While boating aficionados realize the importance of having a boat insurance policy, they are also concerned about the cost of their premiums.  For many of these individuals, this is something that gets paid for on an annual basis.  Unfortunately, many of them will take the time to review their policies and update them.  In most cases, they could lower the cost of their premiums by tailoring their policies to the way that their boats are being used.  So by taking a few minutes to review yours, you could be saving money in the long run.  Here are a few suggestions that may help accomplish that.

Consider minimum coverage – although this isn’t always the best decision, a liability-only policy will save you additional money and still cover you against any 3rd party damages should you get into an accident on the water.  However, this coverage won’t protect you against damages to your vessel or a total loss of it.  Another disadvantage is that a minimum coverage policy will not cover any salvage costs should your boat sink while in the slip.

Enroll in a boater’s safety course – there are more benefits to this than not becoming an accident statistic.  For instance, it could get you a 10% discount off the cost of your boat insurance premium.

If you take a break it could save you money – if your boat is not going to be used for an extended period of time (usually a year or longer), it may qualify for a lower policy premium rate.  This is commonly referred to as “port risk.”

Lower your hull value – the cost of your boat insurance policies may be based on a specific value that your agent and you agreed on.  This is commonly referred to as “agreed hull value” and is the dollar amount you’d get paid should you incur a total loss.  Since boats depreciate in value like vehicles do, you should take advantage of this and update the hull value of your vessel.

Raise your deductible – It is the amount you are required to pay, much before the insurance company pays on a claim.  The general rule of thumb is the higher the deductible, the lower the cost of your premium.  However, it means that you will have to pay a higher amount before your insurer pays on any claim you file.

Sign up for certain memberships – you could apply for membership in the Coast Guard Auxiliary or US Power Squadrons and earn 10% off the cost of your boat insurance policy premium.

Your cruising area could save you money – if you’re insured for cruising up and down the eastern seaboard but you never leave your local waters, there’s a chance you could save money on your policy by only covering you in your cruising area.

Call 1-800-585-1665 today to request a quote from InsureAnyBoat.com