disastrous affray: How to Save on Boat Insurance

Boating is fun. There?s no getting around it. Those who love to hop into a boat for a day on the open water would rather be doing that than almost anything else. It is a pastime that seems to grow in popularity despite the cost that?s involved in owning and operating a boat. In addition to the cost of fuel, dock space, and other associated expenses, boaters must also pay for insurance. Following are a few tips on how to save money on boat insurance.

What Is Boat Insurance?

Like other forms of insurance, boat insurance protects you against unanticipated financial problems that may come up. It covers you if you?re involved in an accident, or if your boat is stolen or vandalized. Boat insurance will also give you financial protection if another person is injured while on your boat or if your boat causes damage to other people?s property.

Coverage Varies

The type and amount of boat insurance coverage varies a lot depending on the type of boat you have, how big the boat is, and what it?s used for. The larger your boat, the more it will cost to insure it. Sports-oriented boats will cost more, and boats that are used commercially will have additional insurance costs.

Multiple Boats

If you have more than one boat, you should insure all of them under one policy. This includes power boats, sailboats, and personal watercraft. You can save even more money if you combine your boat insurance with other vehicle policies, such as automobile or motorcycle insurance.

Safe Boating Course

Another way to save money on boat insurance is to take a safe boating course. Completing this course will let your insurance agent know that you?re qualified to operate the boat safely. If you allow other people to operate the boat, you will have to include them on the policy, and they should also take a safe boating course in order to help keep insurance costs down.

Avoid Insuring Young Operators

In order to keep your insurance costs down, you shouldn?t allow youngsters to operate the boat. Inexperienced operators are viewed as potentially prone to making errors that could end up damaging the boat, or injuring someone. If you don?t let young people operate the boat, you won?t have to claim them on your insurance policy, which will help keep costs down. By having only experienced operators listed on your insurance policy, you will get the best rates possible.

High Deductibles

As is the case with other types of insurance, you will be able to enjoy lower premiums if you carry high deductibles. Each boat you insure will carry a deductible, so you should be prepared in the event you have to file a claim by having the cash on hand to pay the deductible. Keep in mind that the insurance company won?t issue a check until the deductible is paid. A good way to make sure you have money available to pay the deductible on a claim is to open a savings account and earmark it for emergency use only. If you deposit money into the account on a regular basis, you will be assured to have money available to pay deductibles?and if you never have to file a claim the money will continue to draw interest.

Vandalism and Theft

If you want to lower the cost of insuring your boat against vandalism and theft, you should make sure you dock or store it in a secure area. The best way to keep your insurance costs low is to store the boat on your own property, preferably inside a garage or storage shed. If it is damaged or stolen while on your property, the damage or loss may be covered by your homeowner?s policy. Check with your insurance agent for details on whether it would be covered, or not.

Shop Around

Before you take out a policy on your boat, you should do a little shopping. Go on the Internet and get some quotes from online insurance companies. Use these quotes for comparison when you begin calling the more traditional brick and mortar agencies. Don?t forget to run those quotes past the agent you presently deal with?they may be willing to meet or beat the best price you?ve been quoted in order to keep your business.

Guest post from Tracy Sheldon. Tracy writes for BoatInsurance.org.

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