Top Tips to Save on Boat Insurance

November 8, 2023 | by admin

You need the right boat insurance to protect your investment, but you also want to save on how much you pay.

You also want to get the right coverage at the right value for you, while keeping you and your passengers safe.

Here are some tips to show you how to save on boat insurance:

Understanding the basics of boat insurance

Boat insurance is similar to car insurance in that it offers protection in case of accidents, theft, or other unforeseen events, but it's tailored to the unique risks and needs associated with boating.

For more information on what boat insurance includes, you can refer to Western Financial Group’s: What Does Boat Insurance Include and Do You Need It in Canada

Tips for saving on boat insurance

1. Shop around for the best quotes

Just like with any type of insurance, shopping around is crucial to finding the best deal. Different insurance providers offer varying rates and coverage options, so it's essential to obtain quotes from multiple insurers.

Letting an experienced broker like Western compare quotes will help you find the best coverage at a competitive price and save you time in the process.

2. Bundle Your insurance policies

Many insurance companies offer discounts to customers who bundle their boat insurance with other policies, such as auto or home insurance. Bundling can lead to significant savings, so inquire with your current insurance provider about this option. Ask your Western boat insurance expert about bundling.

3. Maintain a clean boating record

Your boating record plays a significant role in determining your insurance rate. Avoid accidents and violations on the water to keep your record clean. Completing a boating safety course can not only improve your skills but also result in insurance discounts.

4. Choose the right boat

Before purchasing a boat, consider the potential insurance costs. Smaller boats with lower values often come with lower premiums. Additionally, the type of boat, its age, and its safety features can all impact insurance rates. Make an informed choice that aligns with your budget and insurance goals.

5. Opt for a higher deductible

If you're comfortable with assuming more financial responsibility in case of a claim, opting for a higher deductible can reduce your insurance premium. Be sure to have the means to cover the deductible should the need arise.

6. Install safety features

Investing in safety features for your boat not only enhances your security on the water but also reduces insurance costs. Consider adding features such as GPS navigation, anti-theft devices, and fire extinguishers. Safety enhancements demonstrate your commitment to risk mitigation.

7. Join boating associations

Some boating associations offer membership benefits, including access to group insurance programs with discounted rates.

Required insurance for ocean sailing

Ocean sailing presents unique challenges and risks that demand specific insurance coverage. While the requirements can vary depending on your location and the specific type of boating you plan to undertake, here are the most essential types of insurance for ocean sailing:

1. Liability insurance

Liability insurance is crucial for ocean sailors. It covers the costs associated with damage to other vessels or property and any injuries to third parties in case of an accident where you are at fault. The vastness of the open sea amplifies the potential for accidents, making liability insurance a top priority.

2. Collision insurance

Collision insurance becomes even more critical when navigating the open ocean. This coverage helps pay for repairs to your boat in the event of a collision with another vessel or a submerged hazard.

3. Comprehensive coverage

Given the unpredictability of the ocean, comprehensive coverage is advisable. This type of policy protects your boat from a wide range of risks, including theft, vandalism, storm damage, and more. When sailing in the open ocean, you'll want comprehensive coverage to safeguard your investment.

4. Personal property coverage

If you store personal items or equipment on your boat for extended ocean voyages, personal property coverage is essential. It ensures that your belongings are protected in case of theft, damage, or loss while at sea.

5. Emergency towing and assistance

When sailing far from shore, the need for emergency towing and assistance coverage becomes evident. This insurance helps cover the considerable costs associated with towing your boat to safety or receiving assistance in case of mechanical failures.

Boat ownership is a fantastic adventure, but it comes with financial responsibilities, including insurance. By understanding the basics of boat insurance, implementing money-saving tips, and ensuring you have the right coverage for ocean sailing, you can enjoy your time on the water with peace of mind.

Remember that boat insurance is an investment in your safety, the protection of your vessel, and your financial well-being, so make informed choices to navigate the waters with confidence.

Western Financial Group offers a complete set of insurance products and solutions through our licensed sales brokers who are located across Canada. Car, home, many types of recreational vehicles and commercial/business insurance.

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