On average, boat insurance costs between $200 and $500 per year. While that leads to a monthly cost of around $17 to $42 – which many people feel is manageable – finding ways to save on boat insurance is a common priority.
Fortunately, there’s plenty that boat owners can do to reduce their monthly premiums. Here’s a look at four ways to get a good deal on boat insurance.
Taking Advantage of Safety Discounts
Most insurers offer discounts to boat owners and operators who participate in boating safety courses. These classes help ensure that those driving boats know how to do so safely. Additionally, many of the programs contain other helpful information about maintenance, how to act during emergencies, and other topics that improve safety on the water.
If you’re looking for boating safety courses that might secure you a discount, speak with your insurer about classes they consider eligible for discounts. You can also check the National Association of State Boating Law Administrators website for details about courses – both in-person and online – that potentially qualify.
Choosing the Right Type of Boat
When you’re insuring a boat, its value matters. Similarly, the type of boat can impact repair or replacement costs. By choosing a less expensive watercraft, your insurance rates will likely be lower than if you choose an expensive model.
In some cases, the make and model also play a role. Boats with solid track records and lower repair costs usually come with lower insurance premiums than boats with questionable records and expensive parts.
Another factor to consider is speed. Usually, the higher the potential top speed of a boat is, the more expensive that boat is to insure. Along with potentially being harder to control, the damage that can occur at high speeds typically exceeds what’s possible at lower speeds. Going with slower boats, therefore, often leads to lower premiums.
Boating Safely
Operating a watercraft safely can help keep your boating insurance costs down. Just as with other types of vehicle insurance, previous accidents, traffic citations, and similar incidents lead to higher premiums. Primarily, that’s because a history of poor driving habits increases risk in the eyes of insurers, as they may view you as more likely to violate laws or have accidents again.
By boating safely and following all related boat-operation laws, you can maintain a clean record. In turn, you’re less of a risk to insurers, which leads to lower premiums.
Winterizing Your Boat
Winterizing your boat during off seasons can help reduce your insurance premiums. When properly winterized, boats are less susceptible to damage caused by freezing temperatures.
With winterizing, any water in the piping and certain components and surfaces is removed. In piping and specific systems, water is potentially replaced with antifreeze. That portion of the process ensures that pipes and some other components don’t freeze and burst. Winterization can also include corrosion protection for specific parts, such as the engine, and fuel stabilization.
Winterizing your boat often reduces risk in the eyes of insurers. As a result, they’ll usually offer a lower premium rate since your watercraft isn’t as susceptible to specific kinds of damage caused by winter weather conditions.
