How can I make my boat insurance cheaper?
You’ve just bought a boat and all the expenses that come with it. We know insurance seems like just another expense but when we look at the big picture, it really is a very small expense compared to the others accompanying boat ownership…and it’s the thing that protects your investment. Everyone wants to know how they can get cheap insurance. Here’s the deal. Insurance is one of those things that ‘you get what you pay for’. There are many boat insurance providers out there and they’re not all the same. You can always find something cheaper, but what are you sacrificing? This being said, we understand everyone wants to keep costs down and we agree, as long as you’re not sacrificing coverage. Below are three things you can do to lower your boat insurance costs, while keeping your coverage where it needs to be.
1. Choose a higher deductible
By choosing a higher deductible, your premium may be lower. Keep in mind, when you are doing this, you are accepting more risk and will be covering more of the loss yourself. Ask your broker to explain the cost implications of different deductibles.
2. Stay claims-free
One of the best ways to minimize premiums is to maximize available discounts for remaning claims-free. How you do this?
- avoid accidents by navigating and operating safely and never while impaired
- never leave valuables on-board
- carry safety and emergency equipment
- wear approved PFDs
- know where you boat
- make trip plans and advise a friend
- follow markers and the rules of the water
- check water levels before heading out
- give large watercraft extra room
- consider locking devises to immobilize watercraft stored on a trailer
- install satellite monitoring systems to monitor whereabouts of the watercraft
- clear snow and ice to prevent damage
- install an alarm system
3. Marine training
Consider enrolling in a marine training course both for the benefits of learning safe navigation and any discounts that your insurance company may offer for completion of such programs. Be sure to check with your broker before enrolling to ensure that the course is an approved course.
Sure, cheap boat insurance is out there and chances are it comes with cheap coverage too. The best thing you can do is do your research and ask the right questions. Sometimes a bit of leg work goes a long way to getting you a quality policy at the best possible price.