When you rent a boat, whether it’s for a few hours or a week, you may wonder whether it’s worth paying for insurance. What are the chances of anything happening? It’s not like driving on a motorway or taking part in dangerous sports, so you decide it’s probably an unnecessary expense, and that you’d rather spend the money on something else. But trying to save on the cost of insurance could be a false economy, and one that you come to regret.
As with any vehicle, when you take out boat insurance, you’re not just insured for damage to your own vehicle, but for damage to other vehicles or people. It’s so important to remember this. If you are in a collision with someone, and they are injured or their vehicle is damaged, you could be sued, which could be a very costly outcome for you. When you return the boat without any incidents having occurred, you may think that the insurance turned out to be a waste of money – but you’re far better off wasting the cost of a policy than being held liable for tens of thousands of pounds in damages.
Another reason it’s smart to get insurance is that it provides peace of mind. Do you really want to spend the entire trip with the nagging feeling that maybe you should have paid for insurance after all, or worrying that something might happen that you’re not covered for? Although the trip will most likely be uneventful, if something does go wrong you’ll live to regret not having paid for insurance. And since you only need insurance for the period you’ll be using the boat, it’s really not that much of an extra expense. If you can’t afford to pay the extra for insurance, then you can’t afford to hire a boat in the first place.
Before taking out boat insurance, it’s essential to take the time to read through the policy carefully to ensure that you’re covered for the boat itself and for liability to other people or boats. Inadequate insurance is little better than none at all. If you’re only covered for £20,000, and you end up wrecking a boat that’s worth £50,000, you’ll receive a very expensive bill for the rest and probably end up in court being sued. It’s never worth taking chances, neither with yourself or the boat.