Buying your own boat can provide you and your family with countless hours of enjoyment and memories. Unfortunately, buying your own boat will also come with the need to find room in your monthly budget for the cost of boat insurance coverage. The good news is that you can help to keep these costs to a minimum by using the three money-saving tips outlined below.
Money Saving Tip #1: Always Take Advantage Of Lay Up Insurance During The Off-Season
Unless you are lucky enough to live in an area that allows you to use your boat all year round, you will likely need to store your boat during the winter months. You can save quite a bit of money on your boat insurance coverage by choosing to utilize lay-up coverage during this off-season. Lay-up coverage will provide you with the basic coverage you need in case your boat was to be damaged while it is in storage. However, since you will not require as much coverage while your boat is not in use, this lay-up coverage comes at a much lower price.
Money Saving Tip #2: Limit Your Coverage Area
Unlike car insurance which covers you no matter where you take your vehicle, boat insurance requires you to declare a nautical coverage area. Many people are tempted to purchase policies with a wide nautical coverage area to ensure they are covered no matter where they choose to take their boat. While this may seem like a good idea at first, it will often result in you paying much more for boat insurance than is necessary. This is because most people take their boat out in a rather limited area. Choosing to limit your coverage area will result in lower monthly premiums while still providing you with the coverage to utilize your boat just as you normally would. In the event you do choose to travel outside of your coverage area, simply contact your insurance company to purchase additional coverage for the specific trip you are planning.
Money Saving Tip #3: Make Investments In Safety Equipment And Safety Courses
Investing in safety equipment and safety courses will not only help to keep everyone on board your boat safe, but it can also help you to pay less for the boat insurance coverage that you require. This is because most insurance providers will offer discounts to boat owners who can provide documentation of safety equipment on their boat. Discounts are also offered when providing proof of completion for an approved safety course.
For more information on boat insurance, contact a professional near you.Share