Reducing your boat or yacht insurance costs is a great way to find extra money to put towards your time on the water – the more you save on your premiums, the more you can spend on fishing tackle, waterskiing or wakeboarding equipment, lifejackets and even sunscreen.
While it may seem like you have little control over the costs of your coverage, you actually do have some influence on your coverage costs.
Following these simple rules when considering your next purchase of a watercraft or insurance policy can save you big money:
- Invest in safety features: Just like your car, insurance providers consider many factors relating to your boat while underwriting a policy. The safer your boat or yacht is, the less expensive the premiums may be. That isn’t to say you should buy the slowest or biggest boat out there; instead, consider safety accessories like engine kill switches, speed governors and others when making your purchase.
- Choose the policy that fits your specific needs: Every boat or yacht insurance policy is not created equal – there are a wide range of coverage options available. Be sure to be specific with your agent about your watercraft, and be sure to choose a policy that protects your type of boat or yacht. After all, there’s no added protection for purchasing a yacht policy to cover your paddle boat or john boat.
- Extend your off season: Your provider most likely offers rate reductions while your watercraft is in storage during the off season. To reduce your premiums over the year, consider leaving your boat in storage or dry dock for an extra week or two at the beginning and end of the peak season.
- Seek training: The more knowledge and experience you have at the helm of a boat, the safer you are likely to be. Insurance companies recognize this fact, and may offer discounts to individuals who complete qualifying boater education classes. Speak to your agent for advice on classes in the area that could help you save on your premiums.
Are you interested in learning more about how you can cut your boat or yacht insurance costs? Contact our Savannah and Atlanta agents to discuss your options and to review available policies and savings strategies.