Boating is fun and exciting, but it also costs a lot. And that cost increases even more after you add boat insurance. Fortunately, just like with car insurance, home insurance, or other types of insurance, you can reduce these costs. Here’s how you do it.
How to save on boat insurance
1. Shop Around
The best way to save on insurance is by shopping around. Different companies offer different rates. All you need to do is to look for the best deal.
2. Complete a survey
A survey will establish the value of your boat, even if it is more than 10 years old. The survey will make all quotes more accurate.
3. Avoid online quotes
It’s really easy today to look to the internet for answers. However, when it comes to boat insurance, it’s better to stay away from online quote calculators. They don’t take into account all the information needed to save you money. An independent agent is a lot more helpful.
4. Take a boating course
Taking a boating class and passing it will definitely get you a discount. Insurance companies love it when you improve your sailing skills and reduce the chances of accidents. But don’t forget to talk to your agent before starting a boating class.
5. Only pay for the coverage that you need
If you don’t travel outside the country, you might not need coverage for foreign waters. You can add them later, if you plan to go to any foreign locations.
6. Adjust your deductibles
Make sure that your deductible isn’t too high or too low. Otherwise, you stand to lose money.
7. Add extra safety features to your boat
Talk to your insurer and ask how these investments can help you. Extra pumps, alarms and safety devices may get you a discount.
8. Try to be a better driver
Your insurer may take a look at your driving record and this may affect the cost of your boat insurance. Try to be a responsible driver, avoid getting any speeding tickets and try to drive as safe as possible.
Having so many options to choose from is great, but it doesn’t mean that you should act responsible. When it comes to saving money, this is the most important thing to do.