Boaters are urged to consider insurance

Boat owners can be advised to ensure that a lack of insurance does not leave their finances in the dark, following the results of a new study.

In research by Saga, it was revealed that hitting an underwater object while in the water will set the average consumer who owns a boat back 2,419 pounds. In addition, it was noted that about three percent of insurance claims on a ship have resulted from the sinking of a vessel. Other popular claims on a boat insurance policy were noted to include accidental damage during navigation, flooding of a boat while moored, and wind damage.

Due to a lack of insurance, consumers who discover their boat has been stolen or struck at sea may find they have to reach out of their own pockets to pay for repairs and replacement items. In turn, this could impact your ability to meet other areas of financial demand, such as personal loans, credit and store cards, mortgage payments and household bills.

The threat of criminals was also advised as another consideration for seafaring Britons. According to Saga, theft is the second most frequent event for which consumers claim. In total, the typical claim for a theft costs £1,820. However, to help guard against this, seafarers were advised to ensure that outboard motors and life rafts are secured to the main vessel with good quality chains and padlocks. In the meantime, it was also recommended not to leave loose items on deck or in the cabin. In addition, consumers were advised that boat trailers that are attached to cars are often a target for thieves and to protect their vehicles, they should put a trailer lock on the hitch and purchase a wheel clamp. .

In addition, the financial services provider pointed to police reports that criminals are increasingly looking for items made from bronze and copper. This was attributed to the rise in value of such materials in recent years. Accordingly, Saga reminded consumers that ships often contain items such as plaques, bells and statues that can be made of strong bronze and are often on display. “While it is not feasible to remove or store these items without difficulty, it is worth keeping in mind that trying to hide them may cause the opportune thief to look elsewhere for easier prey,” the firm said.

With the warmer months starting to roll in, those Britons looking to sail and buy a boat might want to consider taking out a low-rate secured loan. By selecting a loan, borrowers can purchase their dream boat quickly, leaving them with an affordable level of repayments. In addition, the financial assistance provided by a secured loan could help budding boatmen and boatwomen purchase a comprehensive boat insurance policy. A secured loan could also help those buying a car, after a moneysupermarket survey revealed that if the roughly 425,000 new cars bought last month were paid for through a loan rather than a car finance deal, esplanade, drivers could avoid paying an additional 420 million. pounds of interest.