What to look for in your boat insurance
When you're deciding on boat insurance, there are a few things to look out for:
- Sum insured - this is the total value of your boat. If you have a trailer, it’s important to factor that in too.
- Liability - it’s important to check the amount of liability you are covered for if you unfortunately damage someone else’s boat or property.
- Cover for the whole year - many claims occur off the water therefore it’s important to be covered for events like theft, fire, and malicious damage which can unfortunately happen at any time.
- Geographical limits - this is the maximum area you are covered for from a certain point in New Zealand.
Key benefits with Tower boat insurance
- Cover for your boat - Tower provides cover for loss that happens to your boat, on land, on water, in storage or on its own trailer.
- Legal liability - if you accidently damage someone else’s property with your boat, Tower will cover your liability up to a total of $5 million dollars.
- Replacement value for boats when insured with Tower from new - Tower will replace your boat with a new boat of the same make and model subject to current local availability if, as a result of a total loss that occurred within 3 years of you purchasing the boat.
- Replacement value for the boat motor on mechanical and electrical componentry up to 5 years old - where the loss is to your boat motor and that motor is five years old or less, Tower will pay for the costs of new mechanical and electrical components up to the market value of the motor.
- Optional Recreational equipment benefit - Tower will provide optional cover for loss to your recreational equipment while it’s on your boat or in use out on the water.
This is a summary only. For all of these benefits, please read the policy wording and cover documents to understand the terms, conditions, excesses, limits and exclusions that may apply. Click here for the boat insurance policy wording. Cover subject to current underwriting criteria.
* Coastguard membership promo code T&Cs apply.
Get a quote
If you're ready to get a quote for your boat, go online or give Tower's specialist Boat team a call on 0800 950 142, and tell them if you're a Coastguard member.
Tower are proud to support Coastguard and their lifesaving work.