When the sun comes out, so do the boats. Just as dependently, when it grows too cold to handle gliding across the waters, boat-owners stow their boats until it’s warm again. Does this mean that your boat insurance goes down when you’re not using it?
Unfortunately, although you may use your boat less in the fall and winter seasons, you will likely pay the same amount for boat insurance as you do in the spring and summer. Insurance prices often change year to year, however, so be sure to review your policy every six to twelve months to make sure you aren’t paying too much.
It’s also important to note that your location has a heavy influence on boat insurance prices. In some areas, natural disasters like floods and hurricanes are more common, which may raise your prices even during the off season.
Although the season may not directly affect your boat insurance premiums, there are plenty of other ways to save money on boat insurance, such as:
You can often save money by bundling multiple policies with the same insurer. If you hold a home, auto and boat insurance policy all with the same provider, you can usually qualify for a discount.
Good Driver Discounts
Not getting into any accidents, motor vehicle or watercraft-wise, can earn you a substantial discount. Keep in mind that boat insurance premiums are calculated in part based on your driving record and claims history, so less claims generally mean more savings.
Pay in Full/Automatic Payments Discount
Some insurance providers offer discounts of a boat-owner pays their boat insurance in full instead of monthly premiums. Others offer discounts for automatic payments. Either way, an automatic draft can be beneficial, as it helps to prevent you from accidentally missing a payment and causing your rates to go up.
Safety Course Discount
Many states offer safety courses for drivers. If you show proof that you have completed a state approved safety course, you can earn a discount from your insurance provider.
It is always a good idea to look at the extra perks offered by a potential insurance provider. Accident forgiveness can be a huge way to save money. An insurance provider may offer both small and large accident forgiveness, which prevents your insurance rates from skyrocketing after an accident that causes extreme or small damage.
Also Read: How Much You Can Expect to Receive from a Boat Insurance Claim