13 ways to save money on your boat insurance

Boats are the closest things to dreams that hands have ever made.
– Robert N. Rose

Many people ask me if I were shipwrecked and could only have one book, what would it be? I always say ‘How to build a boat’
– Stephen Wright

Work like a captain, play like a pirate
– A stranger

People (read: men) love ships. We care for our boats and treasure them almost as much as a family member. Most of those who own boats have boat insurance, but how much do you really pay for that insurance? If you said to yourself while reading this, “Too much …”, then this article may be worth reading! We hope this “bakers dozen” of boating insurance will help you save some money.

First, see what your state requires. Different states require different requirements for adequate boat insurance. Most states require a minimum of personal liability insurance. Property damage is also significant if your boat is being transported to port or stored anywhere other than your home. Don’t forget that non-motorized personal watercraft do not require vehicle insurance.

Put all boats on the same policy. Also, see if your auto insurer can insure your boat (s) as well. Combining policies is a great way to save money and lower your interest rates.

Shifting to responsibility can help you save. Do this only if you are comfortable with your insurance only paying for damage you do to OTHERS, not your own boat.

Make sure you know the limits of your liability insurance. Check with your liability provider to make sure all events that may occur are covered. Not all policies are the same.

Joining a group or organization is beneficial. Most insurers want their drivers to be educated on proper boating procedures. So much so that most will offer a discount if you take a reputable boating course. A good example is the US Power Squadrons course. Even if your insurance provider doesn’t offer you a discount, the knowledge you receive can definitely save you money!

Experience matters when it comes to your premiums. Make sure you have a more mature and experienced boat operator on your boat insurance. This will avoid the added costs of having young and / or inexperienced people on your policy.

Choose the right deductible for your income. Make sure the deductible you agree to pay is not more than what you can afford in the event of an accident. You also shouldn’t have your deductible so low that you can’t pay your premiums.

Keep the boat safe both on shore and in the water. Storing your boat in a safe area is vital. If you keep your boat stored on insured property, you may have the damage covered by your property insurance. A proper investigation of the terms of your property insurance will determine if this is a possible option to save you some money.

Apply for discounts like the ones listed below. Here are some examples of discounts offered by many insurers:

Responsible driver

Original owner

Paid out

Multiple policies

Safety course

Is it a good option to cancel my insurance out of season? It is never a good idea to cancel your boat insurance. Your boat insurance can be damaged during the off-season, and if it’s not covered, you pay for the damage. This practice will also prevent you from saving through loyalty discounts, such as the missing deductible. A safer way to save during the off-season is to eliminate any of the benefits that actually come with using the boat, such as emergency towing or uninsured boater’s insurance. If you do this, be sure to reset your previous coverages before going back into the water.

Consider “port risk” and what can be done to your ship ashore. This policy may provide coverage associated with the storage of your boat, but not any of the boating coverage. It is a reasonable option along with the previous question.

Learn about the boating market and how it can fluctuate. In the boating market, your boat is constantly losing value. This equates to a reduced premium! Check with your insurer regularly to see if you qualify for a lower rate.

Join a club or organization. If you can find a boating safety course in your area, most insurers will offer you a discount similar to taking a safe driving class.