If you are like most boat owners, you take great pride in your keeping your boat in top condition. You love the feeling of being on the water. Whether you like the solitude and peacefulness of fishing on the lake or you enjoy spending the day tubing with friends, your boat is the centerpiece of any ideal day. You know it is important to protect your boat with insurance, but you want to make sure that it doesn't cost you an arm and a leg. After all, you probably would like to have more money to spend on the newest boating accessories.
So, what are some ways to get the protection you need at a price you can afford? Your first action should be to shop around. There are many companies that offer boat insurance. Most insurance companies make comparing prices easy by letting you get an instant quote online. When you spend just an hour or two checking out different companies, you could end up savings hundreds on your annual insurance premiums.
Another great idea for saving on your insurance costs is to get a bundled rate. You most likely own a car, so by getting insurance on your car and your boat through one company you will get a discount on the rates for both. The more you can add to the bundle, the deeper the discounts. If you own a home, attaching its insurance with the boat and the car will result in significant savings on your premiums.
You should also consider increasing the deductible on your boat insurance. The deductible is the amount you are responsible for paying should you make a claim. Any amount above the deductible level will be paid by the insurance company. When you increase the deductible on your policy, you are taking on more risk. However, as your risk goes up, the premium will go down. If you decide to increase your deductible, be sure to have enough money in your savings to cover this amount just in case you should have to place a claim.
One of the best ways to keep a lowered rate is not to have to make a claim. Most insurance companies give discounts for claim-free policy holders. So, use your boat responsibly and store it in a safe area. Don't leave valuables on your boat where they can be easily taken. Of course, never operate your boat while you are under the influence of drugs or alcohol.
If you are smart, shop around, combine your insurance and are careful with your boat, you could achieve considerable savings on your boat insurance.