Some factors that affect the cost of boat insurance are things you can’t easily change, like your age or location. But if you’re looking for the cheapest marine coverage, there are things you can do to lower your premiums.
Decide how much boat insurance you need
In most situations, it’s good to get as much coverage as you can comfortably afford. However, if you’re trying to save money on boat insurance, you can reduce the coverage to the bare minimum you might need.
For example, if your home insurance policy provides liability coverage for up to $100,000, you may want to reduce the liability coverage amount of your boat insurance policy. Reducing your declared sailing area and removing surcharges can also help reduce your premium.
Increase your deductible
With most insurers, your premiums tend to drop as your deductible increases. So if you’re looking to save on the cost of boat insurance, increasing your deductible is one way to do it.
However, increasing your deductible also means you risk paying more out of pocket if you have a covered accident. If you cannot afford your deductible, you will not be able to complete your application. Make sure you can afford a higher deductible before making this change.
Look for discounts
As we mentioned earlier, most companies offer at least some discounts to help you save on the cost of boat insurance. In many cases, you can combine some of these discounts for even more savings.
Insurers typically list most of their discounts online, but others may be available. Before signing a contract, be sure to ask your insurance agent about the possibilities for discounts.
Establish a period of immobilization
Some boat insurance companies offer rates that include a discount for a period of immobilization. If you know you won’t be using your boat for a long time each year, for example during the winter months, setting a period of immobilization with your insurer could lower your boat insurance premiums. .
Take a boating safety course
Most insurers offer a discount for taking a state-approved boating safety course — and for good reason.
According US Coast Guard Statistics, 77.1% of boating accident fatalities were caused by a driver who had no boating safety training. In contrast, only 11.2% of boating accident fatalities were caused by an operator with state-recognized training.
Compare the prices
just like compare auto insurance quotesyou have a much better chance of finding the best insurance prices if you shop around.
Many providers offer online boat insurance quotes on their websites. For others, you may need to call. Either way, getting quotes from multiple providers and comparing them is just a little groundwork that can save you a lot of money on boat insurance.