Youi Insurance has been a popular budget insurer since it entered the Australian market in 2008. Its comprehensive boat insurance policy, known as Youi Watercraft Insurance, offers cover for a range of popular sailing vessels and boats, including cruisers, catamarans and runabouts.
It provides cover for emergency expenses up to $1,000 and has a reasonable limit for legal liability of $10 million, along with $10,000 maximum cover for funeral costs arising from accidental personal injury and accidental death.
However, social sailboat racing cover is an optional add-on to the policy and it does not provide cover for water-skiing.
It is relatively well regarded on ProductReview with a rating of three out of five stars from an admittedly small number of 26 reviews. Youi’s boat insurance also made our pick of the best boat insurance for Australians.
Pros
- Cover for emergency expenses
- Cover for contents
- Funeral expenses are covered
- High limit for salvage costs
- Clean-up cover.
Cons
- Market value only option
- No choice of repairer
- No lay-up cover.
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About Youi Insurance
Youi Insurance, was formed by South African company OUTInsurance in 2007, and launched in the Australian market in 2008.
It has made its name in the local market for its high levels of customer service and individually tailored premiums.
It is best known for its car insurance, but also offers home and contents insurance, caravan cover, motorcycle and even small business insurance.
Youi is headquartered in Queensland, but offers insurance to all states and territories.
In addition to its comprehensive watercraft insurance cover, Youi offers third-party fire and theft and third-party property only marine insurance.
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What Does Youi Comprehensive Watercraft Insurance Cover?
Youi Watercraft Comprehensive Insurance covers you for up to 200 nautical miles from the Australian and Tasmanian coastlines for accidental damage caused by:
- Storm, hail or flood
- Fire
- Theft or damage caused by theft
- Earthquake.
The policy features legal liability cover up to $10 million, which is industry-standard.
Boaters can take comfort in the policy’s emergency accommodation, transportation and repair cover to the tune of $1,000.
Youi will also fund the replacement of locks and keys if the watercraft is stolen. If watercraft signwriting is damaged, they will cover this, too.
Nevertheless, while some insurers allow customers to choose between insuring at either agreed or market value, Youi will only insure for the latter. This means that if the value of your vessel drops between purchase and the time of a claim, you may be out of pocket.
There is, however, a choice of excess levels so customers can elect for a higher excess payment at claim-time to reduce their monthly or annual premium.
Disaster Cover Explained
If the worst happens when you’re out at sea, you want to make sure you’re covered. Youi’s comprehensive boat Insurance provides protection for a range of natural disasters, from flood and storms to fire and earthquakes.
It also includes up to $5,000 in cover for accidental personal injury and up to $10,000 for accidental personal injury that leads to death, including funeral expenses.
Salvage costs after an insured event are covered under towing, salvage and loss prevention (i.e. if the watercraft needs to be towed and stored at a suitable place to minimise further loss or damage), with a total cover limit of $150,000.
The policy doesn’t provide any cover for rescue services but it does include cover up to $250,000 for legal liability arising from pollution caused by oil, fuel or waste from the watercraft as a result of an accident.
Can You Choose Your Repairer?
Youi says that if the watercraft is repairable it will arrange for repairs to be undertaken by a member from its network of repairers.
However, although the repairer needs to be from the Youi network, and you cannot choose your own repairer, if Youi cannot repair the watercraft, it will pay an amount equal to the reasonable cost that would be incurred to repair the watercraft up to the limits noted in the policy.
“We will undertake a search of the market to determine what this cost would be in your area, based on factors including comparison quotes from repairers,” Youi says in its product disclosure statement.
What About Additionals?
Youi’s Comprehensive Watercraft Insurance doesn’t provide cover for water skiing but you can add social sailboat racing as an optional extra (for an increased premium), which would cover you for some events that happen during a social sailboat race.
It doesn’t provide a lay-up discount, which would allow you to save on your premium when the boat is stored.
What Do Customers Say?
Customers have a generally positive view of Youi’s boat insurance with reviewers on ProductReview giving it a three out of five rating from 26 reviews.
A positive customer service experience is mentioned often by reviewers and Youi appears responsive to customers on ProductReview who cite a negative experience, contacting them directly.
Bottom Line
Youi Comprehensive Watercraft insurance offers boat owners decent coverage and, of the small sample of online reviews, most of their customers appear to be happy ones.
While its marine insurance isn’t perfect—there is no lay-up discount and boat owners, for the most part, cannot choose their own repairer—the policy provides coverage for a wide range of disasters or accidents at sea, as well as additional funds to help with salvage, repairs and transportation costs.
Additional editing: Kevin Pratt
Frequently Asked Questions (FAQs)
Do you need insurance on a tinny?
Boat insurance isn’t a requirement for aluminium craft but is highly recommended by experts as accidents can easily happen in open waters. You can usually choose from comprehensive marine insurance or more budget-friendly third party fire and theft, or third party property only.
How much is boat insurance in Australia?
This will depend on a range of factors, including the type of watercraft you are insuring, how long you have had it for, and how old it is. It is not uncommon for boat insurance to be more than $500 per year in Australia.
Does Youi offer boat insurance?
Yes. Youi offers three tiers of boating insurance: third-party fire and theft, third-party property-only and comprehensive boat insurance, known as Watercraft Comprehensive Insurance.
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