Boat insurance

Boat insurance provides protection for the damage or loss incurred to your boat. 

The table below compares a selection of boat insurance policies available in the market. We have selected the products which have information publicly available to be included in the table. The information about the boat insurance policies in the table is as at the 5th of December 2019. We will not be actively updating the table so not all products may be available and features may have changed. Please note that products have been sorted alphabetically, A to Z, by brand name.

While best endeavours have been made to reflect accurate information, this information should not be solely relied upon. For further details, Canstar suggests getting in touch with the provider, accessing the information available on their website and consulting professional advisers as required. Always read the product disclosure statement and consider whether the product makes sense for your financial circumstances. Canstar does not rate boat insurance policies and makes no recommendation about comparative features and benefits with respect to these products.

Brand Name Online Claims Contents Cover Max Legal Liability Max Replacement Boat
AAMI
AANT No $5,000 Listed on the schedule Market value
ABHM Yes Household
contents up to
$250 per item
subject to a
maximum of
5% of the hull
sum insured
$20 million Replace your pleasure craft with an equivalent new pleasure craft
of the same make, specifications, model or series so long as it is
available in Australia and provided that it is less than two (2) years
old and registration and/or stamp duty costs
applicable
AIG Business only
APIA No $5,000 $10 million New boat replacement after a total loss for boats less than 2 years old
Bendigo Bank Yes $1,000 $10 million Brand-new replacement for the total loss of a boat that’s less than two years old
Bupa No $1,500 $10 million New-for-old boat replacement – 2 years
CGU No $1,000 $10 million If your boat is less than 2 years old and is a total loss, we’ll buy you a new one
CHUBB
Club Marine Yes $10,000 $10 million Yes – 2 years
CUA No $10,000 $20 million Sum insured/market value
Elders No No max – must be listed separately $10 million Sum insured
GIO No $5,000 $10 million 2 year new boat replacement
HBF No $1,000 Listed on the schedule Yes – 2 years
MyState No $1,000 Brand-new replacement for the total loss of a boat that’s less than two years old- registration and delivery fee
Nautilus Marine Insurance Yes $10 million If your trailerable boat is declared a total loss within 2 years of its original registration, we will at our option replace your trailerable boat
New Wave Marine Boat Insurance No
Pantaenius No $200 (Listed on a schedule that can’t be found) If you selected the “new for old” option at the time of your application for insurance, then in the event of a valid claim for partial damage, you will be compensated for the necessary replacement costs of your vessel
QBE Yes $30 million If you make a claim and we decide your vessel is a total loss we’ll pay you up to the total vessel value shown in your policy schedule
RAA No $1,000 $20 million Yes – 2 years
RAC No $500 $10 million Yes – 2 years
RACT No $10 million
RACV No $10,000 $10 million
SGIO No $10,000 $10 million We cover your replacement boat permanently if: you ask us to cover it within the 14 day temporary cover period, you give us full details for the boat, we agree to insure it, and you pay us any additional premium
Suncorp No $5,000 $10 million Yes – 2 years
TIO No $10,000 Listed on the schedule We will reimburse you for the reasonable cost of repairs and/or replacements required to bring the insured components as near as possible to its appearance and condition immediately prior to the claimed loss or damage
Topsail Insurance No $4,000 Listed on the schedule Sum insured/market value
Trident Marine Insurance
Westpac No $10,000 $20 million Choose between agreed or market value policies if your boat is less than 20 years old
WFI Yes $2,000 Sum insured
YOUI No $750 $10 million New watercraft replacement 24 months