8 Ways To Cut Boat Insurance Costs
By Insure.com
As an insurance agent I am often asked by phone and at the boat shows, how can I reduce my boat insurance costs? Lets look at some ways:

1.Check the limit on your boat policy. Does it reflect the current value, not what you paid 4 years ago? Are you over-insuring your boat?

2.Check your deductible. Ask for the savings of the next higher deductible. Many boaters don't want to turn in small claims anyway. Do you see your policy as a "back up" for the big things like hurricane or theft? why pay extra for small/low deductible?

3.Do you want to pay for extras? Towing and personal property may be double insured, covered by homeowners policy or a towing service.

4.Check territory on policy- make sure your policy reflects where the boat is stored and used. If it is a bass boat make sure you are getting the inland rates, not coastal. If you go offshore what is the mileage limit. I have seen policies with 3 mile off coast limit- no coverage after 3 miles.

5.Discounts. Have you taken or could you take a boat safety course that would save you $. The courses are low cost- many companies give 10% discount!

6.Discounts. Will Insurance carrier give a multi policy discount for having other lines of insurance with them like automobile, home or life?

7.Discounts. Could a low cost fire extinguisher be installed (even on sailboat) that would give discount? Alarms, VHF - ask what discounts are available, it varies by company.

8.Shop. Most agencies have one lead company they use. Check several companies (try at least 3)for second opinion. Try some independent and direct companies and confirm quotes in writing. You will probably be shocked by the difference between the premiums offered on the same boat!

Source: Insurance Information Institute, National Association of Insurance Commissioners, About.com