What you need to know about Boat Insurance

Summer is here and there’s no better time to get out on the water and enjoy some fishing, swimming, or cruising around our coastline and lakes.

As well as running through your last minute gear checks for your boat, kayak, boat trailer or jet ski, make sure you’ve also got your boat insurance sorted.

Why do I need boat insurance?

Boats can be expensive investments and, like any vehicle, operating them comes with some risk. Before you get out and enjoy your boat this summer, it’s important to make sure it’s protected if anything goes wrong.

If your boat is involved in an accident or gets damaged, repairing or replacing it could prove costly. You probably wouldn’t drive an uninsured car, so you should treat your boat similarly.

What are the different boat insurance options?

For large or more expensive boats, there are three main options for boat insurance with MAS. In each case, you’re covered for damage to your boat or its loss up to an amount that you choose (what we call the “sum insured”).

• Land and Marine: This is the best option if your boat is not permanently moored — for example, a runabout or sailing dinghy.
• Marine only: If your boat is permanently moored at a marina or boatshed, or it’s on a swing mooring or on piles, this policy is the option for you.
• Jet Ski or Jet Boat: There’s also an option specifically for jet skis or vessels with internal jet propulsion systems.

For small craft like kayaks or paddleboards, you can talk to us about adding these to your MAS contents insurance policy in most cases.

My boat isn’t worth much. Do I really need insurance?

You should have insurance even if your boat is not worth a lot, for the same reason you insure your car.

Not only does it help out with the cost of repairs or replacements, it also protects you from liability if you damage something - like a wharf or jetty - while you’re using your boat. You can be held liable for any damage you cause through your mistake, and if you don’t have insurance — that can be an expensive mistake.

Does boat insurance cover engine damage?

MAS boat insurance policies cover damage or loss of outboard motors in some circumstances, up to a sub-limit of $5000. For more information, read our boat insurance policy document.

Do I need to insure my boat trailer too?

You should consider insuring your boat trailer too — they can cause as much damage as boats themselves. If your trailer is worth less than $5,000, your boat insurance policy will automatically cover it. If your trailer is worth more, you’ll need to take out a separate policy to cover it.

Find out more about MAS boat insurance and apply for a quote.