Tips to save on boat insurance without cutting corners on your cover

When the budget begins to tighten, some boat owners are tempted to cancel their marine insurance and run the gauntlet – after all, it’s one of the few things that you buy but hopefully never need to use.

Boating comes with its share of risks though, from busy boat ramps and waterways to storms, theft and the escalating costs of boat repairs and replacement. So the real question isn’t, ‘do you need boat or jet ski insurance?’ but rather ‘can you afford not to be covered?’.

Here are some factors to consider when choosing watercraft insurance.

Insurance policies often offer flexible ways to curb costs without compromising the protection you need. If you’re into waterskiing, for example, consider whether you need the additional liability cover when you’re not using the vessel for that pursuit.

Lay up refers to the months you’re not using your trailerable boat or jet ski and is stored within gates, walls or fences of your home.³

Club Marine offers flexible lay up periods that can help you save 5% per month off your premium when your vessel is not in use.¹ It’s popular with owners in winter and the northern ‘wet’ season as well as for periods of time when you know you will not be using your boat.

This discount¹ is applied when you buy or renew your boat or jet ski insurance policy, provided you notify Club Marine and securely store the vessel.

With written agreement, cover might be extended to another location. Not all storage facilities are deemed suitable, though, so consult your insurance provider.

Playing it safe by maintaining a clean track record can help you save on your premium by preserving your No Claim Bonus, with Club Marine offering a discount of up to 25%.¹

By purchasing or renewing your boat insurance online with Club Marine, you’ll automatically receive a 5% saving.¹ See how easy it is to get a quote for your boat or jet ski here.

Excess is the amount you contribute towards the cost of the claim. You can potentially reduce your  boat insurance premium if you choose to increase the basic excess. 

Before doing so, consider your own financial circumstances and whether you can accommodate a higher excess payment in the event of an insurance claim.

Agreed value is the amount agreed in writing you and your insurance provider agree to insure your boat for.

Market value is the current value of the boat in the market just before the time of loss or damage, taking factors into account including make, model, condition and location.

For example, say you’ve bought a second-hand boat, you might elect to cover the reasonable replacement cost based on market value (what your boat is worth in the market at the time of loss). In the event of a total loss claim, assessors would determine an average value then factor in condition, equipment levels and so on.

Alternatively, you can obtain a written valuation from a dealer or broker then lock in an agreed value. This figure might be higher and gives you the reassurance of knowing the payout for a total loss claim.

Every 12 months, read through your boat insurance policy schedule to ensure it reflects your boat. You might have made modifications, sold or purchased equipment, and the second-hand boat market may have fluctuated and affected your sum insured.

The value your boat is insured for will have a bearing on your insurance premium.

No two boat insurance policies are the same and coverage can vary significantly between providers and even between policy types. It’s essential to review your policy to ensure it meets your needs and provides adequate protection.

Some policies may include exclusions or limitations that could impact your coverage. By carefully reviewing your policy and discussing your needs with your insurance provider, you can avoid surprises in the event of a claim and ensure you’re getting the coverage you need at a price that fits your budget.

Remember, taking the time to understand your policy and tailoring it to your specific needs can not only save you money, but also help you to make an informed decision.

As a Club Marine member, you get more than an insurance policy, you gain access to exclusive member benefits including Club Marine Assist, providing you with 24/7 roadside support when you’re towing your boat or jet ski, or travelling to and from its mooring or storage location, or need information on the water.⁴

Members also enjoy discounts and special offers with Club Marine Member Rewards. We’re talking clothing, eyewear, safety equipment, fishing gear, marine batteries and more. You also receive a discount subscription¹ to Club Marine Magazine - Australia’s largest marine lifestyle publication.

Choose insurance for your boat or jet ski that is specific to your needs and offers real savings. Consider insurance providers that offer flexible savings options such as lay up, online discounts¹ and a No Claim Bonus, so you can tailor your policy to suit your needs and budget. To find out if Club Marine is the right fit for your boating needs, you can get a quote online here.