Broker Premium Search says some rates have fallen by as much as 46 per cent since last December, and it expects the trend for lower rates to continue during coming months. “Check any policy carefully to see what the requirements are. There are bound to be restrictions on, for example, the areas you can go cruising in and where you can moor it,” advises a General Accident spokesman.Navigators & General and Haven Yacht Insurance can be contacted through local branch offices of brokers General Accident; GJW Direct is on 0500 141 141.. The premiums vary a lot, depending on factors such as the type and age of the boat (and owner) and where you are going to keep it.Yachts Again, there are a lot of factors that affect the premiums.

The insurance will also depend on the type of boat you have:Dinghies. Most general insurers will add basic cover for a standard dinghy to a house contents policy for a small, or no, added premium. Alternatively, you could try a more comprehensive stand-alone policy, where premiums start at around pounds 50 a year. There are some generally cheap schemes for specific classes, such as GP14s.Canal or narrow boats These are generally seen as a good risk As the table illustrates, the premiums do not vary greatly. However, not all insurers will offer cover if the boat is being used as a houseboat.Speedboats and motor-cruisers.

So calling round a few brokers for quotes should give you a good feel for the range. As well as a no- claims bonus of up to 25 per cent, you may, depending on the insurer, get discounts for things like keeping your boat out of the water during the winter, mooring it at a secure marina, having RYA sailing qualifications, or fitting secure locks on the boat.Do not assume a broker will do the required shopping around for you. While a good broker will recommend a suitable policy and point out the limits and exclusions on it, it may not be the best value policy you could get. That is because “most reputable brokers and underwriting agents are tied to one main insurer.

It is a specialist industry and it would be administratively difficult to have ties to more than one insurer,” explains Chris Collidge, of Collidge & Partners, a marine broker in Margate, Kent.Having said that, there are only around 10 insurers offering cover and only three of these (Navigators & General, Haven Yacht Insurance and GJW Direct) specialise in this area. Premiums start at pounds 30 a year.Most boat owners who want insurance, however, will want more comprehensive cover It pays to choose the policy carefully Premiums vary a lot and comparing policies can be difficult Some of the added costs may not be obvious. An apparently cheap yacht policy may, for example, require you to get the boat surveyed every five years, at a cost of, say, pounds 400 a go. Similarly, some policies will cover you for standard yacht club racing at no added cost and without increasing the excess while you are racing; others will not.The range of possible discounts on offer also varies. The owners will also have to have at least pounds 1m of third-party liability insurance, which covers damage to other people and other boats.A standard boat insurance policy will include this cover anyway. But some owners who will be required to have cover will not want to pay for a standard policy because the value of their boat is much the same as, or even less than, the insurance premium.