Ships are the nearest things to dreams that hands have ever made˳
– Robert N˳ Rose
A lot of people ask me if I were shipwrecked, and could only have one book, what would it be? I always say ‘How to Build a Boat’
– Stephen Wright
Work like a captain, play like a pirate
– Unknown
People(read: Men) love boats˳ We take care of our boats and treasure them almost as much as a member of the family˳ Most that have boats have boat insurance, but how much are you really paying for that insurance? If you said to yourself while reading this, “Too much… ” then this article may just be worth a read for you!We hope that this “baker’s dozen” of boating insurance helps you save some money˳
First, see what your state requires˳ Different states require different requirements for proper boat insurance˳ Most states require a minimum of personal liability insurance˳ Property damage is also important if your boat is ported or kept anywhere else other than your home˳ Don’t forget that non-motorized personal watercraft do not require vehicle insurance˳
Put all watercraft on the same policy˳ In addition, see if your automobile insurer can insure your boat(s) as well˳ Combining policies is a great way to save money and reduce your interest rates˳
Switching to liability can help you save˳ Do this only if you’re comfortable with having your insurance only pay for the damage you do to OTHERS, not your own boat˳
Make sure you know the limits of your liability insurance˳ Check with your liability provider to make sure that all events that can happen are covered˳ Not all policies are created equal˳
Joining a group or organization is beneficial˳ Most insurers want their drivers to be educated on proper boating procedures˳ So much so that the majority will offer a discount if you take a reputable course on boating˳ One good example is the US Power Squadrons course˳ Even if your insurance provider doesn’t give you a discount, the knowledge you receive can definitely save you money!
Experience matters when it comes to your premiums˳ Make sure you have a more mature and more experienced boat operator on your boat insurance˳ This will avoid the added costs of having young and/or inexperienced people on your policy˳
Choose the right deductible for your income˳ Make sure that the deductible you agree to pay for won’t be more than you can afford in the case of an accident˳ You also shouldn’t have your deductible so low that you can’t afford the premiums˳
Keep the boat safe while on shore as well as on the water˳ Storing your boat in a secure area is vital˳ If you keep your boat stored in an insured property, you may be able to have the damages covered from your property insurance˳ Proper investigation of the terms of your property insurance will determine if this is a possible option to save you some money˳
Ask for discounts like these listed below˳ Here are some examples of discounts offered by many insurers:
Responsible Driver
Original Owner
Paid in full
Multi-policy
Safety Course
Is cancelling my insurance during off-season a good option? It’s never a good idea to cancel your boat insurance˳ Your boat insurance can be damaged during the off-season, and if you’re not covered, you pay the damages˳ This practice will also prevent you from saving through loyalty discounts such as vanishing deductible˳ A safer way to save during the off-season is to remove any of the perks that involve actually using the boat, like towing emergency or uninsured boaters insurance˳ If you do this, make sure you reinstate your previous coverages before you get back on the water!
Consider “port risk” and what can be done to your boat on land˳ This policy can provide coverage associated with storing your boat, but not any of the navigation coverages˳ It is a reasonable option in conjunction to the question above˳
Know the boating market and how it can fluctuate˳ In the boating market your boat is constantly losing value˳ This equals a reduced premium! Regularly check with your insurer to see if you qualify for a lower rate˳
Join a club or organization˳ If you can find a boating safety course in your area, most insurers will provide a discount similar to taking a safe car driving class˳
Source by https://ezinearticles˳com/?13-Ways-to-Save-Money-On-Your-Boat-Insurance&id=7201792
