If you’re a boat owner, you may or may not know how important it is to have boat insurance. Many people aren’t fond of the idea of another expense, but this coverage can be well worth it.
Why Do You Need Boat Insurance?
If you own a home that’s protected with home insurance, your boat may only have minimal coverage (if any at all). The best way to protect your vessel is with a boat insurance policy. It’s a policy that acts as a combination of both home and auto insurance, designed to protect a watercraft and its accessories. It covers you for liability if someone is injured, along with property damage. Now that you know what it does, knowing how to save money on boat insurance helps you get the most bang for your buck.
Tips for Saving on Boat Insurance
There are a few things you can do to better your chances of saving on your boat insurance policy:
- Get the correct classification: There are numerous types of boats and designations. It’s important to work with an independent insurance agent to make sure yours is classified correctly so you don’t pay for extra coverage, or to avoid not having enough coverage. Your premium should be based on the size, purpose and capabilities of the vessel.
- Seek discounts: The off-season is a perfect time to look for discounts. If you live in an area where you don’t use your boat during certain times of the year, you may qualify for something called a “lay-up” period, during which your premiums are reduced.
- Take a class: Insurance providers appreciate when their customers are proactive and take boating safety classes. There are a number of places that offer classes, such as the U.S. Coast Guard, that can give you extra discounts to reward your dedication to safety practices.
- Enhance your boat: Having a number of safety features on your boat can get you tremendous discounts with your insurer. Extra features that can assist in ensuring the safety of your passengers and boat can go a long way toward better premiums.
- Use the same insurer: Using the same insurer as your auto policy can also provide a discounted rate, especially if you are designated as a safe driver.
These are just a few ways you can reduce your boat insurance premiums and exercise safety on the water. Work with your agent to get the best rates that will meet your budget and your needs.
How much can you save? Call Insurance Planning Service at (734) 421-9900 for more information on Michigan boat insurance.