Insurance for your boat is one of the necessary costs of boat ownership, but this does not mean that you should pay more than you absolutely have to for boat insurance coverage. By following these simple tips, you can be sure that you will see a reduction in the amount that you have to pay for boat insurance coverage.
1. Increase the amount of your deductible.
This is a sure way to reduce your premium payments for boat insurance. While paying a higher deductible means that you will be paying more out of your own pocket if you have to file a claim, it means that your regular payments are much lower. The reason for this is that you are taking on more of the risk in the event that you need to file a claim.
2. Suspend your coverage.
If there are parts of the year when you will not be using your boat, consider storing it ashore so that you can lower your overall risk for coverage. Be sure to notify your insurer so that you can get the lower rate.
3. Complete a boating safety course.
Many insurance providers will offer a discount to boat owners who complete a boating safety course. This shows that you are taking boating safety very seriously and probably have a lower likelihood of being involved in a boating accident that could cause serious damage to another boat. The insurance company is looking for ways that it can avoid having to pay for a claim.
4. Reassess your coverage needs.
While you should always maintain a basic level of liability coverage, your coverage needs for your own boat will change depending on the condition of your boat. Liability coverage protects you in the event that you cause damage to someone else’s property. Comprehensive coverage protects your own boat from damage from external sources. If you have a boat that is getting up there in years and you are probably looking to replace soon, then you may want to consider reducing your coverage limits for boat insurance.
5. Think about where you are actually boating.
Your current boat insurance policy could be covering you for travel that you are not necessarily planning to do. If you are only boating in a limited area, then make sure that your boat insurance policy reflects that. In general, the larger the area for which you are covered by your boat insurance policy, the higher your boat insurance premium will be.