Is boat insurance compulsory?
As surprising as it may seem, insuring a boat in France is not compulsory but it may be necessary in certain cases. And if it is not mandatory, it is strongly recommended. Let’s see why together!
In which cases is boat insurance compulsory?
It is important to know that generally ports or security companies may require an insurance certificate. Indeed, a boat in a port must be insured at least in civil liability.
Civil liability will then cover two things. On the one hand, the damage caused to third parties. These are the damages that are done either to the port or to the port facilities, or to the boats of other boaters. It is used to guard against the financial risk of damaging the property of others.
On the other hand, it will cover retirement. That is to say that if the boat sinks in a port, you have to be able to get it out to free up the space.
For example, if you enter a port and you rub another boat or damage it, the civil liability will work. On the other hand, if your boat sinks in a port, you lose your property and are not reimbursed because civil liability only covers damage to third parties but in no case the boat.
Without insurance, what are the risks?
The risks are very high if you consider the cost of repairing a boat. In the event of material damage, repairs are the responsibility of the owner, and, depending on the severity of the accident, the costs can be exorbitant, especially if the owner is responsible for an accident involving one or more other boats. Let’s not talk about the eventuality where the accident causes physical injuries, the pecuniary consequences are colossal.
What type of boat insurance to choose?
At APRIL Marine we offer civil liability contracts but also multi-risk contracts which are contracts that cover the risk of damage, repair, loss of the boat and therefore which cover the financial risk linked to a random element.
In the event of a total loss, we offer a refund at a new value. This means that for a certain period, 5 years for APRIL Marine, the boat is insured at its purchase value. This implies that if you lose your boat, the boat sinks or catches fire.
The amount of boat insurance varies according to the value of the boat to be insured, the value of the equipment on board, that of the hull, the engine, the country of the port of stay, the navigation area, and of course the guarantees. options subscribed. As with cars or homes, not all companies offer the same formulas. In all cases, it is essential to have insurance quotes made and to use boat insurance comparators. These insurance quotes and the use of comparators allow you to check boat insurance rates and the best compulsory boat insurance according to your needs.
As a general rule, it is estimated that the contributions for the insurance of a motorboat or a sailboat correspond to 0.5 and up to 1% of the price of the boat.
This price varies according to the guarantees. It is necessary to check the basic guarantees (which differ a lot from one company to another), the accepted navigation zone (some are limited to a specific navigation zone while others cover the whole world), the guarantees of use (loan of the boat, rental, etc.). It is also necessary to check what is the basis for reimbursement in the event of a claim, what are the deductibles, the compensation ceilings, etc.
Among the possible guarantees we find the following options:
– “Hull” insurance covers loss and damage caused to the boat ;
– the “theft” insurance covers the theft of the boat but also that of objects on board with break-in and damage caused during the theft;
– retirement is often included in multi-risk insurance but may be subject to an additional premium;
– assistance can include the repatriation of people and the boat or the shipment of spare parts…;
– a storm guarantee may be useful depending on the navigation area;
– legal protection can be more or less extensive;
– the cover of the boat when it is no longer on the water, during crane operations, or launching.
