What You Need to Know About Boat Insurance

Boating is part of Australian culture, and when it comes to boats Down Under, most people either own one, know a friend who has one, or are planning on getting one.

But these beautiful water vessels don’t come cheap. A boat can be one of the most expensive investments you can make after your home and car. 

Not to mention the costs and risks involved in being out on the water that’ll make you think twice about how you protect your boat. That’s why it’s wise to get adequate cover.

Reliable boat insurance should protect your boat for its agreed value both on and off the water. It should also cover the vessel anywhere in Australia against accidental damage, collision or crash, earthquake, explosion, fire, flood, storm, theft or attempted theft, tsunami, vandalism or a malicious act.

It’s important to make sure you have the right cover, so here’s what's included in NRMA Boat Insurance to keep you protected on and off the water:

Accidental damage

We cover your boat for loss or damage caused by accidental damage, up to your agreed value.

Collision or crash

We cover your boat for loss or damage caused by a collision or crash, up to your agreed value.

Fire, storm and flood

We cover your boat for loss or damage caused by a fire, storm or flood, up to your agreed value.

Earthquake, explosion and tsunami

We cover your boat for loss or damage caused by an earthquake, explosion or tsunami, up to your agreed value.

Theft or attempted theft

We cover your boat for loss or damage caused by theft or attempted theft, up to your agreed value.

Vandalism or a malicious act

We cover your boat for loss or damage caused by vandalism or a malicious act, up to your agreed value.

Emergency expenses

We pay up to $5,000 if an incident we cover causes loss or damage to your boat, and you need to arrange emergency repairs or get back to land as a result. We pay any towing and sinking costs on top of your agreed value.

Rescue services

We cover up to $5,000 in costs for a maritime rescue service to search for or rescue anyone using your boat, and your boat, if they're lost or reported missing. We pay this on top of your agreed value.

Salvage and storage costs

We cover the reasonable cost to move and store your boat if an incident we cover causes loss or damage to your boat and it sinks or is stranded on water, or it needs transporting to a storage or holding facility. We pay this on top of your agreed value.

Clean-up costs

We cover up to $250,000 in clean-up costs you're liable for, if your boat releases debris or liquid as a result of an incident we cover. We pay this on top of your agreed value.

Funeral expenses

We pay up to $10,000 towards funeral expenses if you or a family member passes away within 90 days as a result of an incident we cover. We pay this on top of your agreed value.

Hull inspection

If an incident we cover happens and you need to check if there's loss or damage to your hull, we'll pay up to $1,000 for an inspection.

Towing on land

If an incident we cover causes loss or damage to your boat and it's unsafe for you to tow, we'll pay up to $750 to take your boat to a repairer or a safe place. This is paid on top of your agreed value.

Liability cover

We cover up to $10 million for the liability of you or anyone with permission to control your boat, if its use causes property damage, death or injury to another person.

Optional Benefits of NRMA Boat Insurance

You can add the optional benefits below that’ll give you the extra peace of mind by adding them to your quote. 

Personal contents

Add an option to cover your contents by nominating any amount up to $10,000, if your boat has a lockable cabin or compartment.

Lay up cover

Add an option to reduce your premium by choosing lay up cover for up to 6 months while you're not using it.

Liability cover for waterskiing and floatation devices

Add an option to extend your liability cover to include cover for when your boat is towing a waterskiier or a person on a floatation device.

Sailboat racing

Add an option to cover your sailboat when you're racing it in certain events, such as a contest or trial.

NRMA Boat Insurance is available to people in NSW, QLD and TAS, to find out more call 132 132 to speak to one of our helpful insurance specialists. For full details including limits, conditions and exclusions, read the NRMA Boat Insurance Product Disclosure Statement.