5 Ways to save on boat insurance

boat insurance

Owning a boat is one of life’s great pleasures. Whether you’re taking your boat on a lake, river, or out on the Atlantic, there’s just something about having the freedom to travel over water that feels like a million bucks. While owning a boat can be expensive, fortunately, your boat insurance doesn’t have to be. Here are 5 ways to save on your boat insurance so you can enjoy the water without busting your budget.

1. Get a marine survey 

A marine survey is an assessment of the true value of your boat. A marine survey will determine the value of your boat based on its age, model and condition. You can expect to pay between $18-$25 per foot for the survey itself, which will include an out-of-water inspection, a test of all the systems onboard your boat, and an in-water trial. Knowing the actual value of your boat can help you save money by buying only the amount of insurance you need.

2. Compare rates at different companies 

The cost of boat insurance in South Carolina can vary widely from company to company, so it’s a good idea to compare rates. While you can compare rates of boat insurance online, the numbers you get from online calculators are famously unreliable because they don’t take into account all the factors that determine your insurance premiums. If you’d like to compare the rates of lots of different boat insurance carriers at once without spending hours on the phone, give us a call. We can give you accurate numbers for several different boat insurance carriers in South Carolina in just a few minutes with no strings attached.

3. Take a boating course 

Insurance premiums are all about risk. The less risk you are to an insurance company, the lower your premiums will be. Most marine insurance carriers offer discounts to boaters who take boating courses to increase their expertise on the water.

4. Outfit your boat for safety 

You can lower the chance that you’ll need to file a boat insurance claim by increasing the amount of safety equipment on your boat. Invest in life jackets, life rafts, fire extinguishers, sound and visual signaling devices, emergency kits, a first aid kit, and extra bilge pipes. This extra investment in safety can lower your insurance premiums.

5. Consider where you go on your boat  

The smaller the area that you usually use your boat, the lower your premiums may be. For example, if you tend to go fishing on the same lake every weekend, you’ll probably pay less than someone who is using their boat to travel from state to state along the coast. Talk to your insurance agent about the area where you most often take your boat, and you may save money on your premiums. Keep in mind that you don’t have to stay in your navigational territory forever. If you want to take a longer trip, just call your insurance agent and let them know. You may be required to buy a short policy just for that trip.

Want to find affordable boat insurance in South Carolina? 

Edwards Insurance Agency in Taylors, S.C. helps boaters all over our beautiful state of South Carolina find boat insurance that keeps them on the water for the lowest price. Give us a call today!