Global Courant
Ships are the closest thing to dreams that hands have ever made.
– Robert N. Rose
Many people ask me if I 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
– Unknown
People (read: men) love boats. We take care of our boats and cherish them almost as much as a member of the family. Most who own boats have boat insurance, but how much are you really paying for that insurance? If you said to yourself, “Too much…” while reading, this article might be worth reading!
First, find out what your state requires. Different states have different requirements for good boat insurance. Most states require a minimum of personal liability insurance. Property damage is also important if your boat is ported or stored somewhere other than your home. Remember, non-motorized watercraft do not require auto insurance.
Put all watercraft on the same policy. In addition, check whether your car 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 covering damage you cause to OTHERS, not your own boat.
Make sure you know the limits of your liability insurance policy. Check with your liability insurer to make sure any events that could happen are covered. Not all policies are created equal.
Becoming a member of a group or organization is beneficial. Most insurers want their drivers to be educated on proper boating procedures. So much so that the majority give a discount if you take a reputable boating course. A good example is the US Power Squadrons course. Even if your insurance company doesn’t give you a discount, the knowledge you gain can definitely save you money!
Experience matters when it comes to your premiums. Make sure you have a more mature and experienced boat driver on your boat insurance policy. This prevents the extra costs of young and/or inexperienced people on your policy.
Choose the right deductible for your income. Make sure the deductible you pay is no more than you can afford in the event of an accident. You should also not have your deductible so low that you cannot pay the premiums.
Keep the boat safe both on shore and on the water. It is vital to store your boat in a safe place. If you keep your boat in an insured object, you may be able to have the damage covered by your contents insurance. Proper research into the terms of your property insurance will determine if this is a possible option to save you some money.
Ask for discounts as listed below. Here are some examples of discounts offered by many insurers:
Responsible driver
Original owner
Fully paid
Multipolicy
Safety course
Is it a good option to cancel my insurance out of season? It is never a good idea to cancel your boat insurance. Your boat insurance can be damaged during the low season and if you are not covered you will pay for the damage. This practice also prevents you from saving through loyalty discounts such as disappearing deductibles. A safer way to save during the off-season is to cut out all the perks that come with actually using the boat, such as emergency towing or uninsured boat insurance. If you do this, make sure to restore your previous covers before you get back on the water!
Consider “port risk” and what can be done on land with your boat. This policy may provide cover in connection with storing your boat, but none of the navigation cover. It is a reasonable option in combination with the question above.
Know the boat market and how it can fluctuate. In the boat market, your boat is constantly losing value. This equates to a reduced premium! Check regularly with your insurer whether you are eligible for a lower rate.
Join a club or organization. If you can find a safe boating course near you, most insurers will give a discount similar to taking a safe driving course.
13 ways to save money on your boat insurance
World News,Next Big Thing in Public Knowledg
#ways #save #money #boat #insurance
