Wooden Boat Insurance

Boat insurance costs vary depending on factors like the boat’s type, value, location, and your intended use. For classic boats, premiums may be higher due to their age, craftsmanship, and replacement cost. At AB Phillips, we tailor quotes so you only pay for the cover you actually need.

Compared to standard car or home insurance, boat insurance is usually more specialised because it covers both marine risks and damage unique to watercraft. Classic boats often require higher coverage limits due to their rarity and the cost of repairs.

Annual premiums for boat insurance can range from a few hundred dollars for small runabouts to several thousand for high-value or classic vessels. A custom quote ensures your premium reflects your specific risk profile.

As a rule of thumb, budgeting 1–5% of your boat’s insured value per year is a good starting point. Factors like usage, mooring location, and agreed value will influence your premium.

Boat insurance protects your financial investment, covers repair or replacement costs, and provides liability cover if you cause injury or damage to others while boating. For classic boats, it also safeguards heritage and craftsmanship.

Yes, policies include accidental damage cover for collisions, grounding, and other incidents that occur on the water. Third-party liability is also included.

Key factors include boat type, age, value, usage (private or commercial), mooring location, and your boating experience. Classic boats may also require specialist valuation.

While boat insurance isn’t compulsory nationwide, some marinas, lenders, or state authorities may require proof of insurance before allowing use or docking.

Yes, third-party liability cover protects you financially if your boat causes damage to another vessel or property.

Absolutely. We specialise in covering classic and heritage vessels, ensuring you have cover for their full agreed value and unique repair requirements.

Mechanical breakdown cover is not always included but can be added as an optional extra in some policies.

Even small boats can be costly to repair or replace, and accidents can lead to expensive liability claims. Insurance gives peace of mind and financial protection.

Some policies offer interstate and limited overseas cover, especially for longer voyages. We can tailor your policy to your cruising plans.

Look for coverage that matches your usage, includes agreed value for classic boats, and offers optional extras you may need. Our brokers help you compare and customise policies.

Yes, personal accident cover is often available as part of your policy or as an optional add-on.

Exclusions vary but may include wear and tear, lack of maintenance, deliberate damage, and using your boat for unapproved activities.

You can reduce premiums by maintaining a clean claims history, installing security systems, completing boating safety courses, and bundling policies.

Agreed value policies pay the exact insured amount stated in your policy, regardless of market fluctuations. Market value policies pay the vessel’s current market worth at the time of loss, which can be lower if depreciation has occurred.

Yes, your vessel can be insured year-round, whether it’s on a trailer, in dry dock, or stored at home. This ensures protection against theft, fire, and other covered risks while it’s not in use.

Notify us as soon as possible after an incident, providing details of what happened, supporting documents, and any photos of the damage. We’ll handle communication with the insurer to ensure a smooth and efficient claims process.

While it’s not legally mandatory, trailer boat insurance is highly recommended to protect against theft, damage during transport, and liability risks on both land and water.

In many cases, yes. Vintage vessels often require specialist repairs, unique parts, or custom restoration, which can increase the cost of cover compared to modern boats.