Do I need narrowboat insurance?

Owning a narrowboat is a big investment, but do you need narrowboat insurance? The average narrowboat in the UK costs £57,000, so having insurance can provide financial protection and peace of mind should anything happen to it that means you need to make a claim.

In this blog, we answer the question “Do I need narrowboat insurance?”, as well as assess what narrowboat insurance covers and why it can be important for owners.

Our guide to narrowboat insurance

Narrowboat insurance is designed to protect you and your narrowboat from the various risks you may face both whilst travelling in your narrowboat and whilst its docked.

This could include injury to yourself, third-party claims resulting from accidents on the waterways, or the damage, loss, or theft of your boat and its contents.

Do I need narrowboat insurance?

Narrowboat insurance is not a legal requirement in the UK, but many boat owners choose to buy it as a way of protecting their investment should the worst happen.

That said, you need to have a minimum of £1m of Public Liability cover to sail a narrowboat on UK inland waterways, or you could face a fine.

For further information on your legal requirements when owning a boat, please visit gov.co.uk.

What’s included in narrowboat insurance?

Insuring your narrowboat through Craftinsure provides protection against the loss or damage of your boat from fire, theft, or transit by road.

You can also get cover for your personal effects, tenders, and underwater gear. Should you face a claim from a third party, insuring your narrowboat through Craftinsure provides cover up to £5m.

In addition to all of the above, narrowboat insurance arranged by Craftinsure also provides cover for ‘live aboard’ use, continuous cruising, and while others are using your boat as long as they have your permission.

For full details on the cover provided by Craftinsure, take a look at the Insurance Product Information Document.

Why is narrowboat insurance important?

Having narrowboat insurance can provide financial protection and peace of mind should the worst happen.

For example:

Should you find your narrowboat has been broken into, having insurance can cover the cost of repairs and replacements caused by theft or criminal damage

If you accidentally damage the property of another canal user, Public Liability insurance could cover the repair costs

These are just two examples of risks that you may face whilst owning a narrowboat. However, having narrowboat insurance will mean you can protect yourself financially in the event of a claim.