Living in Florida affords us the fantastic opportunity to spend most of the year cruising the water with friends and family on boats, but this is only possible if you keep your vessel in good condition and prepare for any accidents that might occur. Boat insurance isn’t mandatory, but it is highly recommended for anyone who owns an expensive boat or aquatic vessel and wants to enjoy it for years to come. If insurance seems too costly or out of reach, we may have options for you. Today, we will discuss some of the best ways to lessen your boat insurance premiums in Florida.
Tips To Reduce Boat Insurance Premiums
As we briefly touched upon, Florida has no strict requirements for boat insurance. However, there are many times when having no insurance for your boat will be a hassle, irrespective of the safety assurance insurance can give. For example, many marinas or private communities with docks require insurance for any vessel anchoring there. Depending on your boating history, state officials might put insurance requirements on you as part of your license restrictions. Because of these situations, insurance can be helpful, even if you don’t take into account the substantial financial assistance it can provide in case of an accident.
Tip #1 – Maintain a Safe Boating Record and History
Maintaining a clean boating record not only ensures your safety but can also positively impact your boat insurance premiums. Insurance providers often consider your boating history, length of license ownership, and previous claims when deciding what premium they will charge. While the risk of an accident is never zero, insurance premiums will be much cheaper if you have a proven track record of safe boating. In addition, you might be able to receive lower premiums if you take boating safety courses that Florida and insurance providers recognize as being informative and helpful to boaters.
Tip #2 – Use A Higher Deductible Plan
If your current insurance plan is too expensive, swapping to a high-deductible plan with a lower monthly cost might be a better option. As with any insurance, a higher deductible means that you will be on the hook for more of the cost of repairs and replacements in the event of a boating accident. However, a higher deductible plan can make more sense for people with a history of safe boating, irregular or rare usage of their boat, or a sizeable amount of cash stored away for emergencies. Assess your financial situation and determine a deductible amount you can comfortably afford in case of a claim.
Tip #3- Review Your Coverage Regularly
Many risk factors, including your history as a boater, can lead to higher premiums. If you haven’t updated your plan recently, you might find that you can receive the same coverage for a lower monthly cost due to a more extensive safe boating record.
Tip #4 – Bundle Boat Insurance with Other Policies
If you have other insurance policies, such as auto or homeowner’s insurance, consider bundling them with your boat insurance. In fact, some homeowner’s policies may include rudimentary boat insurance for vehicles docked at the home. Depending on what coverage you need and your risk level, this insurance might be enough. Talk to an insurance provider today to see the options available to you to protect your boat.
At Anderson Insurance Group, we offer competitive boat insurance premiums and complete coverage for all your boating needs. Contact us today for help finding the best boat insurance rates for you.
