Owning a boat is a great way to explore Australia's waterways, spend time with family and enjoy weekends on the water. But understanding your insurance options is an important part of responsible boat ownership. Whether you own a runabout, power boat, cruiser, sailing boat or yacht, boat insurance can help protect you against eligible financial losses arising from accidents, theft, weather events and liability claims. New Wave Insurance makes it easy to explore boat insurance in Australia and obtain an online quote based on your vessel and circumstances. Get a boat insurance quote online to explore the available options.

How Much Is Boat Insurance Per Year?

Boat insurance costs vary depending on the type, value, age and size of your vessel, where it is stored or moored, how it is used and your claims history.

Other factors may include the engine, cruising area, security arrangements, selected cover, excess and applicable policy conditions.

There is no single annual price that applies to every boat. A small trailer boat may have a very different premium from a high powered boat or a large sailing yacht.

To understand potential costs for your vessel, use our boat insurance cost calculator for an indicative premium.

The calculator provides an estimate rather than a guaranteed price. Your final premium will depend on the details supplied and the insurer's assessment.

Boat Insurance Cost Calculator: How Does It Work?

An online boat insurance cost calculator can help you understand the potential cost of cover before proceeding with a full quote.

New Wave Marine's calculator allows you to enter an insured value and view an indicative premium.

To get a more accurate quote, be ready to provide information such as:

• Your boat's type, make, model and value
• Where your boat is stored or moored
• Your location and intended boating use
• Relevant claims and boating history
• The cover options you wish to consider

Try the New Wave Marine boat insurance calculator to estimate your premium.

What Does Boat Insurance Cover?

What boat insurance covers depends on the policy selected, its terms, conditions, limits, exclusions and your policy schedule.

Depending on the cover arranged, boat insurance may include protection for:

• Accidental damage: eligible damage to your insured boat following an accident.
• Theft and malicious damage: insured loss or damage arising from covered theft or malicious acts.
• Storm and weather events: eligible damage caused by specified insured events, subject to the policy wording.
• Legal liability: covered legal liability for injury to other people or damage to their property.
• Boat equipment and accessories: eligible insured equipment and accessories, subject to applicable limits.
• Emergency assistance and salvage: eligible towing, recovery or wreck removal expenses where provided by the policy.

Not every policy includes every benefit. Third party only cover generally focuses on specified legal liabilities rather than damage to your own boat.

Read the applicable Product Disclosure Statement (PDS) and your policy schedule to understand exactly what is covered.

Explore our boat insurance cover options to learn more.

Is Boat Insurance Required by Law in Australia?

Boat insurance is generally not a legal requirement for recreational boats in Australia. However, requirements can depend on the vessel, its use and the applicable state or territory rules.

A marina, boat club, storage provider or finance company may also require particular insurance before allowing you to berth, store or finance a vessel.

Even when insurance is not legally compulsory, third party liability claims, accidental damage and salvage costs can create significant financial exposure.

Check the requirements that apply to your vessel and location before heading out on the water.

Does Boat Insurance Cover Hurricane Damage?

Boat owners in Australia should consider protection against severe weather, including storms and tropical cyclones. Although the term hurricane damage is common internationally, tropical cyclones are the more relevant term in Australia.

Whether boat insurance covers hurricane or cyclone damage depends on the policy wording, the insured event, exclusions and any applicable restrictions.

Depending on the policy, eligible storm damage may include damage to the hull or insured equipment. However, coverage is not automatic for every weather event or circumstance.

For example, the policy may impose requirements relating to vessel security, storage, mooring arrangements, navigation areas or precautions taken before severe weather.

Check the applicable PDS for storm, cyclone and flood provisions, and confirm any specific requirements with your insurer.

Agreed Value vs Market Value Boat Insurance

When choosing boat insurance, it is important to understand how your boat's value may be assessed if you make a claim, particularly if your vessel is declared a total loss.

What is agreed value boat insurance?

With agreed value cover, you and the insurer agree on an insured value when the policy is arranged. This amount is recorded in your policy documents.

If your boat is declared a total loss, the settlement is based on the agreed value, subject to the policy's terms, conditions, excesses and applicable limits.

Agreed value can provide greater certainty about the value used to assess a total loss claim.

What is market value boat insurance?

With market value cover, the insurer assesses your boat's value at the time of the loss, using the valuation method set out in the policy.

The assessment may consider factors such as the boat's age, condition, comparable vessels and prevailing market conditions.

The amount payable may be lower than the sum insured shown on your policy schedule, depending on the policy wording and the value assessed by the insurer.

What is the difference between agreed value and market value?

The key difference is how your boat's value is determined when a claim is settled.

• Agreed value: the insured value is agreed when cover is arranged and recorded in the policy documents.
• Market value: the boat's value is assessed at the time of the loss in accordance with the policy wording.

Neither option is automatically the best choice for every boat owner. Consider how the insurer determines value, how the policy handles total-loss claims, and whether the insured amount reflects your vessel's value.

New Wave Insurance offers both agreed value & market value options to choose from. Check your quote, policy schedule and Product Disclosure Statement (PDS) for the terms that apply to your policy.

Boat Insurance for Different Types of Vessels

The right insurance depends on your boat and how you use it.

New Wave Insurance provides information and quote options for a range of recreational vessels.

• Power boat insurance: for eligible motor boats, including runabouts and cruisers.
• Yacht insurance: for eligible sailing yachts and other qualifying vessels.
• Jet Ski Insurance: for personal watercraft(PWC) etc.

Boat insurance in Australia: explore the available boat insurance products and cover options.

If you own a classic boat, sailboat or specialised vessel, confirm its eligibility and any additional requirements by obtaining an online quote.

How to Get a Boat Insurance Quote Online

Getting a boat insurance quote is a practical way to explore your options and understand the cost of insuring your vessel.

1. Visit the New Wave Insurance website.

2. Select boat insurance and the relevant cover option.

3. Enter your boat's details, value, location and usage information.

4. Review your quote and the applicable policy documents.

5. Check the premium, excess, limits, conditions and exclusions before purchasing.

Start with a New Wave Insurance boat insurance quote to explore your options online.

Frequently Asked Questions About Boat Insurance

How much is boat insurance per year?

The annual premium depends on your boat's value, type, age, location, usage, claims history and selected cover. Use an online calculator for an indicative estimate and complete a quote to obtain your actual premium.

What does boat insurance cover?

Depending on the policy, cover may include accidental damage, theft, specified weather events, legal liability, equipment and eligible emergency assistance or salvage expenses. Exclusions and limits apply.

Is boat insurance compulsory in Australia?

It is generally not compulsory for recreational boats, but specific requirements may apply depending on the vessel and its use. Marinas, clubs and finance providers may also require insurance.

Does boat insurance cover hurricane damage?

Eligible storm or cyclone damage may be covered under some policies. Check the PDS for the specific weather events covered, exclusions and any conditions relating to storage or mooring.

What is the difference between agreed value and market value?

Agreed value is the insured value agreed when your policy is arranged and recorded in your policy documents. Market value is generally assessed by the insurer at the time of a loss, in accordance with the policy wording.

The difference is how your boat's value is determined when a claim is settled. The amount payable depends on the policy's terms, conditions, excesses and applicable limits.

Can I calculate my boat insurance premium online?

Yes. New Wave Insurance  provides an online calculator that shows an indicative premium based on the insured value entered. Your final premium is determined through the quote process.

Disclaimer: Insurance is subject to eligibility, underwriting, policy terms, conditions, limits and exclusions. Estimates are indicative only and are not offers of insurance. Read the applicable PDS and policy schedule before purchasing.