Boat insurance is just one of the many costs associated with owning a boat. If your homeowner’s policy limits coverage for marine-specific risks, you will need a separate boat insurance policy. Many factors go into calculating the cost of insurance, and there are several ways to lower your boat insurance cost.
Insurance Cost Factors
In addition to your deductible and liability limits, the cost of insurance depends on several factors including whether you boat in freshwater or saltwater and your safe boating habits. Insurance companies also consider your claim history.
Lower Your Costs
There are several simple ways for you to lower your insurance costs.
- Cruising area – boating inland or in freshwater is less risky for an insurance company to insure, resulting in lower rates
- Safe boating – a boating safety course and good driving record (both boating and car) will lower your premium with a safe boater discount
- Deductible – the higher your deductible, the lower your insurance rate
- Liability limits – the higher your limits, the higher your premium
- Storage – if you don’t boat year-round, you may get reduced rates for when the boat is in storage for the winter
Insurance can be expensive, but there are many ways to save money and protect both you and your boat from risk.