Saving Money On Boat Insurance

It’s almost time for those who love the water to be getting those boats on the water. Paying boat insurance is a necessary thing about owning a boat, but that’s no reason to overpay. This is a good time to review your boat insurance for any changes you need to make.

As with any type of financial market, the rates change over time. Depending on the market this can be several times a year or once every several years. With such a competitive boat buying market, boat insurance is changing rapidly. It is always good to make sure you have the best rate. If your boat insurance needs have changed, you should make changes now. Perhaps the value of your boat has decreased since your initially got the boat insurance, check into as well. All of these things could allow you to get a lower premium.

Ask about any discounts you might be eligible to get through your boat insurance company. If you don’t file small claims and can pay a slightly larger deductible, most boat insurance companies will provide a discount. If you use the same company for your auto, home, life, and boat insurance there are discounts to be had as well. It never hurts to ask and you may be missing out on something you’re entitled to as a good-standing customer.

Check for duplicate coverage. This is especially important if you have homeowners or renters insurance and boat insurance. Those policies will probably include such things as “sports equipment coverage.” Sometimes these items will also be added to a boat insurance policy. This raises the premium, and if you’re already covered there is no need to have it again.

Take a boating class. Many boat insurance companies provide a discount for taking a boating class. Be sure the one you choose is on your boat insurance company’s list of approved safe boating courses. If it’s not on the list be sure to ask or you may not get credit for it. The same can be said of joining a boating group like the Coast guard Auxiliary. You can earn an extra discount for using some of your time to make the waterways safer.

It may be worth it to go liability only. If your boat is completely paid for and you are comfortable potentially absorbing some cost if damage is done, then it may benefit you. Make sure you keep a boat insurance policy that covers you in the event you damage someone else’s vessel. Check the policy carefully to make sure anything else you need is still covered.

Finally, if your boat is in storage for a long period of time, look into getting a “port risk” policy. This will not provide any coverage on the water but covers you in case of damage, theft, injury or fire. These are the best ways to make sure you are paying the right boat insurance premium, while still being sufficiently covered.