Boating is an attractive venture for many, and when you do it right you can gain more rewards from boating than almost anything else. It is important to consider insurance for your boat, and be aware that plans vary according to your potential use of the boat in question.
If you are planning to buy a speedboat, then the cost, being upwards of 6,000, and the nature of water activities means you need specialised speedboat insurance. The usual branded insurance companies will not cover boating and speed-boating in their policies, and instead you will need to research which companies are reliable and have a good reputation. Like other yachts and boats, all forms of cover handle accidental damage and vandalism. Transit cover makes sure you are covered while the boat is in transport, and theft cover protects your boat when it is in storage. Most providers will cover all of the mundane insurance aspects under their comprehensive cover, which includes damage and theft.
If you are using the boat for activities like water-skiing, boat racing, banana boating, or tubing or other forms of sport or leisure towing, then your insurance for speedboat policy will be different than that for standard use, so bear this in mind. You will need to declare your planned activities when you get quoted for insurance, and you will also need to check that the insurance plan is able to cover water activities.
If you are planning on commercial use of your boat, then you will need a speedboat insurance policy which covers public liability. Third party liability insurance cover is around 6 figures, and it is the requirement for marinas and harbours to have this insurance. As before, you should declare this when you get your insurance quote to ensure you get the cover. The majority of insurers in the UK will only give cover if the boat is registered in the UK. Many other factors will affect the quote, such as security systems in place to prevent theft, location of mooring, make and model of boat, the age of the boat, and any relevant boating qualifications that you have.