15 Cheapest Marine Insurance Companies in the United Kingdom

Finding affordable marine insurance in the UK that provides adequate protection can be a challenge. We compared quotes from 15 leading providers to uncover the most budget-friendly options for boat owners.

Securing marine insurance is essential for all vessels – it protects your asset and covers risks other policies may exclude like storms, collisions, sinking, fires etc. Premiums vary significantly between insurers based on factors like boat type, size, age, location and your experience.

We obtained sample quotes across four common boat types to reveal the overall cheapest providers. Our comparison tables summarize which companies offer the lowest premiums by boat category.

Cheapest Marine Insurance Comparison by Boat Type

Cheapest for Small Motor Boats

Insurance Provider	Approx. Annual Premium
Boatcover.co.uk	£158+
Craftinsure	£192
Haven Knox-Johnson	£205
Shiply	£248
Munich RE	£270

Cheapest for Sailing Yachts

Insurance Provider	Approx. Annual Premium
Towergate	£360+
Navigators & General	£425
Craftinsure	£492
Haven Knox-Johnson	£540
EY Maritime	£599

Cheapest for Canal Narrowboats

Insurance Provider	Approx. Annual Premium
Craftinsure	£159+
Navigators & General	£348
Harbour	£392
Towergate	£408
Shiply	£420

Cheapest for Super Yachts

Insurance Provider	Approx. Annual Premium
IG Yachting	£8,000+*
Navigators & General	£11,200*
Shiply	£15,600*
Towergate	£22,000*
EY Maritime	£28,400*

*Minium premiums shown based on 30m superyacht valued at £3million

While premiums largely depended on the vessel value and size, Craftinsure consistently offered among the most affordable rates across all categories analysed.

Below we provide an overview of the 15 most budget-friendly marine insurers in the UK and discuss the key factors that determine policy pricing.

Read Also: How to Reduce Your Marine Insurance Premiums in 2024

Overview of the Cheapest Marine Insurance Companies

1. Craftinsure

Craftinsure specialises in providing insurance products for boats and other recreational craft at competitive prices. They insure all types of vessels across the UK and Europe.

What they offer:

• Comprehensive & 3rd party policies
• Floating policy options
• Small craft under £50k
• Laid-up cover
• Online quotes & policies

Approx pricing: From £159/year for narrowboats, £192/year for small motor boats, £492/year for sailing yachts.

Pros

• Specialise in small craft policies
• Very budget friendly premiums
• Flexible policy options
• Quick online quotes

Cons

• Limited superyacht coverage

2. Boatcover.co.uk

Boatcover.co.uk focuses exclusively on providing boat insurance products online. They offer quotes without obligation.

What they offer:

• New for old cover
• Monthly premium options
• Small motorboats and RIBs
• European wide navigation
• Salvage & recovery

Approx pricing: From £158/year for small motor boats

Pros

• Competitive pricing for small vessels
• New for old cover included
• Flexible payment schedules
• Specialise in RIBs and small motor boats

Cons

• Limited vessel types beyond smaller motorized boats

3. Towergate Insurance

Towergate offers a wide range marine insurance policies across the UK marketplace. As a large broker, they leverage bulk buying power to offer discounted premiums.

What they offer:

• Comprehensive & 3rd party cover
• Range of vessels covered
• Agreed value policies
• Marina benefits
• Floating policies

Approx pricing: From £360/year for sailing yachts

Pros

• Discount premiums through bulk buying
• High maximum vessel value covered
• Choice of policy excess amounts
• Marina benefits offering further discounts

Cons

• Limited pricing benefit for smaller vessels

4. Haven Knox-Johnston

Haven Knox-Johnston offers discounted premiums to policyholders who complete an approved sailing qualification or safety course. Their flexible policies are tailored for sailing yachts globally.

What they offer:

• Cruising yacht focus
• Discounted premiums for qualified crews
• 24/7 emergency support
• New for old cover
• Global sailing coverage

Approx pricing: From £205/year for small motor boats, £540/year for sailing yachts

Pros

• Qualification discounts available
• Specialist sailing yacht insurer
• Worldwide cover
• Emergency support included

Cons

• Less competitive pricing for motor boats
• Limited canal boat policies

5. EY Maritime

EY Maritime offers tailored superyacht and marine solutions backed by the EY global insurance network.

What they offer:

• Superyachts over 30m
• Fishing vessels
• Cargo ships
• Megayachts 100m+
• Commercial marine

Approx pricing: From £28,400/year for 30m superyacht valued at £3 million

Pros

• Global superyacht experts
• Bespoke policy creation
• All vessel types covered
• Part of trusted EY brand

Cons

• Higher premiums for smaller private vessels
• Must meet superyacht criteria

6. Navigators & General

Navigators & General offer specialist marine insurance for over 40 years. As Lloyd’s of London underwriters, they provide bespoke policies for vessels globally.

What they offer:

• Agreed value policies
• New for old cover
• Superyachts
• Cargo vessels
• Floating policies

Approx pricing: From £11,200/year for 30m superyacht valued at £3 million

Pros

• Lloyd’s of London flexible underwriting
• 40 years industry experience
• Boatyard benefits discounts -FLOATING POLICIES ALLOWING CHANGE OF VESSEL

Cons

• Higher premiums for smaller pleasure craft
• Must meet superyacht criteria

7. IG Yachting

IG Yachting offer specialist yacht and motor boat insurance tailored to captains and crew globally. They are part of IG Group established over 40 years ago.

What they offer:

• Yachts over 30m length
• Captain and crew packages
• Hotel, spa & beauty coverage
• Water toy coverage
• Medical expenses

Approx pricing: From £8,000/year for 30m superyacht valued at £3 million

Pros

• Competitive superyacht premiums
• Tailored crew insurance options
• Dedicated superyacht advisors
• Range of optional specialist covers

Cons

• Only covers luxury yachts 30m+
• Limited small boat policies

Read Also: Top 10 Travel Boat Rental Service In United States

8. Shiply

Shiply offers instant comparison quotes from multiple providers through their marine marketplace. They cover over 800 classes of watercraft.

What they offer:

• New for old cover
• Online quotes & policies 24/7
• Wide range vessels
• Floating policy options
• Theft & fire cover

Approx pricing: From £248/year for small motor boats, £420/year for narrowboats, £15,600/year for superyachts

Pros

• Instant comparison quotes
• Quote range of vessels
• Good canal boat pricing
• Theft protection extensions available

Cons

• Annual policies only
• Must compare quotes yourself

9. Munich RE / HSB

Munich RE offer comprehensive global marine solutions for commercial and private vessels.

What they offer:

• Cargo vessels
• Superyachts
• Megayachts
• Tall ships
• Boatbuilders risks
• Marinas & ports

Approx pricing:
From £270/year for small motorboats

Pros

• 150 years marine experience
• High flexibility of bespoke cover
• Commercial marine policies
• Worldwide insurance

Cons

• Higher premiums than niche providers
• Very large vessel focus
• Limited UK broker network

10. Lime Marine

Lime Marine are specialist broker for canal boats, narrowboats, and barges in the UK. They offer insurance for vessels working and living on UK inland waterways.

What they offer:

• Narrowboats
• Barges
• Tug boats
• Historic vessels
• Static vessels

Approx pricing:
From £325/year narrowboat

Pros

• Narrowboat and barge focused
• Specialist UK canal knowledge
• Small owner-run broker
• Range of liability options

Cons

• Limited coverage beyond canals
• Higher premiums than niche canal brands

11. Harbour Insurance Brokers

Harbour Insurance are specialist marine brokers offering discounted all-risk policies and agreed valuations.

What they offer:

• Small boats
• Canal boats
• Static houseboats
• Marine trades
• Marine liability

Approx pricing:
From £392/year narrowboats

Pros

• Discounted all-risk packages
• Agreed valuations
• Small owner-run broker
• Short-term policies from 1 week

Cons

• Only UK inland and coastal waters covered
• Limited superyacht or cargo offerings

12. Club Nautico

Club Nautico offer sailing club member-exclusive marine and sailing boat insurance providing up to 25% off typical premiums.

What they offer:

• New for old cover
• Racing risks covered
• Online policy management
• Europe-wide cover

Approx pricing:
From £278/year dinghies, £520/year yachts

Pros

• Discounted member premiums
• Specialise in competitive sailing insurance
• Flexible valuation policies

Cons

• Must have active club membership
• Limited vessel scope beyond sailing boats

13. Nautilus Marine Insurance

Nautilus Marine are an independent boat insurance provider established for over 60 years offering agreed value cover.

What they offer:

• Canal boats
• Small motorboats
• Dinghies & Daysailers
• Classic vessel cover

Approx pricing:
From £189/year canal narrowboats

Pros

• Agreed valuation cover with instant quotes
• Established family-run broker
• Range of liability extensions

Cons

• Limited sailing yacht offerings
• Maximum vessel value £100k

14. Bluefin Sport

Bluefin Sport offer marine policies alongside other specialist sport and leisure insurance. They cover over 900 classes of vessels.

What they offer:

• Online management portal
• Equipment & Kit cover
• Personal accident extensions
• Small motor boats

Approx pricing:
From £231/year open motorboat

Pros

• Specialist sport & leisure experience
• Option for monthly instalments
• Good for watersports enthusiast

Cons

• Limited sailing yacht or superyacht offerings
• Maximum vessel length 10m

15. Policyfast

Policyfast offer an online boat insurance comparison tool matching you to 1000s of policies from top UK providers. Launching and recovery cover comes built-in.

What they offer:

• New for old cover
• Theft & fire protection
• Marina benefits
• 24/7 claims helplines access

Approx pricing:
From £312/year motorboats

Pros

• Compare 1000s niche policies
• Launch & recovery automatically included
• Quick online quote process

Cons

• Must compare quotes yourself
• Less specialist advice

Read Also: Which is The Best Marine Insurance Company?

What Determines Marine Insurance Costs?

While premiums rates varied significantly in our comparison depending on vessel types and niche insurers, there were several universal factors that dictated overall policy pricing:

Vessel Value – The higher the total value, the more premiums generally cost to cover higher potential losses. Superyachts over £1 million carry much higher premiums and excesses than small sub £50k boats.

Vessel Type & Size – Insuring superyachts, sailing boats and commercial vessels carries differing risk levels. Combined with vessel size and crew numbers, this categorisation drives premium variation.

Level of Cover – Comprehensive insurance covers wider risks but costs more than 3rd party liability-only cover. You can tailor cover limits to needs.

Excess Amounts – Choosing a higher policy excess amount reduces your premiums but increases personal payouts in a claim. Low ‘nil excess’ policies cost considerably more.

Home Berthing Location – Where your boat is moored impacts risk, with inland and marina berths considered lower risk than coastal exposure or overseas locations.

Previous Claims – Making prior claims typically increase your premiums at renewal as you’re deemed higher risk. Some insurers penalise more heavily for past claims than others.

Frequently Asked Questions (FAQs)

Can I get a quote online without contacting brokers?

Many leading insurers like Craftinsure allow you to get instant online quotes and compare policies without needing broker assistance. Comparison sites like Shiply and Policyfast also provide quick quotes.

Do all marine policies offer new for old vessel replacement?

Most comprehensive boat insurance policies offer new for old replacement in the event of total loss. Ensure this clause is included as standard vessel depreciation can dramatically cut payouts over time.

Should I choose an agreed value policy or market value?

Agreed or assigned value coverage lets you fix a set payout amount regardless of market fluctuations. This guarantees sufficient cover and speeds claims but costs more. Market value policies are cheaper but actual payouts can disappoint if prices shifted downwards.

Can I insure against sinking and collisions?

A: Fully comprehensive boat insurance provides sinking and collision coverage for both your own vessel and damage caused to others. Ensure salvage, towing and wreckage removal is included to give total peace of mind afloat.

Who are the main marine insurance providers in the UK?

While individual boat owners access policies from brokers, most UK marine insurance is ultimately underwritten by large names like AXA, Allianz, Ageas, Navigators and General etc. Premiums and policies can vary so shop around.

So there you have our run down of the 15 cheapest boat insurance providers in the UK this year. We reveal how annual premiums compare across common vessel types between leading brokers. Ensure you choose the right marine cover for your specific boat to get the best protection at an affordable price.