Boat Insurance protects you and the boat from many risks. There are many different kinds of insurance coverage available for boats.
Insurance provides security and protects the boat from accidents, natural disasters, vandalism and more.
There are many ways in which you can save on boat insurance:
1. Find out what category your boat fits under. Insurance policies for boats are based on the size of the vehicle, location of the vehicle, how many use the boat and so on. Find out what kind of insurance is applicable for your boat and who the leading providers are.
2. Check online and offline for boat insurance policies and their costs. Get quotes from at least 2-3 insurance companies and compare the features of the policies as well as costs.
3. Determine which kind is more useful agreed value or actual cash value. Agreed value polices are more expensive so it is important to study the risks involved before deciding on which kind of policy to buy.
4. Ask about a boat safety discount. If you or others who use the boat complete a course run by a state based course, US Coast Guard Auxiliary or US Power Squadron Course then you may be available for special boat insurance discounts. Information on safety and the courses are at http://www.cqaux.org or http://www.usps.org.
5. Many insurance companies have what is popularly termed as a multi-policy discount. So ask the insurance agent or company who holds your vehicle insurance whether they have any special schemes.
6. In case you own more than one boat then you could get a comprehensive coverage. More than one boat can be covered by a single policy. So before buying a policy weigh all the options available.
7. Find out whether your club membership or any other affiliation entitles you to boat insurance at a discount.
8. There are safety measures and other aspects like great sailing record, personal credit report and no claims on vehicle insurance that may in some way get you a greater discount on boat insurance.
9. Ask whether special rates are offered if you will pay one year premium in advance. Many insurance companies run schemes that save the time and money and save the insurer money too.
10. Adding safety devices to the boat could lower insurance costs. Find out the details and determine what the cost of installation of devices would be, the benefits, and the savings you will make on insurance premiums.
Boats are fun and the ownership can be stress free with the right kind of boat insurance. Always read the policy with a fine tooth comb and understand what each of the clauses mean. Try and get all risk coverage. Find out whether coverage includes all damages; certain policies exclude in fine print damages caused to boats by freezing or underwater objects. Be an educated boat owner and update your knowledge by reading unbiased insurance reviews and articles on the internet.