Boats are the closest thing to dreams that hands have made.
-Roberto N. Rose
Many people ask me if you 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
– A stranger
People (read: men) love boats. We take care of our boats and treasure them almost as much as a family member. Most boat owners have boat insurance, but how much are you really paying for that insurance? If while he was reading this he said to himself: “Too much…”, then this article may be worth reading! We hope this “baker’s dozen” 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 significant if your boat is transported or stored somewhere other than your home. Don’t forget that non-motorized personal watercraft do not require vehicle insurance.
Put all vessels on the same policy. Also, find out if your auto insurer can also insure your boat(s). Combining policies is a great way to save money and lower your interest rates.
Switching to liability can help you save. Only do this if you are comfortable with your insurance only paying for 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 ensure that all events that may occur are covered. Not all policies are the same.
Joining a group or organization is beneficial. Most insurers want their drivers to be informed of proper boating procedures. So much so that most will offer a discount if you take a reputable boating course. A 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 experienced boat operator on your boat insurance. This will avoid the additional costs of having young and/or inexperienced people on your policy.
Choose the right deductible for your income. Make sure the deductible you agree to pay is not more than what you can pay in the event of an accident. You also shouldn’t have your deductible so low that you can’t afford the premiums.
Keep the boat safe both on land and in the water. Storing your boat in a secure area is vital. If you keep your boat stored at an insured property, your property insurance may cover the damage. A proper investigation of your homeowners insurance terms will determine if this is a possible option to save you some money.
Ask about discounts like those listed below. Here are some examples of discounts offered by many insurers:
Responsible Driver
original owner
Paid
Multi-policy
Safety course
Is canceling my insurance out of season a good option? It is never a good idea to cancel your boat insurance. Your boat insurance can be damaged out of season and if you are not covered, you pay for the damage. This practice will also prevent you from saving through loyalty discounts, such as the disappearance of the deductible. A surefire way to save during the off-season is to eliminate any benefits that actually involve using the boat, such as emergency towing insurance or uninsured boater insurance. If you do this, be sure to reset your previous coverages before you get back in the water!
Consider “port risk” and what can be done to your ship on land. This policy may provide coverage associated with the storage of your boat, but not any of the navigation coverages. It’s a reasonable option along with the question above.
Learn about the boating market and how it can fluctuate. In the boating market, your boat is constantly losing value. This equates to a reduced premium! Check regularly 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 offer a similar discount to taking an auto insurance driving class.