Boat insurance will protect owners of water vehicles and personal watercraft in case of accidents or vandalism, and also covers boaters in case of liability for injury to other people or property. Boat insurance quotes vary by boat type, size, and how the boat is used. If you want to save money on boat insurance, read below.
1. Find out your state’s requirements for boat insurance. In most states, operators of sail boats, large fishing boats, and motorized watercraft will need some kind of personal injury liability insurance at a minimum. If you keep your boat at a marina or anywhere else outside your home, you will need insurance to cover property damage as well. Canoes, kayaks, and small rowboats do not need vehicle insurance.
2. If you own multiple boats or watercrafts, insuring them under one policy will save money. And see if you can insure your boats under the same policy as your car(s). This will save even more money.
3. Check online and offline for boat insurance policies and their costs. Get quotes from at least 2-3 insurance companies and compare the features of the policies as well as costs.
4. Understand liability coverage. If you fully own your boat and are capable of absorbing the cost of damages to or theft of your boat, then “liability only” insurance will protect you in case of damage to someone else’s boat and property or if someone is injured because of your boat. A policy like this can save money if you take good care of your boat and are only interested in protecting others with your insurance.
5. Also, only register mature boat operators on your boat insurance policy. Companies charge higher rates for young and inexperienced drivers/operators.
6. Choose the deductible carefully. For each boat and personal watercraft your insure, pick a deductible that is high enough to keep your premium low, but not so high that you don’t get your money’s worth in case you file a claim.
One way to settle on a deductible figure is to research common repairs and their average costs. For example, if damage to the hull is a common problem with your type of boat and the average cost of repair is $1000, then a reasonable deductible might be $500.
7. Join a group or organization. Not only will you be saving money on your boat insurance, but if you join something like the U.S. Power Squadrons or US Coast Guard Auxiliary, you’ll earn a discount and also participate in making the public waterways safer.
8. If you want coverage for vandalism, you can save money on your premium by storing your boat in a secure area, or at your home. If the boat is vandalized on your property, your property insurance may cover the damages. Read the terms of your other insurance policies to see where coverage may overlap.
9. Adding safety devices to the boat could lower insurance costs. Find out the details and determine what the cost of installation of devices would be, the benefits, and the savings you will make on insurance premiums.
10. Ask whether special rates are offered if you will pay one year premium in advance. Many insurance companies run schemes that save the time and money and save the insurer money too.
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