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Barge Insurance Ė Key Price Determinant factors.
Whether you own a dutch barge, narrowboat, houseboat or other type of barge in insurance terms the vast majority of boat insurance companies will categorise them as the same. The reason for this is perhaps partly due to simplicity (there are already too many boat types the boat insurance companies have to create and maintain premium calculation rules for!), but actually the key reason is because the inherent risk of a claim between these categories is similar.
Luckily the fact you own a barge immediately guarantees you lower rates of insurance levy, with fast powerboats attracting the highest levies for obvious reasons. Regardless of boat insurance category however all good boat insurance companies will firstly offer you the option of either comprehensive or third party only insurance. As you might guess this option is actually the single biggest criteria in determining your insurance cost as you are effectively stating whether the insurer must pay a claim on one or two vessels in the event of an incident and you are found at fault.
Third party insurances are usually quoted at a fixed price, but assuming you select comprehensive insurance, the second key factor determining the price of any boat insurance quote is the value of your vessel. Insurance companies literally take the value of the vessel (plus an additional quoted items e.g. generator) and multiply it by a specific percentage rate (i.e. vessel value x 0.#%). When it comes to barge insurance the rate applied is normally fairly static however the rate can be on a sliding scale (i.e. reducing gradually for higher valued boats) but also age may well be classed as a factor (i.e. as boats age the probability of hull disrepair increases the likelihood of accidental sinking).
The third key factor that will affect you quote will be (similar to most insurance types), years no claims bonus. Most insurers provide 5 years but some do provide 6 years. For each and every year without a claim a percentage will be knocked off your final insurance cost up to the maximum number of years.
The final factors determining your insurance cost are often then optional. Clearly taking up additional optional items incurs a cost (or risk) for the insurer and as a result inevitably affects the price;
Breakdown cover (usually a fixed price)
Contents cover (depends on the type and value of contents being covered & normally requires direct contact with insurance staff)
No claims bonus protection (when available at a small percentage rate)
Finally there are also one or two other factors which may be taken into consideration (this all depends on individual insurers) which perhaps donít affect a majority but inevitably will affect some. For example, not having a mooring (roaming boats are of greater risk to insurers due to increased movement) or requirement for access to tidal areas e.g. on the River Severn near Gloucester for instance. Somewhat surprisingly whilst most insurers will stipulate an age of 18 or over, thereafter age is not a factor upon boat insurance cost. Those over 70 however may find exemptions from personal injury claims are applied.
This article was supplied with best intentions only by www.MerciaMarine.co.uk. The above was written to be fair and objective to all but we must stress pricing factors used by insurance companies vary, some may have been missed or some will inevitably not be relevant for all insurers, nevertheless we hope you find it useful!
Last updated 02 February 2012
For a new build barge, we found that insurance cost seemed to be generally more related to the value of the barge, rather than size or where moored / cruised, although the later does effect the premium. It would appear that most insurance companies do not request a structural survey until a new build barge is 20 years old.
require a structural survey every 6 years.
For a 60ft new build barge with a value around £180,000 expect to pay around £1,000 per year for an inland comprehensive insurance, less any no claims discount. Contents & personal effects extra.
Some Barge Insurance companies:-
Mercia Marine 01684 564457
Towergate 0844 892 1987
Haven Knox-Johnson 01732 223600
GJW Direct 0500 141 141
Collidge & Partners 01843 295925
Euromarine 01843 603 345
Members of the DBA can get a good deal on barge cover here
Please note that prices shown should be used for guidance purposes only. How good an insurance company is, should take into account other 'inclusions & exclusions' within the policy, and how good they are at dealing with claims.