5 Ways to Save on Boat Insurance Premiums

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It’s summertime. A time to take a step back from a face paced city life, take a boat ride, swim in warm lake waters, and enjoy tanning on your dock. But even with all these fun activities, the cost of owning a boat keeps rising. Maintenance, fuel, and even insurance is going up each year.

At Insure My Cottage, many of our clients are facing these issues. While maintenance and fuel costs are out of our control, we strive to look for ways to help our clients save on their boat insurance. In this article, I discuss five of these ways.

  1. Save by using your insurance broker as a one-stop-shop for all your insurance policies.

Packaging your insurance policies together can help to save as much as 40% of the total costs to insure your boat. This can be done by combining marine insurance with your auto policy and even your home policy. Insurance companies tend to give discounts to loyal customers. When we look at your boat policy, let us also take a look at your other insurance policies to see how we can save you as much as possible.

save boat insurance

  1. Shop around.

Before making any decision towards purchasing an insurance product, it’s essential to compare what the different insurers are offering and the level of coverage. Different insurers may even price the same coverage at drastically different rates. That’s because they each assess risk differently. Our brokers have years of experience working with over 40 insurers. You spend your time on your boat and let us shop your policy around.

  1. Get a survey done for your older boats.

It is recommended to get a survey done on your boat if it is more than ten years old. Some insurance companies may even request it as a prerequisite to ensure they have the exact value before providing you with a quote. For the surveyor to carry out a proper survey, they may request that the boat is out of the water. The survey will ensure you that you have the proper coverage for your boat. If you need a survey, contact us and we can point you in the right direction.

  1. Deal with marine insurance specialist.

An insurance broker who is an expert in marine and boating insurance is critical as they understand the factors that impact your premiums. They also understand which insurers are more likely to provide optimal coverage at the right price.

  1. Review your deductibles on a periodic basis.

Many clients come to us because they get hit with a high deductible as they were unaware of the coverage of their existing policy. All things equal, the smaller the deductible, the higher the premium. There is a fine balance between a small deductible and large deductible. Your insurance broker can explain how the deductible will impact your premiums for your specific boat. This will allow you to make an informed decision and prevent any surprises down the road.

Our team of professional insurance brokers at Insure My Cottage will help you obtain optimal insurance coverage for your boat. Do not hesitate to send us a message, give us a call, or fill out our quote form and will be happy to help!

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