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How To Insure Your Boat For Less

How To Insure Your Boat For Less
When you make the decision to own a boat in the state of Florida, you immediately gain access to a vast variety of recreational waterways that you formerly could not enjoy. It opens up new fishing vistas, makes camping twice as fun, and allows you to go on “pleasure cruises” in the abundance of local lakes, rivers, and coastal canals.
But given the substantial investment a quality boat involves and the substantial risks involved with operating it, you can’t afford to use your boat without adequate boat insurance.

Do I Really Need To Buy Boat Insurance?
Unlike auto insurance, boat insurance is never mandatory in Florida. Nonetheless, it makes a lot of sense to protect yourself and your boat with a good, solid policy.

Your lender may require you to insure your boat, however. If you bought your boat outright or it’s worth less than $1,000, you may not be required to buy insurance for your vessel.

It is also worth noting that some homeowners insurance policies may include limited coverage for boats. If you have a dock at a waterfront property where you keep your boat, the dock and vessel could be insured up to a point by the homeowners policy. However, damage to a vessel may be limited to a $1,000 cap, and bodily injury / property liability cover for the boat won’t likely be adequate. Personal property protection will be limited to items not permanently used just in/for the vessel.

In sum, homeowners insurance can provide an additional bit of cover for a boat and boat dock but shouldn’t be the only thing you’re relying on.

What Is Included In Boat Insurance?
A standard boat owners policy will cover your vessel in a number of important ways. These include:

  • Liability cover against damage you may cause to others’ property or bodily injuries you may be held responsible for.
  • Medical payments coverage, which pays for your own or your passengers’ medical needs in the event of a boating accident.
  • Towing assistance in case you get stranded out in the water.
  • Protection for the vessel itself, when it is on the water or on a boat trailer.
  • Uninsured/underinsured boater protection.
  • Property protection for items stored on or used on the boat. This may include depth/fish finders, fishing equipment, and electronics.

You can also add collision and comprehensive to better protect your boat against all likely sources of damage. And there are also boat trailer insurance and motor insurance riders to consider.

How Can I Lower My Boat Insurance Premiums?
There are many ways you can get good boat insurance and yet lower how much you have to pay per month for it. Just shopping around and comparing quotes can save you a lot as not all insurers have similar rates.

Here are some ideas on how to save on boat insurance:

  • Ask about raising your deductible or even just your hull deductible. It can save you quite a bit in many cases.
  • Newer vessels may cost less to insure because of added safety features, while older ones may cost more. But the overall value of the vessel also affects the premiums – so do your research and buy a boat that costs less to insure.
  • Complete a boating safety course to get a discount on your policy.
  • Lower or discontinue your coverage while the boat is in storage.
  • For sailboats, add an auxiliary motor for an insurance discount.

These are just a few ways to get the boat insurance you need at a rate you can afford. Contact Flagler County Insurance Agency today for more ideas and for a free quote!