It's summertime and many of us enjoy taking the boat out in the evenings after work or on the weekends. The time enjoying the water is invaluable. But, you just got that boat insurance renewal in the mail. While you know it's important to insure your boat, you are probably wishing you could save a little money. You’re in luck! Here are five ways to save money on your boat insurance.
- Check the value of your boat. Your boat depreciates each year due to new boats being built and the market competition. The lower value of your boat could mean that you can reduce your coverage. Just be careful to not devalue your boat to the point where you receive nothing should it be damaged.
- Go to school. Some insurance companies will give you a discount for taking a state-approved boating safety class. If you have teenagers who might drive the boat, definitely ask about a class. You wouldn't have them drive a car without a class, so why your boat?
- Ask if the company gives a reward for no claims. If you have no claims on your vehicles, your insurer will see you as less of a risk. So, ask if you qualify for a no claims discount.
- Ask about multiple policies. If you own a home, you might get a discount on boat insurance. If you insure your home, car and boat through the same company, you might find you get a bundle discount.
- Look at your deductible. Ask your insurance agent what the premium difference would be between a $500 and $1,000 deductible. It might be worth it for you.
You can save on that boat insurance. But, bottom line is, don't cancel your boat insurance, even when the boat is in storage. Keep your insurance current; just work with your independent insurance agent to see how you can reduce costs while staying adequately covered.