Owning luxury items such as a boat can be costly before you even touch on the topic of purchasing insurance coverage. Thankfully, there are some steps that you can take to help keep the cost of your boat insurance to a minimum. Read on to learn more about five of the ways that you can help to lower your boat insurance premiums.
1. Get A Marine Survey
A marine survey allows you to know exactly how much your boat is actually worth at the time the survey is completed. This information can help you to customize your boat insurance policy to ensure you have adequate coverage while also ensuring that you are not paying for more coverage than you truly need.
2. Limit Your Navigational Area
When purchasing a boat insurance policy, your coverage will extend only to the navigational area listed in the policy. The bigger the navigational area is, the more your boat insurance is going to cost. If you routinely take your boat out only in a relatively small area, narrowing down the navigational area that your policy covers can help you to secure much lower premiums.
3. Invest In Safety Equipment
The safer you are while out on the water, the lower the risk is that something will happen that requires you to file a claim against your boat insurance. This is precisely why many insurance carriers are willing to offer you a discount if you can provide documentation showing that you have specific safety equipment onboard your vessel. This safety equipment includes things such as life jackets, life rafts, and personal location beacons.
4. Complete A Boating Course
Unlike driving a standard vehicle on the road, there are typically no requirements when it comes to education or licensing before you are legally able to drive a boat. For this reason, insurance companies can have a difficult time assessing just how high of a risk they are taking by insuring a particular driver. Completing a boating course will demonstrate to insurance companies that you have the necessary knowledge to operate your vessel safely and are therefore a relatively low insurance risk. This will inevitably equate to lower boat insurance premiums.
5. Maintain A Good Driving Record
Your driving habits on the road can actually impact how much you pay for coverage when out on the water as well. This is because many insurance companies assume that if you are irresponsible when operating your vehicle, you will behave in a similar manner when operating your boat. Consequently, maintaining a good driving record can help you to score lower boat insurance premiums.
Share15 October 2021
Ten years ago, I married my best friend in a beautiful, intimate ceremony. My husband and I have been nearly inseparable and we’ve enjoyed this special time in our lives where it has been just the two of us. However, we’re finally ready to have a baby. Because I only work part-time, my husband is the primary financial provider in the family. If something ever happened to him, I wouldn’t be able to instantly support myself and a child. Because my husband worries about an uncertain future, he is considering purchasing a larger life insurance policy. On this blog, I hope you will discover the best types of life insurance policies for young parents to invest in. Enjoy!
