What Makes Us Different To Other Boat Insurance Companies?

As you sail smoothly over the cerulean-blue waters that surround Malta, it can be very easy to postpone arranging the right boat insurance to suit your boat size and individual needs as a boat owner.

However, with over 6 million boats travelling around European waters and 10,000 marinas providing over 1 million berths, sailing can be costly if something goes wrong.

Your boat is like a second home, so it makes sense to insure it adequately in case of accidents. The right boat insurance solution can provide levels of protection to repair your boat if there is a collision or contact with another boat, and cover your boat if stranding or sinking occurs.

Plus, you can take advantage of boat insurance with a range of additional benefits, such as sighting costs or emergency and salvage charges, to make sure risks to you and your boat are minimised.

Contents

• Do you need boat insurance?
• What are boat insurance premium rates?
• Is it worth buying separate personal accident insurance?
• Is there a no claims bonus scheme?
• Our boat insurance supports your needs.

Do You Need Boat Insurance?

This depends on what type of boat you have! If your boat is a mechanically driven vessel with an engine under 9.9 hp, then there is no legal requirement to take out boat insurance. In contrast, if your boat has an engine which exceeds this horse power, then you should have a proper boat insurance policy in place.

There are a number of valid reasons why you should always insure your boat, not least for the peace of mind that if anything happens, but with financial protection of your vessel you won’t have to fund repairs or replace expensive parts out of your own pocket.

Here are some key benefits to boat insurance:

1. Marinas often require you to have adequate boat insurance cover to use their services.
2. Legal liability is in place if there is an accident or someone is injured. If you risk sailing without insurance, costs can really mount up.
3. Theft or malicious acts of vandalism are often covered, so you can prepare for all scenarios.
4. Weather damage, fire and lightning strikes can be covered by boat insurance policies. Each policy will vary, so check the policy terms and conditions.
5. Explosions and a burst boiler can also be protected against with the appropriate boat insurance policy.

Read about finding the best boat insurance for you needs in our blog.

What Are Boat Insurance Premium Rates?

Investing in your boat is similar to buying a new car: insurance is a must if you want to protect your investment. Any boat owner will tell you their boat is like a home-from-home, and taking care of it comes as second nature.

With boat insurance policies, there is a lot of choice. Nevertheless, the size, age and mooring position of your boat, alongside you as its owner, will all determine the specifics of your insurance premium.

You’ll also find that the cost of boat insurance will be shaped by the details you want included, and the coverage you’re expecting.

When boat owners are looking to spend a smaller amount, they may choose a third-party only cover, which covers the legal liabilities to third parties for accidents happening in and around the boat. It’s worth noting that this type of policy won’t cover any damage to the boat, and many boat owners may require more comprehensive cover.

Is It Worth Buying Separate Personal Accident Insurance?

It all depends on what you are looking for in your insurance policies. Some insurance companies offer separate personal accident cover at an additional premium which offer different types of coverage to standard boat insurance policies.

Other boat insurers will offer some personal accident coverage as a feature of their boat insurance. It makes sense to work out exactly what level of cover you require. 

When you choose GasanMamo’s boat insurance policy there are a host of standard benefits available, plus additional features, such as personal accident cover for you and your immediate family.

This feature protects against bodily injury or death caused by violent or accidental means sustained during the period of insurance while aboard, embarking or disembarking your vessel.

Is There A No Claims Bonus Scheme?

There is no guarantee that a boat insurance policy will automatically include a no claims bonus. This will be detailed in the policy insurance documents. With GasanMamo, there is a no claims bonus available to you that scales up to a maximum discount of 25%.

Our Boat Insurance Supports Your Needs

Whatever your situation, ensuring you select the most appropriate boat insurance policy for your craft is key to enjoying carefree time on the waterways. There can’t be a cast-iron guarantee that you’ll never have an accident, but you can make sure you’re properly covered if an unexpected event occurs.

Begin your own search for the right plan in Malta by looking through our compelling benefits on our boat insurance page and contact our experienced team today.

GasanMamo Insurance is authorised under the Insurance Business Act and regulated by the MFSA.