If you can save money on your boat insurance policy without sacrificing service or boat insurance coverage, then why not? Here are a few ideas that may help you reduce your premiums without affecting the quality of your insurance policy. If you have questions regarding your specific policy contact your boat insurance company.
• Safety Classes – Completing a safety course approved by the US Power Squadron or US Coast Guard may lower your boat insurance rates. You will also benefit from the training in basic maintenance, safety and emergency procedures, maritime laws and more.
• Where You Boat – Selecting safe areas to store, dock and cruise in your boat reduce the likelihood of theft, damage and injury and allow your boat insurance company to provide you with a lower premium.
• Clean Driving Record – Boat insurance companies recognize that if you have a good driving record on the road then it is likely that you will take precautions and drive responsibly on the water as well. If you avoid tickets your boat insurance company may offer you lower rates.
• Lower Liability Limits – By lowering the liability limits on your policy your boat insurance company lowers its risk and therefore can offer lower premiums, but be cautious this can leave you without adequate coverage. Always use careful consideration before lowering your liability limits.
• Increase Deductible – Increasing your deductible (the amount of money you pay out of pocket when you file a claim before your insurance kicks in) is one way you may be able to lower your premiums while still keeping your liability limits and coverage where you want them. As long as you keep your deductible low enough that you are able to afford it in the event of a claim then this may be an option to consider.
• Including Lay Up – Lay up dates are periods when your boat is not in use. This is especially common in northern climates in the winter. If there is a time period when your boat will not be used make sure to share this with your ski boat insurance provider so they can offer you the best possible rates.
• Claim Free – If you remain claim free for a period of a year or more you may be able to earn a discounted premium down the road.
• Fresh Water vs. Salt – It typically costs less to carry boat insurance for fresh water boating vs. salt water.
• Diesel Boat – Some boat insurance companies offer discounted rates to owners of diesel-fueled boats because diesel is less likely than unleaded fuel to cause an explosion.
• Safety Features – If your boat has special safety features like an Emergency Position Indication Radio Beacon (EPIRBs) you may be able to receive a lower boat insurance quote. If you don’t already have these you may be able to receive a lower boat insurance online quote by retrofitting your boat with safety items. Speak with your boat insurance company to find out if there are things you can do to make your boat safer. Some items to consider in addition to an EPIRB, are depth finders, radar, navigation systems, carbon monoxide detectors and automatic fire extinguishers.
If you are interested in lowering your boat insurance rates while keeping the coverage you need talk to your boat insurance company about steps you can take or insurance alternatives you may want to consider. You can reach a Global Marine Insurance service representative by calling (800) 748-0224 or emailing service@globalmarineinsurance.com.