Getting out and about on the lakes, rivers, dams and oceans of Australia is one of the great joys of owning a boat. But whether you’re the proud owner of a small runabout or a yacht with all the bells and whistles, it’s important that you have adequate insurance cover in place for your nautical investment.
Youi is an Australian general insurance company that underwrites all its own policies. With a focus on tailoring policies to customers to make cover more affordable, Youi offers three boat insurance options to suit different budgets and cover requirements: Comprehensive, Third Party Fire & Theft and Third Party Property Only.
Compare Boat Insurance Policies Available from Youi
This is Youi’s highest level of boat insurance cover and it is designed to offer a total insurance package. It covers both accidental and intentional damage to your watercraft, as well as damage caused by storm, flood, fire, theft, earthquake and more. General liability and watersports liability cover are both included, as are towing and salvage, emergency accommodation and watercraft contents.
Key features
This high-level policy offers $10 million of general liability cover for when your watercraft causes damage to someone else’s property, or for watersports liability cover when you use your boat for watersports and it results in injury or death to other people, or damage to someone else’s property
Cover for damage caused by storm or flood, fire, theft, attempted theft or earthquake
Cover for accidental and intentional damage
If you’re more than 100km from where your boat is usually kept and you are involved in an insured event that results in your boat being unsafe to use, you’ll receive up to $1,000 cover for your emergency accommodation, transport or repairs
Cover for the cost of salvaging a watercraft wreck after an insured event and towing it to a safe place. Cover is also included for the cost of preventing further loss or damage.
Temporary replacement watercraft for up to 14 days while trading in your current watercraft (under $75,000)
$10,000 death and $5,000 personal injury cover if you are hurt when using the watercraft
Up to $1,000 of cover for watercraft contents.
Other benefits include watercraft signwriting, watercraft mooring fees and sea rescue donation
Third Party Fire & Theft
This mid-level policy provides cover when your boat causes damage to someone else’s property, plus it also includes a few handy extras. In addition to $10 million of general liability cover and $10 million of watersports liability cover, it offers protection when your boat is damaged by fire or theft. Other benefits include cover for towing and salvage, emergency accommodation, watercraft contents, personal injury and more.
This mid-level policy offers $10 million of general liability cover for when your watercraft causes damage to someone else’s property
$10 million of watersports liability cover when you use your boat for watersports and it results in injury or death to other people, or damage to someone else’s property
Cover for boat damage caused by fire, theft, attempted theft
If you’re more than 100km from where your boat is usually kept and you are involved in an insured event that results in your boat being unsafe to use, you’ll receive up to $1,000 cover for your emergency accommodation, transport or repairs
Cover for the cost of salvaging a watercraft wreck after an insured event and towing it to a safe place. Cover is also included for the cost of preventing further loss or damage.
Up to $1,000 of cover for watercraft contents.
Other benefits include personal injury and death, watercraft signwriting, watercraft mooring fees and sea rescue donation
Third Party Property Only
Youi Third Party Property Only Cover is an entry-level offering for boat owners who only want a basic level of cover. It includes $10 million of general liability cover for when your watercraft causes damage to someone else’s property, and $10 million of watersports liability cover.
This entry-level policy offers $10 million of general liability cover for when your watercraft causes damage to someone else’s property
$10 million of watersports liability cover when you use your boat for watersports and it results in injury or death to other people, or damage to someone else’s property
If you set a new Australian National Sportfishing Association fishing record, you'll receive a $200 benefit
What you won't be covered for
Youi will not pay your boat insurance claim if:
It is for loss or damage to any illegal property or item
It is for loss or damage to any insured property caused by theft or attempted theft by deception
You admit liability that would otherwise not have existed at law
It is for any insured event that occurred outside Australia
It results due to the intentional or deliberate acts or omissions by you or anyone else covered under your policy
It arises due to your boat being used for any illegal activity
It is caused by the legal repossession, confiscation or destruction of any property
It is caused by wear and tear, rust, corrosion or deterioration
It is a result of cleaning, restoring, modifying or repairing the property
It is caused by mechanical, electronic or electrical breakdown or failure
It is a result of poor or faulty design specification, materials or workmanship
It is for the repair of any damage that existed prior to the start date of the policy
It is for damage to sails and protective covers caused by wind (unless the same insured event also damaged the masts, boom, rigging or hull
It is for loss or damage to moorings
It is for legal liability caused by the use of diving equipment
The watercraft or tender was being operated by someone who didn’t have your permission to do so (unless it was stolen)
The watercraft or tender was being operate by someone who didn’t have the proper licence to operate it
When the watercraft or the car towing the watercraft was being operated by someone under the influence of alcohol or drugs
When the watercraft is being towed by a vehicle in breach of state or territory transport regulations
When the watercraft or tender is being used for racing, speed trials or contests
If the watercraft or tender was being used in a reckless manner or while unregistered
If your watercraft or tender was being used for business purposes
How Much Does Youi Boat Insurance Cost?
Youi Boat Insurance premiums are affected by a number of factors, including:
The type and age of your boat and what it is used for
The address and any security measures or systems were your boat is usually moored or parked
The age(s) of the boat operator(s)
The value of any additional cover options you add to your policy
The premium payment method you select
Your insurance claims history
Administration costs, taxes and government charges
How much excess will I have to pay?
You’ll need to pay an excess for every claim you make on your Youi Boat Insurance policy. The amount you pay will be the combined total of the basic excess and any additional excesses shown on your policy schedule. However, if you’re involved in an insured event that is completely the fault of the third party and where liability can be established, the basic excess amount may be waived.
Additional excesses are only payable under certain circumstances, so check your Youi policy schedule for more details.
How do I make a claim with you?
Every claim you lodge with Youi must relate to a separate event; you cannot include multiple events in one claim. You’ll also need to make sure that you take all reasonable precautions to prevent loss or damage occurring to your property, including after an insured event has already occurred.
If you’re the victim of theft, make sure to report the matter to the police as soon as possible. Make sure to obtain a written copy of the incident report as you will need to provide it at claims time.
You can lodge a claim by filling out a claim form online or by phoning Youi. The insurer will need to be able to view or inspect damaged goods or property, and it’s important that you promptly supply any documents the insurer requests to process your claim, such as receipts or police reports.
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Questions you might still have
A. Sailboat Social Racing is available as an option for an additional premium on Youi Comprehensive Boat Insurance.
A. Yes. Youi offers $10 million of legal liability cover for claims arising from watersports accidents.
A. Yes, boat contents are covered against loss or damage from an insured event under Youi’s Comprehensive and Third Party Property Fire and Theft policies. Limits apply to cover, but you also have the option of upgrading your contents cover.
A. With Youi Comprehensive Boat Insurance, you can nominate an insured value for the hull and tender. Depending on the type of boat you own, you can also nominate additional sums insured for outboard motors; trailers; and sails, masts, booms and rigging.
A. If you choose a repairer authorised by Youi, repairs made to your boat following an insured event come with a lifetime guarantee (for as long as you own the boat).
Youi Boat Insurance offers crucial financial protection for a wide range of vessels. Compare its features and benefits with those of other boat insurance policies to find cover that suits your unique requirements.
Willam Eve is the country manager for Finder's Canada operations. He has previously held the positions of group publisher of insurance for Finder Australia and lead publisher for the Finder global team. William has a Bachelor of Communications from the University of Technology Sydney, Australia. He loves the challenge of launching Finder into new markets while helping grow Finder’s global team. See full bio
We have a 52 ft motor cruiser but are currently living in Malaysia & cruising SE Asia. Do you cover in this situation?
Finder
MayMarch 6, 2018Finder
Hi John,
Thanks for reaching out to finder.
Just to confirm that the motor insurance brand we feature on our site and all other products and services are only available to people in Australia, so I’m afraid this may not be applicable to you. You’d be best to get in touch with an insurer in your country instead.
Cheers,
May
malcolmAugust 16, 2017
I require a quote for 3rd party boat insurance please
JonathanAugust 16, 2017
Hello Malcolm,
Thank you for your inquiry.
Please be advised that you have reached finder.com.au, we are a comparison website and not the insurer.
We feature You solely in our insurance panel. If you wish to learn more, please read our guide on boat insurance. On that page, you’ll learn more about what boat insurance policies covers, what their features are, and a lot more.
Hope this helps.
Cheers,
Jonathan
jimSeptember 19, 2016
is my boat covered for damage caused by a travel lift/haulout gone wrong?
Finder
RichardSeptember 20, 2016Finder
Hi Jim,
Thanks for your question. Finder is a comparison service and we are unable to provide personalised financial advice. You may need to contact Youi directly for claims questions.
All the best,
Richard
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You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
You save time. We spend 100s of hours researching car insurance so you can sort the gold from the junk faster.
You can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.
We have a 52 ft motor cruiser but are currently living in Malaysia & cruising SE Asia. Do you cover in this situation?
Hi John,
Thanks for reaching out to finder.
Just to confirm that the motor insurance brand we feature on our site and all other products and services are only available to people in Australia, so I’m afraid this may not be applicable to you. You’d be best to get in touch with an insurer in your country instead.
Cheers,
May
I require a quote for 3rd party boat insurance please
Hello Malcolm,
Thank you for your inquiry.
Please be advised that you have reached finder.com.au, we are a comparison website and not the insurer.
We feature You solely in our insurance panel. If you wish to learn more, please read our guide on boat insurance. On that page, you’ll learn more about what boat insurance policies covers, what their features are, and a lot more.
Hope this helps.
Cheers,
Jonathan
is my boat covered for damage caused by a travel lift/haulout gone wrong?
Hi Jim,
Thanks for your question. Finder is a comparison service and we are unable to provide personalised financial advice. You may need to contact Youi directly for claims questions.
All the best,
Richard