How To Save On Boat Insurance In Florida

How To Save On Boat Insurance In Florida
In Flagler County alone, there were over 5,500 registered personal watercraft (PWCs) in 2016, and Florida is easily one of the most boat-abundant states in the US. Boats seem almost as common as cars in the Sunshine State!
You don’t technically have to buy boat insurance under Florida law. Regulations only require your vessel be duly registered and titled and clearly marked. If you are using your boat as collateral on a loan or if you owe on the boat and your lender insists you insure it – then you have no choice but to buy boat insurance in Florida.

But even when it’s not mandatory, it’s wise to insure your boat through a trusted boat insurance provider. The risk of property damage or injury to yourself or others is simply too great on crowded Floridian lakes, rivers, and coasts.

How To Save On Boat Insurance
Any boat worth $1,000 or more is well worth insuring, especially if it gets much use throughout the year. But how can you get the coverage you need for less?

First of all, the type of boat and it’s replacement value will greatly influence the cost of insurance. The size of the vessel, how often you use it and for what purposes, and where you store it and use it also play into your boat insurance quote.

If you operate your boat along the coast and/or store it there, there’s a greater risk of hurricane or tropical storm damage – so the premiums tend to be higher as compared to pure inland usage.

If you use your boat year round, the rates may go up. But, on the other hand, boats that are seldom used or checked on and stored in high crime areas have a greater risk of boat theft – which raises premium costs.

Policyholders who live in Florida all year also tend to get lower rates than those who only winter in Florida or spend only part of the year there.

Your age, gender, boating experience, credit score, claims frequency record, and a host of other factors can also affect premiums. Some of these things you can change, while others you cannot. Comparison shopping and making adjustments where you can is the best strategy.

How Else Can I Save On Boat Insurance?
Reducing your coverage to liability only can give you a rock bottom price. But don’t unreasonably increase your risks just to save a few dollars per month – because it may not be worth it. Better to include at least basic cover for your boat, medical payments, and for the motor and trailer.

Given you’ve achieved the best balance of cost and coverage level and have found an insurer who rewards you with lower premiums for things competitors may ignore (and doesn’t punish you for things like, say, credit score, if that’s an issue) – adjusting your deductible is the next best way to lower insurance costs.

Your main deductible can be a set dollar amount or a percentage of your boat’s value. And there can be separate deductibles for named storms and hurricanes or for, say, the mast on a sailboat. Regardless, raising your deductible will lower your premium.

Again, it’s a balancing act, but there are ways to craft your perfect policy and save big. Contact Flagler County Insurance Agency today to discuss customizing your boat insurance plan!