When you are looking for quotes on boat insurance rates, it pays to know that certain things can impact how much your policy will cost.
Just as with house insurance or life insurance, boat insurance is determined taking into consideration risk and probability. Life insurance for a smoker is going to cost more than for a non-smoker because smoking leads to greatly increased risk of disease and death. Similarly, there are factors with boats that can increase or reduce the cost of insurance premiums.
Things that could influence the boat insurance premium quotes you get include:
Age – Boats less than 10 years old are generally less expensive to insure than older boats. For boaters, often more mature boaters will pay less than younger boat enthusiasts for their insurance.
Materials – Wooden boats are typically more expensive to insure than other kinds of boat construction.
Speed – A boat capable of high speeds and serious engine power is going to run higher to insure.
Engine – The kind of engine is a factor. Water vessels with diesel engines will usually have lower insurance premiums than boats with gasoline engines. Similarly, outboard motors are not usually as costly to insure as inboard engines.
Safety – Just as homeowners with security alarm systems sometimes get discounts on their insurance, boat owners who demonstrate extra concern for safety sometimes get a break on boat insurance rates. Check to see if having extra features like fire extinguishers, radar, depth finders, radio and a Global Positioning System (GPS) will reduce insurance rates.
Skill – Boat owners who demonstrate low risk behavior often reap the reward of lower boat insurance quotes. Keeping a clean boating record, a clean driving record (it counts as well) and completing recognized boating safety courses can translate into better insurance rates. Often boating safety courses that are approved by the National Association of State Boating Law Administrators and the US Coast Guard qualify. You can contact a specialized boat insurance company like Global Marine Insurance to see if a specific class qualifies.
How you structure your insurance – Opting to have a higher deductible in the event of needing to make a claim will reduce boating insurance premiums – but you need to be prepared to pay more in the event of a mishap. A longer lay-up period (the time you’re not using your boat and it is stored) can likewise reduce boat insurance quotes. Paying the annual premium in a lump sum rather than in payments will also save you money on finance charges. Actual cash value costs less than agreed value coverage but that is because agreed value is essentially replacement cost while actual cash is the boats depreciated worth. Make sure you understand what the coverage means because sometimes cheaper is not better.
Navigation – Navigation limits are a consideration for insurance coverage and will impact cost. This is because boating inland is considered less risky than boating along coastline or farther out to sea.
Looking for boat insurance quotes? Contact the marine insurance experts at Global Marine Insurance for knowledgeable and friendly service. In about 3 minutes you can get provide some basic information and get estimated boat insurance rates online from Global Marine Insurance. Request a quote for your boat insurance rates now.