying more people, and are designed more for comfort than top speed.

          • fast fisherman: they differ from normal fishing boats mainly due to their power. they usually have a large outboard motor and a central cubicle.

          • River Cruisers: These are sometimes called gin palaces and are essentially small motor yachts. think of henley, on a sunny afternoon, moving along at a few knots while enjoying the scenery. I must stress that while towergate can insure various types of powerboats, we cannot insure anything with a maximum speed greater than 55 knots.

            difference between motorboat and rib insurance

            rib insurance only covers ribs. rib mounts for grooved inflatable boat. ribs have both inflatable and solid parts in their hulls and are almost always powered by outboard motors. the ribs could be considered as the 4×4 of the sea.

            They are versatile, fast and almost unsinkable. Although they can be used as simple pleasure boats, RIBs are often used as safety boats by yacht clubs, excursion boats by diving clubs, and sometimes by tour companies and resorts for thrill rides.

            So what does our motorboat policy cover?

            The short answer is; everything else where the only method of propulsion is a motor. the long answer is: sports boats, sports cruisers, and fast anglers, among many others. both pneumatic and motor policies have coverage for third parties, theft, malicious damage and vandalism coverage and even personal accidents when you hire our highest level of coverage. both policies have platinum, gold, silver, and bronze coverage levels, meaning you can choose the level of coverage that suits your usage and requirements.

            jargon buster

            why choose towergate?

            Not only do we know insurance inside out, we also know inside out the items and lifestyles we insure. All of our advisors are trained to make sure you get the coverage that’s right for you and your powerboat.

            If you need to claim, we’ll walk you through every step of your claim and advise you on how to get a quick resolution. our goal is to take the stress out of what is probably already a stressful situation. just give us a call and we’ll take care of it from there.

            about the author

            adam summersby is a respected leader with 11 years of varied experience in niche commercial and personal lines insurance, including RV, site operator and excess reimbursement, with leadership, sales and account management proficiency.

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