How to Get the Best Deal on Boat Insurance
Boat insurance is a smart way to protect your investment and enjoy peace of mind on the water. However, boat insurance can also be expensive and confusing, especially if you don’t know what to look for. In this article, we will show you how to get the best deal on boat insurance by comparing different types of coverage, shopping around for quotes, and taking advantage of discounts and savings opportunities.
Types of Boat Insurance Coverage
The first step to getting the best deal on boat insurance is to understand the different types of coverage available and how they affect your premium and claim payout. There are three main types of boat insurance coverage:
- Agreed Hull Value: This type of coverage pays you the agreed value of your boat when you buy the policy in the event of a total loss. It also replaces parts “new for old” without depreciation. This is the best type of coverage for your boat, engine, and gear, but it also comes with a higher premium. Agreed hull value coverage is available for all boat types, excluding personal watercraft (PWC).
- Actual Cash Value: This type of coverage pays you the current market value of your boat in the event of a total loss. It also deducts depreciation from the parts replacement cost. This type of coverage lowers your premium, but it also reduces your claim payout. Actual cash value coverage is recommended for smaller boats, PWCs, and boats without a lien holder.
- Liability Only: This type of coverage provides essential liability protection to pay for damages and injuries you cause to others if you hit another boat, person, or dock. It also covers salvage and wreck removal costs. This type of coverage does not cover any damage to your own boat. This is the lowest cost type of coverage, but it also exposes you to more financial risk. Liability only coverage is available for boats with no lien holder.
To get the best deal on boat insurance, you need to choose the type of coverage that suits your needs and budget. You can also customize your policy with add-on options such as medical payments, towing assistance, uninsured boater protection, and more.
How to Compare Boat Insurance Quotes
The next step to getting the best deal on boat insurance is to shop around for quotes from different providers. Boat insurance rates vary depending on many factors such as your boat size, age, use, location, etc. Therefore, it is important to compare quotes from multiple sources to find the best price and value.
There are several ways to get boat insurance quotes:
- Online: You can get instant quotes online from various websites such as GEICO, BoatUS, or ConsumersAdvocate.org. These websites allow you to enter your boat details and personal information and get a quote in minutes. You can also compare different policies and coverage options online.
- Phone: You can call different boat insurance companies or agents and get quotes over the phone. This may take longer than online, but it also gives you a chance to ask questions and negotiate discounts.
- In-person: You can visit a local boat insurance office or broker and get quotes in person. This may be the most time-consuming option, but it also allows you to build a personal relationship with your provider and get expert advice.
When comparing boat insurance quotes, make sure to compare apples to apples. That means comparing the same type and amount of coverage, deductibles, limits, and exclusions. Also, check the reputation and customer service of each provider before making a decision.
How to Save Money on Boat Insurance
The final step to getting the best deal on boat insurance is to take advantage of discounts and savings opportunities that can lower your premium. Here are some tips on how to save money on boat insurance:
- Bundle your policies: You can save money by bundling your boat insurance with other policies such as auto, home, or life insurance from the same provider.
- Take a boating safety course: You can get a discount by completing a boating safety course from an approved organization such as the US Coast Guard Auxiliary or the US Power Squadrons.
- Install safety and security features: You can get a discount by installing safety and security features on your boat such as fire extinguishers, alarms, GPS, etc.
- Pay in full: You can save money by paying your annual premium in full rather than in monthly installments.
- Choose a higher deductible: You can lower your premium by choosing a higher deductible, which is the amount you pay out of pocket before your insurance kicks in. However, make sure you can afford to pay the deductible in case of a claim.
- Store your boat safely: You can reduce your risk of theft, vandalism, or damage by storing your boat in a secure location such as a marina, garage, or shed.
- Use your boat less: You can save money by using your boat less frequently or only during certain seasons. Some providers offer discounts for low-mileage or lay-up periods.
Boat insurance is a smart way to protect your investment and enjoy peace of mind on the water. However, boat insurance can also be expensive and confusing, especially if you don’t know what to look for. To get the best deal on boat insurance, you need to:
- Choose the right type of coverage: Compare agreed hull value, actual cash value, and liability only coverage and choose the one that suits your needs and budget.
- Shop around for quotes: Compare quotes from different providers online, over the phone, or in person and make sure to compare apples to apples.
- Take advantage of discounts and savings opportunities: Save money by bundling your policies, taking a boating safety course, installing safety and security features, paying in full, choosing a higher deductible, storing your boat safely, and using your boat less.
By following these steps, you can get the best deal on boat insurance and enjoy your boating adventures with confidence.