How can I get a lower boat insurance rate?

Many people believe that it is better to stay with one insurance company for all of their insurance needs. This may be true in certain cases, but not always, which may be especially true for boat insurance.

To get the best rates, you’ll need to do a little research and maybe a few other things as well. Knowing more about insurance and what factors are used to determine an insurance rate is the best way to get the lowest rates possible. There are predatory insurance agents in this world who thrive on ignorance to get people to accept policies that are too inclusive for their needs, thus increasing their commission. This is not an accepted practice by insurance companies, but it does happen. Only through education will you be truly protected from such occurrences.

First of all, you should consider taking a boater safety course. Insurance companies will offer discounts to those who complete these courses. This works to protect you and the insurance company. The insurance company knows that people who complete such courses become safer boat operators, thereby lowering the risk of accident due to operator error and causing losses to the insurance company. Even if they didn’t offer a discount, a boating safety course is still a good idea, especially for new and inexperienced boaters. You never know when something might happen that may require some quick thinking.

Second, you need to contact your current insurance company that covers your home and car. Most of the time, these companies will offer deep discounts when insuring other items, such as boats. Call or go online and get a quote, but don’t accept any policies yet. There is still much left to do.

Use the quote you received from your regular insurance company as your base rate, and then start calling other companies. Tell them up front exactly what your needs are and get the lowest quote from them. Keep doing this until you have exhausted all possibilities. Then sit down and compare all the quotes. It is not necessarily true that the lowest price is the best. Some companies offer extremely low rates but along with low services and coverage amounts. This can cost you in the long run, especially if you need to file a claim and find that the problem is not covered.

Don’t be afraid to request a quote that covers all your insurance needs and not just your boat. You may find that you will save a ton of money if you offer to bring your entire business to the company instead of just one thing.

If you’re pressed for time, you can always go to a multi-coverage insurance agency. They will be able to get quotes from several different companies much faster than you can. Make sure the agent is someone you know you can trust. Otherwise, there is a chance that you will not get the information you need and will only be given the highest quotes in the hope of raising a commission.