Boat insurance discounts: tips for lowering your premiums

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Owning a boat in the United Kingdom can be an exciting and fulfilling experience. Whether you have a small fishing boat, a sailing yacht, or a larger motorboat, one essential aspect of boat ownership is having the right insurance. Boat insurance provides protection for your vessel and can offer peace of mind on the water. However, like any insurance, the cost of boat insurance can add up over time. The good news is that there are various ways to lower your boat insurance premiums through discounts and strategies. In this guide, we’ll explore some useful tips for reducing your boat insurance costs in the UK.

Annual policy payment

Many insurance providers offer a discount if you choose to pay your boat insurance premium annually instead of monthly. This discount can result in savings over time. While paying annually may require a larger upfront payment, it’s a cost-effective way to reduce your overall insurance expenses.

Tip: Inquire with your insurance provider about the annual payment discount and compare the total cost of the annual payment to monthly payments to ensure you’re getting the best deal.

Safe boating courses

Completing safe boating courses can not only make you a more responsible and knowledgeable boater but also lead to insurance discounts. Many insurance companies offer reduced premiums to boaters who have completed recognised safe boating courses. These courses cover essential boating skills, navigation, safety protocols, and emergency procedures.

Tip: Before enrolling in a course, check with your insurance provider to ensure they recognise the specific course and the discount it offers.

No claims discount

Similar to car insurance, boat insurance providers may offer a no claims discount to policyholders who have a history of no claims. The longer you go without making a claim, the more you can save on your boat insurance premiums. This discount serves as a reward for being a safe and responsible boater.

Tip: If you have a no claims history from other insurance policies, such as car insurance, inquire with your boat insurance provider about transferring your no claims discount.

Security equipment

Installing security equipment on your boat can help reduce your insurance premiums. Insurance companies view security measures as a way to mitigate risk and protect the vessel from theft or damage. Security equipment can include GPS tracking systems, alarms, immobilizers, and other anti-theft devices.

Tip: Check with your insurance provider to ensure that the security equipment you plan to install qualifies for discounts, and consider investing in high-quality, approved devices.

Boating experience

Your level of boating experience can also influence your boat insurance premiums. More experienced boaters may be eligible for lower premiums. Insurance companies often view experienced boaters as less likely to be involved in accidents or incidents on the water.

Tip: Keep track of your boating experience and inquire about experience-related discounts as you accumulate more time on the water.

Membership discounts

Being a member of a boating club or association can often lead to insurance discounts. Many organisations have partnerships with insurance providers, offering their members exclusive discounts. These discounts can apply to various types of boat insurance, including sailboat insurance, motorboat insurance, and more.

Tip: If you’re a member of a boating club or association, check with your organisation to see if they have any partnerships with insurance providers and if you’re eligible for discounts.

Multi-policy discount

If you have other insurance policies, such as home or auto insurance, consider bundling your boat insurance with your existing policies to take advantage of a multi-policy discount. Insurance companies often offer significant discounts for customers who have multiple policies with them.

Tip: Contact your current insurance provider to inquire about bundling your boat insurance with your other policies and find out how much you can save.

Lay-up periods

If you have a seasonal boat that you only use during specific times of the year, you can save on insurance costs by selecting a lay-up period. During the lay-up period, your boat is typically in storage and not in use, which means it poses less risk. By limiting coverage to the times when you actively use your boat, you can reduce your premiums.

Tip: Be sure to accurately define the lay-up periods with your insurance provider and ensure you’re covered during the active boating season.

Boat storage

Where you store your boat when it’s not in use can also affect your insurance premiums. Storing your boat in a secure, locked facility or marina is considered safer by insurance providers, as it reduces the risk of theft or damage. If you have a safe storage arrangement, inform your insurance provider to see if you qualify for a discount.

Tip: Always check with your insurer to confirm the specific requirements for safe storage and the discount it can earn you.

Boating record

Maintaining a clean boating record, which includes avoiding accidents, incidents, and penalties, can lead to lower insurance premiums. Just as with car insurance, a clean boating record demonstrates your responsibility on the water and reduces the perceived risk for insurers.

Tip: Be mindful of your boating behavior, follow safety guidelines, and ensure you have the necessary licenses and certifications to maintain a clean record.

Boat value and type

The value and type of your boat play a significant role in determining your insurance premiums. High-value boats and luxury vessels generally have higher premiums due to their greater replacement cost. Additionally, different types of boats, such as sailboats, motorboats, fishing boats, or speedboats, may carry varying levels of risk, influencing your premiums.

Tip: When selecting a boat, consider the cost of insurance, and be aware of the potential impact on premiums based on the boat’s value and type.

Excess level

The excess, also known as the deductible, is the amount you agree to pay out of pocket in the event of a claim. By selecting a higher excess, you can lower your insurance premiums. However, be cautious when choosing this option, as it means you’ll need to cover a larger portion of the cost in case of an accident or claim.

Tip: When deciding on the excess level, make sure it’s an amount you can comfortably afford in the event of a claim.

Claims history

Your claims history can have an impact on your boat insurance premiums. If you have a history of making claims on your boat insurance, it may result in higher premiums. To avoid this, consider paying for minor repairs or losses out of pocket when possible.

Tip: Evaluate the cost of repairs and potential claims in comparison to your insurance premiums, and decide whether it’s worth making a claim.

Shop around

One of the most effective ways to lower your boat insurance premiums is to shop around and compare quotes from multiple insurance providers. Different providers may offer various discounts and coverage options tailored to your needs, so it’s essential to explore your options.

Tip: Consult with multiple insurance providers, review policy details, and ask questions to ensure you understand the available discounts and their potential impact on your premiums.


Owning a boat is a fantastic way to enjoy leisure time on the water, but it’s crucial to protect your investment with the right boat insurance. While insurance is an expense, there are numerous opportunities to lower your boat insurance premiums through discounts and strategies. By taking advantage of these cost-saving measures, you can enjoy your boating adventures with confidence, knowing that you’re financially protected without breaking the bank. Be sure to evaluate your specific needs, consider the risks, and shop around to find the boat insurance policy that best suits your budget and lifestyle.

Want to take the next step? Compare boat insurance on MoneySpider today.

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