What makes up your boat insurance premium?

  • Company Premium

    This is the money we use to pay your claims and other costs. We also need to pay our insurance - it's called reinsurance.

  • Fire and Emergency Levy

    We collect this levy on behalf of Fire and Emergency New Zealand (FENZ) to help pay for their services. From time to time, the government may make changes to this levy. Learn more about the Fire and Emergency Levy and any upcoming changes.

  • Tax

    Your premium includes a 15% Goods and Services Tax on the amount owing.

What factors impact your boat insurance premium?

  • The type of boat you own

    Boats come in all shapes and sizes and unlike vehicles, boats don’t have one common design or build. This can make repairs more difficult at claim time depending on the type of boat and its construction. For example, lets compare a launch to a trailer boat. A launch is permanently afloat, making damage more likely due to marine related weather events. There are also increased costs due to haul out (removing your yacht out of the water), hardstanding (permanent parking/storing for your yacht), and more expensive parts.

  • The location of your boat

    Where you store or moor your boat can pose different risks which an insurer needs to factor in to your pricing. For example, a swing moored boat has less protection from changes in the weather, tidal currents, and other boats than a marine moored boat. This increases the likelihood of damage and needing to make a claim. Different locations around New Zealand may also be more exposed to more weather events or higher marine traffic.

  • The construction and age of your boat

    Boats are made from many different materials and this can make each repair unique. Unlike a vehicle, boat hulls don’t have many bolt on, bolt off sections. This makes each repair bespoke to the type of boat and the damage it has sustained. The age of the boat can also make it harder or more costly to repair as there may be undiscovered damage.

  • How much you paid for your boat

    A higher value boat is usually made from premium materials and has more valuable items onboard. As it will usually cost more to repair or replace than a lower value boat, your insurance premium may be higher. If your boat has depreciated in value from new, it is important to remember that the cost to repair hull damage will be similar. Minimum premiums may also apply.
Get a boat quote