You’ve always dreamed of owning a boat; setting sail on the open water, feeling the breeze blow through your hair, and smelling that fresh salt water.
Now your dream is about to come true! You have finally taken the plunge and purchased your very own boat! Fun on the water awaits you and your loved ones; however, before you hoist the anchor, you have to make sure you take care of all of the practicalities – like the need to get a boat insurance policy.
Like auto insurance, boat insurance will protect you in the event of an accident or an act of nature. For example, should a storm blow in and destroy your boat, your boaters insurance policy will help to cover the cost of repairing or replacing your boat.
Also like homeowner’s insurance, you want to make sure that you are getting the best rate possible on your boat insurance. How can you get the lowest rate possible? Here are some tips to help you keep the cost down.
Take a Boater Safety Course
Take a boater safety course to lower your watercraft insurance rates. By taking one of these courses, you will learn valuable information that will help you stay as safe as possible while you’re out on the water. Upon completion of a boater safety course, your insurance company will likely lower your rates because you will be viewed as a safer boater.
Opt for the Highest Deductible You Can Afford
While you will pay more money out of pocket if you do file a claim, you’ll pay lower premiums monthly. Over the span of several months or even years, a higher deductible will mean greater savings in the long run.
Make Sure Your Boat is Safe
Of course, you want to make sure your boat is safe for your wellbeing and the wellbeing of anyone else you are boating with, which means ensuring your boat is as safe as possible. However, improving the safety of your boat can also mean lower insurance rates. For instance, if you have life vests and a fire extinguisher that are approved by the US Coast Guard on board your vessel, you’ll pay lower rates than you would if your vests and fire extinguisher were not Coast Guard approved.
By taking the above-mentioned measures into consideration, you may be able to enjoy lower rates on your boater’s insurance policy.
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