Without boat insurance, your boat has no coverage in the event of an accident or a natural disaster. Operating a boat comes with far more responsibility than owning a car; there’s many things that can potentially damage your boat and lead to claims. Not all boat insurance policies are the same because every boat is entirely different, and there are a number of different things that go into influencing your boat insurance policy and boat insurance costs. Read below if you want to know what can affect your boat insurance rates, in order to ensure that you can get the perfect policy for your needs.
Factors That Affect Your Insurance Costs
When people are new to boat ownership, they are more likely to file claims. These are some factors that impact your insurance costs, according to Insurance Directory:
- Navigation area – Some navigation areas are more costly than others due to the fact that it’s more dangerous to navigate those waters. For example, if you’re in the ocean, you’re that much more susceptible to storm damage.
- Storage location – The way and where you store your boat can also affect your overall costs. If you securely store your boat, there’s less chance of needing to file a claim.
- Ownership experience – The more experienced you are, the better you can run a boat. If you have a long history of claims, then you might not get a good insurance rate.
- Motor vehicle record – If you don’t have a good motor vehicle record, it could negatively impact your boat insurance costs. If you have a bad record, you’re that much more likely to file a claim. Things that can affect your record include DUI arrests and other driving offenses.
- Safety equipment on board – While safety equipment isn’t required in all states, it’s always a good idea to have it on board. You can get a good discount for just making sure you have these things on board. Things that you should have include flotation devices, fire alarms, GPS and other technology that can detect reefs and storms.
- Boating education course – If you haven’t taken a boating education course, you might be paying more for your insurance. Classes are administered by the Coast Guard but can also be taken online.
Other Ways to Save on Your Insurance
If you’re trying to get the max amount of savings from your boat, here’s some other ways to save on your boat insurance costs, according to the National Boat Owners Association:
- Automatic fire extinguisher system
- Choice of coverage
- Diesel engines
- Insurance score
- Multi-policy discount
- New boat discount
- Owner’s age
- Owning a home
- Previous boats owned
- Speed of vessel
- Outboard motors
- No prior claims
- Having consistent insurance coverage
When getting the best insurance coverage, Mariners Insurance can help you pick out the right policy for your boat and for your wallet. Talk to an insurance agent today about getting yourself covered.
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.