How to Save Money on Boat Insurance

Boat insurance will protect owners of water vehicles and personal watercraft in case of accidents or vandalism, and also covers boaters in case of liability for injury to other people or property. Boat insurance quotes vary by boat type, size, and how the boat is used. If you want to save money on boat insurance, read below.

Instructions

1. Find out your state's requirements for boat insurance. In most states, operators of sail boats, large fishing boats, and motorized watercraft will need some kind of personal injury liability insurance at a minimum. If you keep your boat at a marina or anywhere else outside your home, you will need insurance to cover property damage as well. Canoes, kayaks, and small rowboats do not need vehicle insurance.

2. Insure all your boats and personal watercraft in your household under one policy. If you can insure them under the same policy as your cars, that may reduce your rate even further.

3. Know that liability coverage protects you incase you damage a dock or another boat, or injure a swimmer, skier, or other person on your boat. One way to reduce your risk (and therefore your premiums) is to make sure that all operators take boating classes.

4. Also, only register mature boat operators on your boat insurance policy. Companies charge higher rates for young and inexperienced drivers/operators.

5. Choose the deductible carefully. For each boat and personal watercraft your insure, pick a deductible that is high enough to keep your premium low, but not so high that you don't get your money's worth in case you file a claim.

   One way to settle on a deductible figure is to research common repairs and their average costs. For example, if damage to the hull is a common problem with your type of boat and the average cost of repair is $1000, then a reasonable deductible might be $500.

6. If you want coverage for vandalism, you can save money on your premium by storing your boat in a secure area, or at your home. If the boat is vandalized on your property, your property insurance may cover the damages. Read the terms of your other insurance policies to see where coverage may overlap.

7. Shop around for the best boat insurance deals by comparing offers from many companies. See how the quotes change when you adjust the deductible, or add other vehicles.