When shopping for boat insurance, you want proper protection from a reputable company that will provide adequate coverage in the event of an accident. You also want that insurance at a fair price. Finding boat insurance at a reasonable price involves doing your homework and choosing a company that knows boats as well as you do.
But there other things you can do to help keep down the cost of your boat insurance. Today we’ll look at five ways you can save on your boat insurance. In a couple weeks we will recommend five other tips to help you save on your boat insurance.
How to Save on Boat Insurance:
1) Boating Safety Course: Your insurance company should offer a discount for completing a qualified safety course. This is also a great way to learn some basic tips to protect your family and guests on the water.
2) Clean Driving Record: It goes without saying that a spotless MVR helps you save on car insurance. But this will also help you save on your boat insurance. If you play by the rules on the road you are likely to do so on the water as well.
3) Grow Into Larger Boats: If your first boat is a 38 foot cruiser you might encounter some sticker shock when its time to insure your new vessel. Good boat insurance companies will want to see you start small and increase the size of your vessel as you gain experience. This is a great way to maximize the credit you receive for your boating history. Of course, with extensive training you can probably jump right in with a larger boat, but make sure you have sufficient hours with a captain!
4) High Deductibles: The higher a deductible you choose the less insurance will cost. This is always the case and boat insurance is no exception. Determine how much of the risk of a loss you are willing to accept and select the appropriate deductible. If it is not clear, ask your boat insurance company to walk you through some examples to find the right comfort level for you and your family.
5) Avoid Small Claims: You wouldn’t go to the doctor for a paper cut or bruise because you can treat it yourself at home. Look at your boat the same way. You want your insurance to remain affordable in case of a big accident. If you put in a claim for a missing fishing rod or water ski, you will lose your loss-free discount and pay more for your boat insurance every other year.
What do you think? Let us know if you have any other thoughts on how to save on your boat insurance this season. Next week we’ll discuss 5 additional ways to save on insurance as boating season heats up.
Until then, visit SkiSafe Insurance today and see how much you can save on boat insurance today.