About Saving Money on Boat Insurance

Boat insurance protects owners of aquatic vehicles and personal watercraft in case of accidents or vandalism. It also covers boaters in case of liability for injury to other people or property. Boat insurance quotes vary by boat type, size, and how the boat is used. There are many ways to save on boat insurance premiums using the tips below.

The first thing is to learn your state's requirements for boat insurance. In most states, operators of sail boats, large fishing boats, and motorized watercraft must obtain personal injury liability insurance, at minimum. If you keep your boat at a marina or anywhere else outside your home, you will need insurance to cover property damage as well. Canoes, kayaks, and small rowboats do not need boat insurance.

To save money, insure all of the boats and personal watercraft in your household under a single policy. If you can insure them under the same policy as your other vehicles, that may reduce your rate even further.

Insist that all the boat operators take boating classes and obtain a boating license if applicable. This reduces the risk that you or your family members injure someone or damage another boat. In turn, this reduces your insurance premiums.

Only allow mature members of your household on the boat insurance policy. Insurers charge higher rates for young and inexperienced operators.

Choose the deductible carefully. For each boat and personal watercraft you insure, pick a deductible that is high enough to keep your premium low, but not so high that you don't get your money's worth in case you file a claim.

One way to settle on a deductible figure is to research common repairs and their average costs. For example, if damage to the hull is a common problem with your type of boat and the average cost of repair is $1000, then a reasonable deductible might be $500.

If you want coverage for vandalism, you can save money on your premium by storing your boat in a secure area, or at your home. If the boat is vandalized on your property, your property insurance may cover the damages. Read the terms of your other insurance policies to see where coverage may overlap. You can reduce your overall insurance costs by eliminating coverage that is redundant.

Shop around for the best boat insurance deals by comparing offers from many companies. See how the quotes change when you adjust the deductible, or add other vehicles. Keep in mind that you are not locked into an insurance contract for life, and you can always change your policy or company to get a better rate.

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