How to Buy Boat Insurance in Australia

Core

Step 1: Record vessel and equipment details

Record the make, model, year, hull material, length, engine make and power, registration details, purchase price and realistic current value. Include major equipment such as tender, outboard, navigation electronics, generator, solar, lithium battery bank, watermaker, air conditioning and safety equipment when relevant.

Step 2: Declare the berth and storage location

Be specific. A locked trailer at home, dry stack, marina berth, private pontoon and swing mooring can be treated differently. If you move between storage locations during cyclone season or lay the boat up for part of the year, tell the insurer before purchase.

Step 3: Define the insured cruising area

Do not choose a policy based only on the home marina. Check the navigational limits. A policy suitable for Pittwater weekends may not suit a trip to Lord Howe Island. A policy written for coastal Queensland may not automatically cover an international passage to New Caledonia or Fiji.

Step 4: Disclose racing, charter and liveaboard use

Tell the insurer about club racing, offshore racing, sail training, paid chartering, Airbnb-style accommodation, business use, delivery work, sharing arrangements or syndicate ownership if any applies. Recreational policies may not cover commercial activity.

Step 5: Compare boat insurance cover and price

Compare the sum insured, settlement basis, liability limit, salvage and wreck removal cover, excesses, storm conditions, racing conditions, geographic limits, theft conditions, lay-up restrictions, unattended-vessel conditions, tender cover, personal effects cover and exclusions.

Step 6: Read the PDS, schedule and endorsements

Save the PDS, any Supplementary PDS, quotation, certificate, endorsements, survey requirements and correspondence. Insurance disagreements are easier to resolve when the written record is clear.

Step 7: Review cover after changes to the boat

Contact the insurer before a major refit, lithium conversion, engine replacement, rig change, liveaboard move, change of mooring, long offshore passage or commercial use. A policy that was suitable last year may not reflect the boat this year.

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 It may be wrong, incomplete or out of date, and you should not rely on it as a substitute for the current policy documents or professional advice.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.