May is just around the corner which makes this the perfect time to review your boat insurance and make sure you are protected for the season. Last week we looked at a few ways to save on your boat insurance every year, including completing a boating safety course and and maintaining a clean driving record. This week we’ll take a look at five more tips you can use to keep down your boat insurance cost.
Saving Money on Boat Insurance – #6-10:
6) Winter Layup: Take advantage of the winter and save on your coverage! Ask if your company offers discounts for laying your boat up out of season. Coverage is still provided while the boat is in storage and while you are trailering it, but as long as your boat is laid up and out of commission, significant discounts are available. What happens if you get a warm weekend and want to hit the water? Just call and we can endorse your policy and email you temporary coverage right away.
7) Navigable Waters Discount: If you navigate your boat in a limited territory, such as inland lakes and waterways, or the confines of the Chesapeake Bay or the Long Island Sound, let your underwriter know. You could save a bundle without giving anything up.
8) Insure at Market Values: Buy what you need. Don’t over-insure the value of your boat and pay for extra coverage. A good company should tell you if you’re aiming too high because they don’t want to charge you any more than they have to.
9) Multi-Craft Discount: If you have more than one vessel, get a quote for both with the same carrier. We can definitely help you save more in that case!
10) Online Discounts: Most companies and brokers will offer you a discount for initially contacting them online. You won’t lose out on any service or coverage and can always follow up on the phone.
Sound too simple? That’s probably because it is. There’s no magic behind it but you do need to find a company that specializes in boat insurance and knows where it can help boaters save. Let us know if you have any other tips for saving on your boat insurance.
Oh, and definitely visit us online at SkiSafe and let us help you save money on your boat insurance today!