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.