4 Simple Ways to Lower Your Boat Insurance Premium

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Boating is a treasured past-time for many people around the world, but it also can be rather expensive. Whether you have a speed boat, a cruiser, a yacht or another type of vessel, you may feel like you are paying a small fortune for the pleasure of owning and using your boat. After all, boating costs include everything from your monthly loan payment to marina and fuel expenses and more. Boating insurance is also another expense that you are responsible for, and the good news is that there are a few steps you can take to reduce the amount of your boaters insurance premium. Consider reviewing these ideas in greater detail to determine if they apply to you, and take advantage of the savings they offer.

Adjust Your Boaters Insurance Deductible
You may not realize it, but you have control over your deductible amount to a degree. You simply have to contact your boaters insurance representative to discuss and initiate a change in the deductible. Generally, lowering the deductible will increase the premium, and raising the deductible will lower the premium. Since you only pay the deductible when you file a claim, it may make sense to raise the deductible to enjoy the regular savings in the premium. However, remember to keep the deductible affordable for you to pay in the event you need to file a claim.

Adjust Your Boat Hull Value
Your boat’s hull value has a direct impact on the deductible. This value does not hold steady, and in most cases, a boat’s value will depreciate over time. If it has been several years since you last updated the hull value on your insurance policy, now may be a great time to learn more about the boat’s value. If you discover that your hull value has decreased, discuss changing the hull value with your agent for great savings on your premium.

Narrow Down Your Boating Area
Most boat insurance policies cover your activities for a defined area. Some are localized to a specific body of water, such as a lake, and others are regional or international policies. If your policy coverage area is too broad, you may be paying for more coverage than necessary.

Take a Boat Safety Course
Another great way to lower your premium on your boaters insurance policy is to take a boating safety course. This is not an option with all policies, so check with your insurance company about this option as well as the type of safety course that will generate the discount. Keep in mind that some insurance companies allow you to take the course again after a certain period of time to maintain the discount.

It is easy to grow weary of paying high boaters insurance premiums, but thankfully there are steps that you can take to reduce your premium cost. You can reach out to your insurance agent today to discuss some of these ideas with him or her and to learn about additional savings that may be available through your insurance provider.