Why conditions are ideal for checking your boat insurance

Sep 6, 2022

Great news! There’s no need to cut and run or even batten down the hatches. Conditions couldn’t be better for boat owners right now.

Bowrider, cabin cruiser, pontoon, yacht… whatever type of boat you’ve got, the fact that you even own a pleasure craft puts you ahead of the game. This is because there’s currently great pent-up demand for new and secondhand boats.

The National Marine Manufacturers Association (NNMA) announced back in the spring of 2021 that 73% of marine manufactures reported backlogs in demand. This was due to affects the COVID pandemic had on boat manufacturing in terms of disruption to the global supply chain. Factory closures, shipping delays and worker shortages for example.

Combine this with a record-breaking surge in new and pre-owned boat sales in 2020 and 2021, and boat dealership inventories are still trying to catch up to meet demand mid-2022.

Ride the wave – protect the value of your boat

As we’ve explained, the prevailing market conditions are making new boats scarce and increasing their value as a result. This has led to
an unprecedented ripple effect on secondhand boats in that they are holding their value more than ever before.

If you already have boat insurance you’ll know that you usually need to choose between a policy that covers either a stated amount (a specified value that is insured) or the boat’s retail/cash value in the event of a claim.

Varney’s recommendation would be for you to take up a stated value policy in order to avoid problems of depreciation – particularly when the market is so buoyant.

Check your cover – make sure everything’s shipshape

Now is the ideal time to evaluate the level of cover on your existing boat policy. Please get in touch with our expert Private Client team if you’d like help fathoming out the details.

Did you know?

With thousands of customers across this great nation of ours, Varney knows the ins and outs of boat insurance specific to each region. You can count on us for competitively priced cover every time and you also get the benefits of the Varney Extras Pledge at no extra cost.


To find out more about the various insurance and risk solutions we have to help you protect what’s important to you, contact us today.