Now that winter is upon us, you’re likely not using your sailboat as often. This gives you an opportunity to see to a lot of the boat’s needs that may get overlooked during the summer. Reviewing your boat insurance coverage should be part of your yearly routine.
If your boat insurance seems like it has gotten a little pricey, you might wonder what you can do to reduce costs. Luckily, there are many cost savings that might benefit sailboat owners. Often, policyholders can take these steps without reducing their policy’s overall coverage. After all, you don’t want to sacrifice coverage for better costs.
Saving on Your Policy This Year
Before you start the 2018 sailing season, pull out your sailboat’s insurance policy. Some of your savings options might surprise you.
- Some boat insurers offer storage or lay-up coverage. While you don’t use your boat, many risks diminish. Your insurer might be able to temporarily to reduce portions of coverage that aren’t necessary during storage. This can often reduce a customer’s premium during storage periods.
- Verify that your insurance covers your specific vessel. Many people buy extensive coverage that they don’t realistically need. Your policy should reflect your boat’s value and liabilities. In other words, don’t insure a sailboat with a mega-yacht’s coverage.
- Consider adjusting your deductible. Raising your deductible might lessen the financial responsibility directed at your insurer. The insurer might therefore decrease your policy costs. However, don’t raise your deductible so much that you couldn’t afford to cover it in the event of a claim.
- Keep a clean boating record. Just like a traffic cop, you might encounter water police as well. Multiple boating violations could increase your policy costs.
- Many boaters enroll in boating safety courses to help them brush up on their skills. If you take one of these classes, tell your insurer. They might consider you safer and less of a risk to insure. They might offer a discount as a result.
- Adding safety enhancements to your boat may lower your risks of accidents and claims. For example, certain radio or tracking devices can help you keep better tabs on your location. Enhanced safety alarms might help keep passengers and crew safer. Your insurer might lower your premiums as a result of greater security.
As a last piece of advice, it is often a good idea to avoid repeated small claims boat policies. Frequent claims often lead to policy increases. Therefore, if you can cover any boat damages without filing a claim, it is often best to do so. For more information, contact one of our agents at 954-474-3387 or 888-537-1412, or explore our website.
Also check out: Boat Wreck Removal Insurance and Boat Insurance Contents Protection