- Accidental damage
- Cover for storms, floods and theft
- Up to $1,000 of cover for items
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
This base-level policy covers you if you damage someone else's property, including other boats and comes with liability cover (if someone sues you). It doesn't cover damage to your own boat.
This covers your boat against fire and theft plus damage to other people's property and liability – but storms, floods and hail are not included.
This is the only type of insurance to cover damage to your own boat as well as others, plus lots of other risks including storms, floods and hail damage.
Third party insurance isn't compulsory for boats but it's recommended that you get some form of cover. If you don't take out insurance when you register the boat, you won't be covered for liability.
Here are a few situations you may be covered for, depending on your level of insurance:
|Scenario||Comprehensive||Third party fire and theft||Third party property|
|You crash your boat into someone's dock and now you need to cover the costs of the repair to the dock as well as repairs to your own boat.||✅||❌||❌|
|Someone broke their leg on your boat. Your insurance could pay damages for the injury.||✅||✅||✅|
|Someone steals your boat.||✅||✅||❌|
|A flood overtakes your boat.||✅||❌||❌|
|You're towing your boat and you damage it in a crash.||✅||❌||❌|
In addition to basic cover, insurers offer a collection of other benefits that may be useful to you as a boat owner. Here are the most common:
There are a lot of different types of boats and they all have different insurance options. Here are a few of the most common:
Most policies will require that you pay for a marine survey to show that the boat is seaworthy and in good working order. This includes keeping your boat and moorings in good working order.
You sometimes have 2 choices for insuring your watercraft: agreed value or market value. Market value means the reasonable and expected cost of replacing the boat at the time of the incident. This is what's most commonly offered. Agreed value refers to the price of your boat that has been agreed between you and your insurer (and is sometimes more appropriate for expensive boats).
Most policies have a geographical limit (how far you can take your vessel from land) of 200 nautical miles from Australia's shores. You're covered if you stay within that range, but not if you sail beyond it.
If your boat is damaged while being transported on a trailer, some boat insurance policies may not cover you – but car insurance probably will, at least for liability. If you're not sure, ask the insurer directly.
The cost of boat insurance will vary from person to person and boat to boat. When calculating your premiums, insurers will take the following into consideration:
If you're looking for a standing desk for the home office, the Omnidesk Ascent is our #1 choice for 2023.
It's time to sort out your NBN plan for the new year.
Invest in an index fund instead of actively trading stocks and you not only save on time and fees, you could be earning more in returns too.
SPONSORED: Upgrade your internet before the end of 2023 and get ahead on your life admin! We take a look at some of the benefits of a faster internet connection.
Young Australians cite overspending as the main reason for not reaching their financial goals.
What you need to know about investing in Shein from Australia.
Your guide to currency exchange in Brisbane, including how to get the best exchange rate.
Addressing speculation that interest rates might fall in late-2024, ANZ CEO Shayne Elliott said he thought it was too optimistic.