THURSDAY, MAY 31, 2012
With summer officially here, everyone's going to be spending more time outside. If that includes boating activities, it might be time to review your boat insurance policy. Summertime fun can get expensive with family vacations, water parks, and road trips, so any hidden savings is sure to help the family budget. We’ve done the research for you and found a few extra things you can do to cut costs on your boat insurance.
 Check Your Boat
First, check your boat. Many boats come with additional safety features that can actually reduce your insurance premium, much like car safety features can. For example, if your boat has an automatic fire extinguisher system you may be able to attain a discount. If your boat doesn’t have this option, installing one will also bring savings. Other boat features to look for when purchasing or updating your boat are Emergency Position Indicating Radio Beacon (EPIRBs), depth finders, carbon monoxide detectors, or radar on board. Navigations systems can greatly affect your insurance rate, depending on where you live. For boaters in coastal regions like Florida, they are considered high-risk as opposed to inland boaters. Outboard motors may also contribute to a lower rate because they are easier to maintain and repair.
Check Yourself
Second, check yourself. Enrolling in a boating education course and holding a current boating safety course certificate from the US Power Squadron or the USCG Auxiliary, entitles you to a five or ten percent discount. Discounts also apply to state courses, as long as it’s approved by the National Association of State Boating Law Administrators (NASBLA) and recognized by the US Coast Guard. Always strive to maintain a clean driving record. Insurers assume that you’ll drive a boat the same way you drive a car, so a sketchy driving record can increase your boat insurance rates.
Other Discounts
Other discounts on boat insurance are similar to those on car insurance including a credit discount, for maintaining a high credit score, multi-policy discount, minimizing your claims, and maintaining higher deductibles. In addition, marital status can affect your insurance policy at sea or on land. Having a spouse is a positive factor for some companies and may result in a cheaper rate. Not all companies use marriage as a determining factor in rates, but some will.
If you are able to purchase your boat insurance through the same company as your auto insurance, generally the same discounts will apply (and you may be able to get a discount on your auto insurance when you add boating insurance). If you choose to maintain your boating insurance through another company, be sure they understand what discounts you’re eligible for through your auto insurance company, and ask if any similar discounts apply to them as well.
Your boating insurance policy should be reviewed each year and altered as needed. Perhaps due to accident, illness or budget restrictions, you won’t be boating as much as in the past, this can lead to a decrease in your insurance. It is important to always carry auto insurance, but there are many factors that can make this expense minimal. Always refer to your insurance policy before taking any long boating excursions or crossing into international borders such as Mexico or surrounding islands.
By Matt Reynolds - Google+
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