Blog

Oct
24
7 Ways to Save Money on Boat Insurance

7 Ways to Save Money on Boat InsuranceBoating can be an expensive hobby, but there are plenty of ways to cut back on costs. You can trade in your old boat for a discount on a new one, keep your gear well-maintained so it doesn’t break or wear out as quickly and take steps to receive discounts on your boat insurance. Here are seven ways to you may be able to save on boat insurance.

  1. Find out if actual cash value or agreed value is better for you. An agreed value policy is more expensive since it provides you with a certain level of coverage that is not dependent on depreciation; but for some, this policy might provide more value if you need to make a claim on your boat insurance. Your insurance agent can help you determine which policy is right for your situation.

  2. Ask for a safe boater discount. Many insurance providers are willing to offer a discount if you’ve completed a course on safe boating that’s offered by your state or the US Coast Guard Auxiliary. Find out how often you must retake the course to remain eligible for the savings and plan it into your schedule.

  3. Bundle your insurance policies. Most insurance providers offer discounts if you have multiple policies with them. Not only will this save you cash, but you also get the ease of dealing with only one provider, which makes life simpler when you need to file a claim or turn in paperwork.

  4. Ask if your membership in a boating club entitles you to a discount. Sometimes you can get discounts by being a member of an organization; it never hurts to ask and you could be pleasantly surprised.

  5. Improve your credit. What does your credit score have to do with your boat? Insurance providers have found that people with lower credit scores are more likely to make more claims. Paying off your bad debts and getting current with credit cards and bills aids in boosting your credit score.

  6. Opt for yearly payments. Sending in an annual payment not only simplifies your financial life, but it reduces administrative tasks for your insurance provider and yourself. For this, you may receive a small discount.

  7. Add safety gear and devices to your boat. As a responsible boat owner, you likely have all the necessities for safe boating. Adding extras that safeguard the people on your boat as well as the safety of your boat may net you savings on your insurance premiums.

No matter which boat insurance policy you end up with, always ask for discounts. They may not be offered upfront, but asking may earn you substantial savings.

Get a quote today. Call Huntington Pacific Insurance Agency at (800) 878-4742 for more information on Huntington Beach boat insurance.