The 8 Best Boat Insurance For Australians

1. Nautilus Marine Boat Insurance

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This insurance option stands out as the most comprehensive, extending coverage to boats within 250 nautical miles of the Australian coastline. Setting itself apart from typical boat insurance plans, it offers the flexibility of insuring your boat at either market or agreed value.

With provisions including $5,000 for emergency expenses and funeral costs, $20,000 for personal effects, $500,000 for marine damage, and $50,000 for associated fines and penalties, it ensures extensive protection. Notably, you retain the autonomy to select a repairer for your boat post-damage.

Moreover, you can tailor your excess payment on accepted claims, influencing the policy premium. This rare policy also automatically covers sailboat racing within a 100-nautical-mile limit, with the option to purchase additional coverage for longer races. Although the legal liability cover limit is undisclosed, the insurer also offers third-party only, extended blue water yacht racing, and blue water cruising policies, catering to various boating needs.

2. GIO Boat Insurance

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This policy, like many boat insurance plans, provides coverage within 200 nautical miles off the Australian coast. However, it distinguishes itself with a generous salvage and removal cover of up to $10 million, surpassing offerings from other insurers. Additionally, it allocates $250,000 for pollution-related damage containment and legal expenses, should your boat encounter a stranding or damage scenario.

 Emergency repair, contents replacement, and fatal injury are each covered up to $5,000. Unlike some policies, this one also includes rescue coverage, extending up to $5,000. However, it limits boat valuation to agreed value, with optional extras like lay-up discounts and coverage for sailboat racing and watersports available for inclusion. In the event of a successful claim, you retain the freedom to choose your preferred repairer, along with the flexibility to select your desired excess amount at policy inception, where opting for a lower excess typically results in a higher premium and vice versa.This insurer also offers third-party boat insurance as an alternative to comprehensive cover.

3. RACV Boat Insurance

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This policy extends coverage up to $5,000 for emergency expenses and covers damages up to the agreed value, provided your boat remains within 200 nautical miles of Australia’s coastline. It includes rescue coverage up to $5,000 and reasonable salvage costs, alongside $250,000 allocated for cleanup expenses resulting from insured events. Funeral expenses are covered up to $10,000, with a substantial $10 million in legal liability coverage.

However, content coverage is available as an optional add-on to the policy. Additional options for insurance on sailboat racing and watersports are also available for an extra premium. Notably, you have the freedom to select your repairer, and the flexibility to choose your desired excess amount for each accepted claim. It’s worth noting that this insurer solely offers this comprehensive type of boat coverage.

4. Suncorp Boat Insurance

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Suncorp’s comprehensive boat insurance boasts an array of appealing features, including $10 million in salvage and removal coverage, an equivalent sum for legal liability coverage, and $250,000 designated for pollution caused by oil, fuel, or waste. Additionally, it provides $5,000 each for emergency expenses, contents replacement, and fatal injury.

The policy extends coverage up to 200 nautical miles from Australia’s shores, valuing the boat solely at an agreed value and reimbursing up to this amount for rescue operations. Notably, in the event of damage, only the insurer has the authority to select a repairer. However, you retain the flexibility to choose your preferred excess amount upon policy inception, with higher excess potentially reducing your premium and vice versa.

Optional add-ons for sailboat racing and water-skiing coverage are available at an additional cost. Furthermore, this insurer offers third-party cover as an alternative to comprehensive coverage.

5. NRMA Boat Insurance

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This policy extends coverage to your boat within 200 nautical miles of Australia’s coastline, covering reasonable repair costs up to an agreed value. While it allows you the option to choose a repairer, it offers various excess options during policy initiation. Opting for a higher excess on accepted claims can lead to a reduction in the policy premium and vice versa.

Additionally, the policy includes salvage coverage, though without a specified limit, and offers $10 million in legal liability coverage, with $250,000 earmarked for cleanup costs. It also provides $10,000 for funeral expenses, up to $800 for emergency repairs, and an additional $1,000 for emergency transport and accommodation.

 The coverage for the boat’s contents is set at $1,000, which can be increased to $1,500 by paying an additional premium. Notably, rescue coverage is not included, but insurance for sailboat racing and water-skiing is available for an extra cost. This insurer also offers third-party insurance as an alternative to its comprehensive package.

6. Apia Boat Insurance

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Apia’s comprehensive boat insurance boasts $5,000 in rescue coverage, along with generous provisions of $10 million each for salvage and legal liability. Additionally, it allocates $250,000 for cleanup expenses and $5,000 for emergency expenses. In the unfortunate event of fatal injury, the policy provides $5,000 in coverage, while $250 is designated for the boat’s contents and another $250 for personal effects.

Optional extras for sailboats and watersports coverage are available at an additional cost. The coverage extends up to 200 miles from both the Australian mainland and Tasmanian coastlines. With several excess options to choose from, you have the flexibility to adjust your policy premium by opting to pay more in excess, or vice versa. Notably, the insurer will select a repairer for you under this policy. For those seeking an alternative to comprehensive cover, Apia also offers third-party insurance.

7. Youi Comprehensive Boat Insurance

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Youi Comprehensive Boat Insurance extends coverage up to 200 nautical miles from both the Australian and Tasmanian coastlines. It offers $1,000 for emergency repairs, transportation, and accommodation expenses. However, it insures your boat at market value only and does not allow you to select the repairer in case of damage.

 The policy includes $1,000 for the boat’s contents, $10 million for legal liability, and $5,000 for accidental personal injury, which increases to $10,000 in case of fatality, covering funeral expenses as well. Additionally, it provides $150,000 for salvage costs and $250,000 for pollution cover. Notably, rescue coverage is not included, and the policy features a 20-day cooling-off period, slightly shorter than the 21-day period offered by many insurers.

Optional extras include social sailboat racing cover for an additional premium, while water-skiing cover is not provided. Alongside comprehensive cover, Youi offers a third-party property-only policy and third-party fire and theft insurance. The policy also offers a range of excess amounts, allowing you to adjust the levied amount in exchange for a lower or higher policy premium.

8. Club Marine Boat Insurance

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Club Marine offers a range of boat insurance options, including their most comprehensive offering, pleasure boat insurance, along with third-party cover. The pleasure boat insurance can cover your boat at either market or agreed value, extending protection up to 250 nautical miles from Australia’s shores, and covering damage costs up to the policy limit. Notably, you have the autonomy to select a repairer as needed.

The policy also includes $10,000 for personal effects, $500,000 for cleanup costs, and covers reasonable salvage expenses. Optional extras for water-skiing and sailboat racing coverage are available at an additional cost. Emergency measures coverage can be added, though it’s capped at a reasonable amount.

However, there is no automatic or optional cover for rescue. During policy initiation, you can choose from various excess options, providing flexibility to adjust the excess amount to lower or raise the policy premium according to your preference.

Read more: The 8 Best Boat Insurance For Australians