Owning a boat can open up a whole new world of adventure and entertainment. Unfortunately, it can also open up a whole new world of monthly expenses as you must house, insure, and fuel your boat on a consistent basis. Thankfully, while you may not be able to avoid these costs altogether, you can have an impact on how much you pay for the upkeep of your boat by taking steps to lower the cost of your boat insurance. The three tips outlined below can help you to accomplish this goal.
Tip #1: Take A Boat Safety Course
Many marine insurance companies will offer discounts to boat owners who successfully complete a boat safety course. These courses can be found online, as well as being offered in traditional classroom settings at your local marina.
The discount that these courses will provide you will vary from one insurance company to the next. However, it is not uncommon for individuals to enjoy a discount of as much as 10% on their monthly premiums.
In most cases, the discount you receive after taking a safety course will only be valid for one year. Consequently, if you wish to continue enjoying your reduced rates, you will need to make a safety course part of your annual routine.
Tip #2: Place Your Boat Into Dry Dock During Extended Periods Of Inactivity
The risk of damage to your boat is significantly higher when it is in the water than when it is placed in dry dock. Consequently, your insurance rates will be higher any time that your boat is stored in the water. While paying these higher rates is realistic during the spring and summer seasons when your boat is being used on a regular basis, it is simply wasteful to pay these higher rates during the fall and winter seasons when your boat is not used for several months at a time. Choosing to place your boat into dry dock during this time will allow you to significantly decrease the cost of your monthly insurance premiums and will allow you to more than compensate for the months of the year in which you do pay higher premiums.
Tip #3: Take Advantage Of Bundle Policies
Many insurance companies will offer bundle discounts that reward customers who choose to purchase more than one policy from their company. These bundles will often allow you to save on not only your boat insurance, but your car, home, or life insurance as well. Best of all, the only thing you need to do in order to receive these discounts is to purchase the insurance policies that you already need.
The cost of keeping your boat on the water can be just as significant as the cost of keeping your primary vehicle on the road. Thankfully, with the use of the tips above, you can help to make your boat insurance more affordable and avoid the need to sideline this vessel in favor of more traditional expenses, such as car or home insurance. Contact an insurance company like Carnaghan Taylor Insurance to learn more about how to save on your boat insurance.Share