Are you the owner of a sport boat or are you thinking of buying one and would like to know what a sport boat insurance costs? Read here everything you need to know about how the cost of a sports boat insurance policy is made up.
“What does a sports boat insurance policy cost?” – This question cannot be answered in one sentence, because the cost of insurance cover for sport boats is made up of various factors and can vary greatly depending on the boat. If you would like specific information on the price of a particular insurance policy, it is best to fill out our quotation form and ask us for a quote. However, if you would first like to get a rough idea of what costs you will incur with a sports boat insurance policy and how they are made up, then you have come to the right place and should read on.
The cost of a sport boat insurance is made up of the following aspects:
- Type of insurance
- Type, equipment and size of the boat
- Area of validity
- Sum insured
Type of insurance
First of all, you should consider what kind of insurance you want to take out. As a rule, third-party liability and comprehensive insurance for boats are obligatory.
Liability for sport boats
Sport boat liability insurance covers damage caused by your boat to others. Although there is no obligation to insure a boat in Germany, we strongly advise every owner to do so. Without liability insurance, in the worst case you would be liable for the damage caused with your own assets.
Comprehensive insurance for recreational craft
Comprehensive insurance compensates you for damage to your boat. This includes damage caused by storms or hail, but also the loss of the boat due to theft. Sportbootversicherung.com also offers all-risk cover, which covers you in all cases that have not been expressly excluded.
Liability for sport boats is usually the cheaper of the two insurances – but for optimal insurance cover, it is advisable to take out both insurances. Many insurers, including sportbootversicherung.com, offer so-called combination packages for this purpose.
Type, equipment and size of the yacht
An important factor for the price of your recreational craft insurance is, of course, your boat: the costs depend on various criteria such as model, year of construction, size, performance and equipment. As a general rule, the larger, newer and more powerful the boat, the more expensive the insurance: The bigger, newer and more powerful, the more expensive the insurance.
Scope of validity
When you take out insurance for your sport boat, you specify the area in which the insurance cover is to apply. This is the so-called area of validity. Therefore, think in advance about where you want to sail with your sport boat. The wider the area, the cheaper your insurance will be.
Attention: If you want to leave the area of validity with your boat, it is essential that you discuss this with your insurer beforehand so that no problems arise.
The sum insured determines the amount up to which insurance cover is provided and how much you will receive from your insurer in the event of a claim. The sum is usually calculated by your provider and depends on the value of your boat. A high sum also means a higher insurance premium, but caution is advised here: If the sum is too low, the damage may exceed the sum insured and you may end up having to pay the remaining costs yourself.
Now you should already have a rough idea of how the costs for a sports boat insurance are made up. At sportbootversicherung.com, liability insurance for a small boat is already available from XX euros per month. For larger and better equipped boats, the costs can range from XX – XX euros.
Save money on yacht insurance
There are ways to reduce the cost of your recreational craft insurance and save money. The magic words here are seasonal insurance, deductibles, no-claims bonus and combined policies.
With seasonal insurance, you insure your boat only for a certain period of the year. Usually, this period corresponds to the water sports season, which runs from March to October and during which most owners actively use their boats. Since the insurance cover only applies to this period, you pay less accordingly.
The deductible is the share that you have to pay yourself in the event of a claim. The insurer covers all costs above this amount. The higher the excess, the lower your annual premiums. As a rule, however, an excess is only possible with comprehensive insurance.
The no-claims bonus is also only possible in comprehensive insurance. It gives you a discount for your insurance if you do not report any damage over a longer period of time.
A combined insurance policy combines liability and comprehensive cover in one contract. In the vast majority of cases, a combined policy is significantly cheaper than two individual policies.
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