Is There Such a Thing As Cheap Boat Insurance?

Is there really such a thing as cheap boat insurance? The only way you're going to find out, is to contact a number of marine insurance providers, to get a boat insurance quote, and compare their rates and coverage.

Generally speaking, there is no "cheap" to boat insurance. There is "less expensive", and there may be a discount offered, but you have to remember that boats are not cheap themselves, and when you have an "agreed upon value" policy for loss, that can mean a significant amount paid out by the insurer. They're going to want to hedge themselves against that eventuality, by calculating their prospective pay-outs, versus the premiums they can reasonably charge.

In order to lower what you are going to pay for marine coverage on your boat, you'll want to check with each potential insurer, to see what areas of coverage are flexible, and what items or circumstances can reduce the premium, or give you a discount.

If you will only be using your boat part of the year, then you may be able to get reduced rates for the lay-up period when it will be out of service. People who tend to use the boat for pleasure in their own region, can also save, as opposed to yachters who do a lot of long distance sailing. Together, those two factors alone can get you what amounts to cheap boat insurance, with the right company.

Of course, the biggest factor will be your deductible, the amount that you will pay out of pocket, before your insurance kicks in. The bigger the deductible the bigger the discount in your premiums. Standard deductibles start at 1% of the boat's market value and range up to 5% or more. But give serious consideration to how much you can afford to pay, before taking the higher percentage.