5 ways to save on Boat Insurance

boats can be expensive

If you’re lucky enough to own a boat, you’re lucky enough. Owning a boat is a dream of so many, and if you’re reading this article, that means you’ve already achieved that dream. Congrats!

Boats are famously expensive to own (which is why they’re not a common purchase), from the original purchase price to repairs and maintenance, marina fees, and boat insurance. Fortunately, there are plenty of things you can do to pay less for your boat insurance.

  1. Get a marine survey 

A marine survey is a detailed inspection of your boat that can tell you its seaworthiness and market value. A survey can help you keep your boat insurance costs down by making sure you’re only insuring your boat for what it’s actually worth, and also to prove to your insurance company that your boat is unlikely to sink, catch fire, or experience other expensive disasters. When your boat is less of a risk to the insurance company, you may likely pay less in boat insurance premiums.

  1. Raise your deductible 

If you’re a safe boater with a good record, raising your deductible can be a good option to save money on your boat insurance. A higher deductible will lead to lower premiums and overall savings on your boat insurance.

  1. Take a boating safety course 

Many boat insurance companies will offer a discount for boat owners who take a boating safety course. Just like a defensive driving course, a boating safety course will teach you how to stay safer in the water, including how to read the weather, basic navigation and handling, avoiding accidents in the water and more. When you’re a better boater, you become less of a risk to your boat insurance company, and therefore, you’ll enjoy lower premiums.

  1. Invest in on-board safety items 

Boat insurance companies are likely to give you a safety discount when you have upgraded safety equipment onboard your boat. After all, the safer you and your passengers are, the less likely you’ll file a claim. Some items you may be able to purchase that can reduce your boat insurance premiums include:

  • Life jackets
  • Life rings
  • Fire extinguishers
  • Personal location beacons
  • Helmets
  • Signaling devices
  • High water alarms
  • Additional bilge pipes
  • First aid materials

Talk to your insurance company and see which items you can purchase and keep onboard that could lead to a safety discount.

  1. Let your insurance agent know about your layup period 

Though you shouldn’t let your boat insurance lapse while your boat is put away for the winter, you may be able to get a discount for the time that your boat is unused. Talk to your insurance agent, and you may be able to get credits for the time your boat is stored for the winter.

Want to know more about boat insurance? 

Edwards Insurance Agency in Taylors, S.C. helps boaters in North Carolina and South Carolina protect their boats so they can get out on the water with confidence. If you’ve got questions about boat insurance or would like to search for an affordable boat insurance policy that fits your needs, call us today.