Best Boat Insurance Australia: Comparing Cover Options

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Policy selection by vessel and use

For a cruising yacht, give extra weight to navigation limits, storm cover, salvage and wreck removal, emergency towing, rigging, grounding and offshore communication requirements. For a trailer sailer, theft, road transit, trailer cover and storage conditions may matter more. For a racing yacht, check sail, mast, spar and racing conditions rather than assuming the word "comprehensive" means all race damage is included.

Boat insurance comparison criteria

Area	What to check
Vessel value	Agreed value, market value or another settlement basis
Accidental damage	Collision, grounding, impact, sinking and sudden accidental events
Weather	Storm, cyclone, wind, hail, lightning and named weather event conditions
Liability	Limit, marina indemnity, pollution, wreck removal and legal defence
Navigation	Exact geographic area and offshore distance
Racing	Automatic inclusion, distance limits, sails and mast conditions
Mooring	Approved mooring, inspection requirements and unattended conditions
Excess	Standard excess plus storm, theft, racing, young skipper or other additional excesses
Equipment	Tender, outboard, electronics, fishing gear, personal effects and portable equipment
Claims	Contact process, repair options, emergency assistance and documentation

Matching wording to your boat

A modern catamaran with two engines, expensive electronics and a large solar installation can create a very different claim than an older simple monohull. A high sum insured does not automatically solve a sub-limit on electronics or personal effects.

Checking insurers and intermediaries

Australian consumers can use ASIC's professional registers to check AFS licensees and authorised representatives. APRA publishes a list of authorised general insurers. The insurance brand on the website may be an agent, underwriting agency or broker rather than the actual insurer, so read the PDS and FSG to identify the legal entities involved.

Premiums and retained claim costs

A cheaper premium with a large excess, lower settlement basis, narrower navigation area or reduced storm cover may leave you paying more after a loss. Compare the premium plus likely excess plus important uninsured exposures, not premium alone.

General information onlyThe information on sailboatinsurance.com.au is general educational information only. It may be wrong, incomplete or out of date, and you should not rely on it as a substitute for the current policy documents or professional advice. It does not take into account your objectives, financial situation or needs and is not personal financial product advice. Insurance cover depends on the actual policy wording, Product Disclosure Statement, certificate of insurance, endorsements, exclusions, limits, sub-limits and underwriting decisions that apply to your vessel. Always read the current policy documents before buying, renewing or changing cover. For legal, financial or insurance advice about your own circumstances, consider speaking with an appropriately licensed professional.