Insurance for pleasure boats, despite being compulsory in Spain, is not as well known as car insurance. Therefore, we thought it advisable to make this article to clarify several issues that affect them.
Basic characteristics of the vessel
Logically, the price of insurance is significantly influenced by the type of vessel we are talking about.
We will see what these data will bring to the companies:
- Type of boat: motorboat, sailboat, inflatable, jet ski…
- Use of the same: private, professional, rental…
- Year of construction
- Length meters
- No. of engines and hp of the vessel, if motor driven
- Registration and navigation area
In addition, we will see that the coverages will be the other key factor to find a competitive price in our boat insurance.
Recommended coverages for boat insurance
Let’s take a look at what we consider to be the essential coverages:
- The Civil Liability guarantee : one part is compulsory, but there is another voluntary section that it is advisable to subscribe. Without the compulsory insurance we will not be allowed to enter marinas.
- Nautical assistance: both to the people on the boat, as well as to the boat.
- Defense and claim for damages: to have a lawyer to defend us in the event of an accident.
- Removal of wreckage: if the ship is wrecked, it covers the cost of refloating it.
Now we will see what other guarantees further enhance boat insurance.
Extended warranties and All Risks of our boat insurance
In the same way as in the car insurance, we can choose between a third party or comprehensive policy.
In this sense, we can choose to cover not only damage to others and assistance, but also the cost of repairs of the blows suffered by our boat. Thanks to this coverage, the damages to: hull, engine, accessories, whether they are caused by shipwreck, run aground, storm, collision, … The accessories must be expressly declared, of course.
The maximum age at which we can insure All Risks depends on each company, but up to 15-20 years can be achieved.
In addition, occupant accident coverage can be underwritten.
How is a claim or towage of my boat handled?
In the event of an accident or breakdown that results in the need of a towing means for the boat, as well as for the people on the boat, we have two ways to get assistance:
- VHF Channel 16 (maritime radio communication).
- Toll-free phone: 900202202.
This way we contact Salvamento Marítimo and they will be able to assist us.
It will be necessary to pay the amount of the rescue and, later, the reimbursement will be processed with the company.
Also, if there is damage to the boat and we have an “All Risks” insurance, we will have to contact the brokerage or the company. When giving the report will be appointed a “Damage commissioner”(he/she acts as surveyor).
PIB Group Iberia will help you compare between several companies and get the boat insurance you are looking for.
