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How to Lower Your Boat Insurance Costs While Staying Covered

How to Lower Your Boat Insurance Costs While Staying Covered

A startling statistic from BoatU.S. found that over 12 million registered boaters have no proper insurance coverage. Boat insurance costs can add up quickly, but that doesn’t mean cutting corners is beneficial. Instead, consider certain tricks and tips out there that can effectively lower insurance premiums. Once in contact with a boat insurance company, an agent can sit down and explain some ways to stay safe without breaking the bank.

Lesser-Known Ways to Lower Your Boat Insurance Costs

There’s often key components vital to boat insurance that many owners tend to look over; this is why having an expert is so critical to save the most money. Here’s what every boat owner needs to know about keeping their premiums low without sacrificing coverage along the way.

  1. Invest in Taking a Boating Safety Course. One of the quickest ways to save money on boat insurance costs is taking a boating safety course and presenting that proof accordingly. While it’s not required to be out on the water, taking this little course could mean the difference between life and death in certain situations.
  2. Prioritize Being a Safe Boater. Being a safe, cautious boater is not only going to save money on insurance. It means that if something does happen, that boater is far more prepared than before. If a boater can successfully maintain a clean boating record for a consistent amount of time, expect to see a discount for it. On top of that, a boater with experience isn’t going to pay the same rates as someone who just started.
  3. Know More About the Boat Before Take Off. The age, type, size and model are just some of the things that are going to be taken into consideration when calculating boat insurance costs. Older boats and high performance boats (as well as those running different types of gasoline) are going to cost more in the long run. Long story short, knowing more about the boat is better.
  4. Think About Where You’re Boating. Boating in safe, designated areas makes insurance companies happy. When a boater ventures out into unsafe waters, it makes for a more difficult claim. When a boat operates inland or on fresh water, there’s going to be better savings involved. Salt water is known to be more problematic, meaning it’s going to cost more to cover.
  5. Pay Attention to What Time You’re Boating. The seasons are going to have an impact on boat insurance costs, so keep an eye out for when premiums are higher than normal. Summer rates are always going to be better than winter rates. Storing a boat properly during downtime also helps secure lower premiums.

Depending on the hull, there can also be savings based on the deductible chosen. And if a boater chooses to pay higher deductibles, they can expect to pay less on their costs last year. Finally, the less claims that are filed over the years, the better. That kind of commitment to safety shows an insurance company that they can trust to lower the insurance premiums.


About Mariners Insurance

Mariners General Insurance Group was founded in 1959 to protect boat owners and marine business clients. We are marine insurance experts and insure boats worldwide – in every ocean on the planet. Marine insurance is critical if you own a boat or nautical business. Trust the professionals with all of your Boat Insurance needs – trust Mariners Insurance. Call us at (800) 992-4443 any time you have questions or concerns about insurance for your vessel or marine business.