6) Are you covered for engine breakdowns?
Typically, motor breakdowns are not covered by marine insurance. And while it may seem obvious, you may not be covered if you’re driving a boat that is overpowered (according to the manufacturer’s guidelines) or have a boat that is overloaded.
“All these things can affect your policy, so, it’s important that you understand these well before you need to make a claim,” says Neil James.
7) Are you paying too much for when you’re not using your boat?
In the southern states, fewer people use their boats during winter. So if your boat doesn’t head out during this period, why pay as if it were being used?
A popular option at RACV Marine (and at a number of other insurance companies), is layup cover. Basically, it allows you to insure your boat at a different level during winter (or during a period when you’re not using your boat). This means you pay less during this time.
Another option for reducing your premium is to opt for a higher excess. This means that you pay an additional fee should you need to make a claim, but long-term it reduces your premium.
RACV Marine would never recommend that you under-insure your boat. However, it’s highly recommended that you check out the RACV Marine insurance options, as these can help reduce your premium.
The final word
“Boat insurance is not necessarily as complicated as you might think,” says Neil James. “But it’s always important to read the product disclosure statement from your insurer, to make sure that you’re getting the cover that you need, for the amounts that you want, for the way that you use your boat,” he says.
Want to know more? Contact RACV Marine or call Call 13 72 28.