Here are some easy ways to save money on your boaters insurance:
1) Get your policy with the same company that insures your auto, home, life insurance, etc. Most companies will give you a discount for having multiple policies with them.
2) Take an approved safety course: in the US, these are courses from the US Coast Guard Auxiliary, US Power Squadron, Red Cross, or an accredited state-approved course. Most companies will give you a 5% – 10% discount if the boat operators have completed the course and can show their certificate of completion.
3) Motor size – yes, the bigger the motor the faster the boat will go and the higher your insurance premium will be. You do need a motor that will move your boat through the water at a steady pace; but, if the manufacturer says that motor will make your boat got more than 50 mph, you will get charged more.
4) Motor type – outboard versus all others (jet, inboard, I/O). An outboard motor with the same amount of horsepower as any other type of motor will have a LOWER premium. This is a “fire damage” issue. An outboard motor that catches fire does minimal damage to the boat, plus the fire is spotted quickly and easily extinguished. The other types of motor are concealed from view and a fire is more difficult to spot until damage to the boat has already occurred.
5) Coverages – Do you really need a $100 deductible or can you handle $500 or $1,000? The higher the deductible; the lower the premium. Do you even need coverage on the boat itself? If your boat is 20 years old and only worth $2,000; why even bother to insure it? Just get the liability coverage and medical coverages and don’t worry about the boat. If it does sink, that is a good excuse to buy a new one.
6) Keep your driving record clean. Insurance companies figure that if you are a safe driver; you will probably be a safe boater. If you speed on the road, they figure you will speed on the water. Drinking and driving goes hand in hand with drinking and boating. A clean driving record will keep both auto and boater rates low.
7) Credit rating – some insurance companies check your credit rating to come up with an “insurance risk score”. Good credit can get you a lower rate with these companies.
These simple tips will you save money on your boaters insurance.