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The wind in your hair, the sun on your face, and the smell of the salty air makes for a relaxing day. It’s why so many people who live near a body of water choose to purchase a boat. It’s one of life’s simplest pleasures to get out on the open water and feel the freedom a boat allows. It’s a great way to spend time in the great outdoors whether you prefer to spend your days on the boat fishing, swimming, or enjoying water sports with your loved ones. Boats are enjoyable, but they require comprehensive boat insurance to keep them up and running and to protect you from potential financial disaster. No one loves to shop for boat insurance, but it’s a bit easier to handle when you know there are discounts available to you.
Own A Home and A Boat
If you own your own home, try combining your home insurance and your boat insurance policies for a discount when you shop. Most every boat insurance agency in the country offers a multi-policy discount. It’s also referred to as a bundle on occasion. By placing your policies all with one company, you are able to save a bit of money on your boat insurance. You also save a bit on the other polices you bundle together. Ask your current insurer for this discount, and compare it to other companies who offer the same deal. The discount is as much as 20% in most cases.
It’s also imperative to know you can save as much as 10% on your boat insurance just for being a homeowner. You might not know this, but you don’t have to bundle your policies to take advantage of this discount. Bring it up while you shop, and let your insurance agent know you are aware of this substantial discount.
Take Some Classes
If you haven’t taken any boat safety classes, now is a good time to sign up for a few. These classes are available almost everywhere in the country, and they’re open to anyone who wants to learn more about boats and the safety and operation of them. Anyone who takes these classes and educates themselves on the best boating techniques and safety features can save another 5% on their boat insurance policy. Even if you don’t care about the savings, it’s a good idea to take these classes. It’s never a bad idea to learn more about being safe on the water. Your life depends on it.
Pay Your Premium Upfront
When shopping for Youi boat insurance, you can buy your policy upfront or you can stretch out the cost of the insurance over the course of six months to a year by paying monthly. It’s an option most people take, but it’s not the most affordable. It’s actually about 10% less expensive to pay those premiums all at once upfront. If you can pay every 6 months or every year, you can save a bundle on your boat insurance.
If you can’t pay your premium all at once, you can see if your insurance company offers a discount for making automatic payments each month. Many are happy to allow their customers as much as 5% off the cost of their bill if they choose to make their payments using an automatic draft rather than mailing a check or paying on their own each month.
Ask About Other Discounts
Not all insurance companies offer the same boat insurance discounts. Some offer most, and some offer others not mentioned here. Your job is to ask what discounts are available. The best way to handle this is to choose three or four insurance companies and find out what you can get as far as insurance through their policies.
Compare them with one another to see which plan offers the most coverage for the best value, and then ask each company which discounts they’re prepared to offer you. Factor in the discounts they have, and recalculate the premiums. This is sometimes the best way to choose a company to insure your boat, because you might not be aware of the specific discounts one company is offering that another company isn’t.
When shopping for insurance for your boat, remember a few important things.
– There are discounts available
– Where you live matters
– Your driving record matters
– The least expensive plan isn’t always the best plan
Choosing a plan solely because of the price is not always the best decision you can make. Many times it’s more cost-effective to choose the plan with the slightly higher premiums than the plans with the lowest rates. These plans typically have more to offer, better coverage, and more financial relief for boat owners in case something should happen when you’re on the water or when your boat is parked at home, on the road to the dock, or anywhere in between. Your boat is an expensive investment that requires specific coverage to protect you financially in case of an emergency.
The cost of car insurance
If you drive a car, even if you don’t own your own car, you need to have car insurance. What you pay for car insurance depends on a number of factors, some of which you can control and some of which you can’t. Here are some of the most common factors that affect how much you pay for car insurance.
Your driving record
One of the biggest factors in how much you pay for car insurance is your driving record. Insurance pricing is all about risk, so the more accidents and traffic tickets you have on your driving record, the bigger the risk to insure you. That means that in general, you will pay more for insurance than someone who has fewer tickets and accidents, assuming other factors are the same.
It’s a fact that younger people, especially teens, tend to pay higher car insurance rates than older people. This again goes back to risk. Research shows that young, inexperienced drivers are more likely to get into accidents. Young people also tend to take more risks, such as speeding or driving recklessly.
Women tend to pay lower car insurance with Youi rates than men, especially when they are younger. As with age, this is a function of risk. Young women tend to be more cautious drivers than young men, so they are less of a risk to insure, which leads to lower insurance rates.
The kind of car you drive
There is a misnomer that the bigger and more expensive your car is, the more it costs to insure. Many large SUVs are actually cheaper to insure because they are less likely to sustain major damage in a crash and their occupants are less likely to be injured. You are more likely to pay higher premiums on a smaller car, especially a sports car.
Where you live
The city in which you live can play a role in what you pay for insurance in a few ways. If you live somewhere where hail and tornadoes are common, you will pay more in insurance premiums than if you lived somewhere with less of a weather risk. Your car insurance premiums also may be higher if you live in a city with a high incidence of auto theft. And the specific location of your home also can affect your car insurance rates. If you have to park in an open area or if you commute far for work, you may see higher rates.
The type of insurance you have
The minimum amount of car insurance required is liability insurance, which will pay for damage you cause to property in an accident. Your insurance premium will be much cheaper if you just have liability insurance and will increase incrementally for each type of insurance coverage you add. Collision coverage pays for damage to your vehicle sustained in a crash that’s not covered by other insurance. Comprehensive coverage pays for damage to your car caused by weather, fire, theft and other non-collision causes. Carrying these or other types of coverage will cause your premiums to be higher.
Your deductible level
Your deductible is the amount of money you have to pay out of your own pocket on each claim before your car insurance coverage kicks in. The higher your deductible, the lower your premiums will be because the risk is lower for your insurer. Higher deductibles also typically mean fewer claims overall, which saves insurers money.
Your credit score
A little known factor in not just car insurance but other types of insurance as well is your credit score. Industry research shows that people with higher credit scores are more responsible, which means they are less likely to get speeding tickets or cause accidents. That makes them cheaper to insure. If you have a high credit score — typically in the mid- to high 700s — your car insurance premiums likely will be lower than for a comparable person with a lower score.
These are a few of the main factors that affect the cost of car insurance. Each insurer has different risk models that give more weight to some factors and less weight to others. The key is to understand that not all insurers are the same and that you need to shop around for your insurance to have the best chance to get the lowest-possible rates.