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Boat Insurance – Getting The Best Rates And Discounts
If you own your own boat it is always a good ideal to purchase boat insurance even if you are not required
to do so. Property damage too many boats has been on the rise according to information provided by the U.S.
Coast Guard. There are a number of U.S. states that now require you to insure your boat. Boat owners who use
a marina or who have a boat that is on loan are also required to insure their boat.
It is important to shop around to find all the coverage that you will need at a reasonable price. Insuring
your boat can work similar to buying car insurance and can protect in the same way, even though a boat has
different features than your car. The main insurance coverage features that you will want include:
- Theft
- Medical payments
- Physical damage
- Liability insurance
- Medical payments
- Motor coverage
- Boat covers
- Docking fenders
- Communications devices
When choosing your boat coverage you may want to look out for any discounts that you could be entitled to.
You may be eligible to receive discounts on such items as burglar alarms, ship-to-shore radio, boat education,
fire extinguishers or even a new boat.
Boat Insurance Costs Factors
There are a number of factors that must be considered when determining the premium or rate at which to charge
for your boat coverage. The main items may include:
- Age of the boat
- Current Value
- Boat length
- Type of boat ( yacht, sail, speed)
- Engine type
- Navigation region
- Boating experience
An underwriter may take a number of considerations into account such as the vehicle driving record of the owner,
or whether they have taken any safety boating courses.
Lowering Your Insurance Costs
There are a number of ways that one can lower their boat insurance costs. A common way is to choose the
largest deductible amount that you are comfortable with. Physical damage deductibles can start at approximately
1% of the insured value of the boat. They can be increased to as much as 5%. It is a good ideal to think about
the amount of money you could pay out of your pocket if a loss should occur.
If you are looking for insurance on a yacht then you may be able to get a discount for months that the boat is
out of commission and laid up, such as during the winter months. Try to request the longest period that your
yacht will be stored away to get a reduced premium.
Another important consideration to consider is the location that you will be operating your boat. A more
limited navigational area on your policy can save you some money. If you only operate your boat on local lake
then you may not need coverage to operate it on the entire coast.
Insuring Older Boats
If you own an older boat that is 26 feet or larger, then an underwriter may request that a marine survey be
conducted before an insurance quote can be given. Overall the better condition of the boat, the more likely you
will be able to insure it at a competitive quote. It is a good ideal make any necessary repairs to the boat before
it is inspected. This can help to improve the marine survey results, which in turn will help in attaining a
discount.
Finally, safety devices on your boat can help to reduce your premiums. Items such as fire extinguishers
vapour or fume detectors, or even anti-theft devices can all help in lower you insurance rates.
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