Compare boat insurance

Compare the features of 20+ boat insurance policies to see which one will keep you afloat.

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Gary Ross Hunter's headshot

By

Peta Taylor

&

Gary Ross Hunter

Edited by

Jason Loewenthal

Updated

Fact checked
1 - 5 of 21
Updated regularly
Product Accidental damage Fire & Theft Emergency Expenses Contents cover
Youi Comprehensive
Youi Boat Insurance logo
$1,000
$1,000
Get quoteView details
Club Marine Boat Insurance
Club Marine Boat Insurance logo
Reasonable cost
$3,000 for single item - up to $30,000 combined
View details
CGU Boat Insurance
CGU logo
Reasonable cost
$1,000
View details
GIO Boat Insurance
GIO logo
$5,000
$5,000
View details
Apia Boat Insurance
APIA logo
$5,000
$5,000
View details
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Key takeaways

  • You can get boat insurance for all sorts of watercrafts including yachts, sail boats and houseboats.
  • Boat insurance is not a legal requirement but state governments recommend that you get it.
  • Only comprehensive boat insurance will cover damage to your own boat.

What are the different types of boat insurance?

Anchor

Third party property

This base-level policy covers you if you damage someone else's property, including other boats and comes with liability cover (if someone sues you). It doesn't cover damage to your own boat.

Yacht

Third party fire and theft

This covers your boat against fire and theft plus damage to other people's property and liability – but storms, floods and hail are not included.

Sailing boat

Comprehensive

This is the only type of insurance to cover damage to your own boat as well as others, plus lots of other risks including storms, floods and hail damage.

There is no compulsory third party insurance for boats like there is for cars. When you're on the road with your boat, you're covered by the CTP of the car that's towing the boat. However, once your boat is detached from the car, you won't be covered at all. It's suggested that you take out some form of insurance to protect you from damages and liability that could arise.

What does boat insurance cover you for?

Here are a few situations you may be covered for, depending on your level of insurance:

ScenarioComprehensiveThird party fire and theftThird party property
You crash your boat into someone's dock and now you need to cover the costs of the repair to the dock.✅✅✅
Someone steals your boat.✅✅❌
You crash into something at sea and your boat is destroyed.✅❌❌

"I was looking for insurance for my Top Hat 25. It's an older yacht so I didn't want an insurance provider that required a survey. I landed on Top Sail Insurance. Not only did they not require a survey but they offered a great rate. It was perfect for my needs. "

Harry A
Finder crew member

Additional cover options

  • Lay-up cover. If you store your boat during certain seasons, you may be able to save on premiums while it's stored. With lay-up cover, you basically have 2 policies in 1: 1 for the timeframe you're using the boat and 1 for the timeframe you're storing it. You'll be charged a little more upfront, but you'll save on your premiums in the long run.
  • Racing cover (sailboats only). Basic boat insurance doesn't cover you when you're racing. The sailboat racing option expands your cover to protect you when you're racing in an organised event.
  • Water skiing liability. A basic boat insurance policy won't cover you if you're towing a water skier and that's what caused the damage or injury. With the water skier's liability option, you're covered for injuries to the water skier and for any damage caused to others as a result of this activity.

Before you take out boat insurance, ask yourself what you really need. Maybe your boat isn't worth a whole lot and all you want is a policy that covers you in case you damage someone else's boat. Otherwise, it's probably worth getting comprehensive cover. Regardless of what you get, make sure you follow the correct safety and maintenance rules. If you don't, there's a risk that any claims you make will be denied.

Gary Ross Hunter

Gary Ross Hunter
Insurance and innovations editor

FAQs

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To make sure you get accurate and helpful information, this guide has been edited by Jason Loewenthal as part of our fact-checking process.
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Written by

Publisher of Insurance

Peta Taylor is a publisher at Finder, working across all of insurance. She's been analysing product disclosure statements and publishing articles for over 2 years. Peta is passionate about demystifying complex insurance products to help users make well educated decisions with confidence. Peta is part of Finder's insurance awards team and works alongside editorial and insights experts to bring users the best insurance products every year. See full bio

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Journalist

Gary Ross Hunter has over 6 years of expertise writing about insurance, including life, health, home, and car insurance. Having reviewed hundreds of product disclosure statements and published over 800 articles, he loves simplifying complex insurance topics for everyday readers. Gary has contributed to major outlets like Yahoo Finance, The Sydney Morning Herald, and news.com.au, and holds a Bachelor of Arts (Honours) in English Literature from the University of Glasgow, along with a Tier 2 General Advice certification, ensuring his work adheres to ASIC’s RG146 standards. See full bio

Gary Ross's expertise
Gary Ross has written 622 Finder guides across topics including:
  • Health, home, life, car, pet and travel insurance
  • Managing the cost of living
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