ADD OR INCREASE LAYUP. If you live and boat in a region of the US where the weather gets cold and stays cold for months on end, consider adding a lay-up warranty to your policy. The discount to your premium could be as high as 5% per month of lay-up. If you already have a lay-up warranty on your policy then consider extending the lay-up period. As long as you do not leave the slip most policies allow you to go and visit your boat during the lay-up period and spend a night or two on board.
GO “X WIND”. If you live in a hurricane prone zone, like the Gulf or Florida, buying boat insurance with hurricane coverage is very expensive and often more than twice the price than the same policy that excludes losses from hurricane. Also, policies with hurricane coverage come with a special hurricane deductible that is way higher than the regular deductible. To save money many boaters choose to go “X Wind” and pre purchase a hurricane haul out from a local haul out facility. The significant savings on insurance more than covers the pre purchase expense and hauling and securing the boat ahead of the hurricane is still the best way to avoid damage.
REDUCE HULL VALUE. Most boats are insured for more than their current market value. Insurance premium is based upon hull value so by reducing hull value you can reduce your insurance costs. Existing loan balance affects how low you can go but if your boat value is under water in this weak boat market, it makes sense to drop the value if you can and save the money.
INCREASE YOUR HULL DEDUCTIBLE. The frequency of physical damage loss is pretty low in most regions of the US. Therefore the odds are in your favor that if you take all the necessary precautions that are prudent to boat ownership you will not have a claim. Increasing your deductible from 1% to 2% can save you 15% off the total annual premium.
RESTRICT YOUR NAVIGATION. Long voyages at sea are not really enjoyable to most boaters living on the coast. Day trips are more about family fun. Dropping the navigation to southerly regions not in the immediate plan could add to savings on premium because the insurance company is not exposed to the risk of hazardous navigation.
Boat insurance has never been cheaper than it is today. Why is that? Well, the reason is that there is a absolute glut of companies all competing against each other for your premium dollar. That’s great news for the consumer and a welcome relief for those who have been hard hit by this down economy. There’s a better than average chance you will save money on boat insurance if you call one of the marine specialists at American Marine Insurance today.