As you gather quotes you will learn what the legal requirements are for your state and country. Some Countries insist on Insurance to cover Pollution claims for craft over a certain size while other regions do not require this.
1. Compare Quotes and Shop Around (Get at least three quotes)
The more questions you ask and the more you compare insurance, the better you will understand what suits your needs. Every Insurer has different deals so be prepared and ask questions and shop around.
2. Multi policy discount or Multi vessel discount.
More policies with one insurer gives them reason to want your business. Some insurers provide discounts if your car, home or other vessels are also insured with them. You can also have more than one vessel on a single policy to reduce premiums.
3. Pay annually or Pay in full.
When you pay by the month most insurers will charge a service fee.
4. Claims free renewal or No claim bonus
If you have not had any claims within a designated time frame you qualify for a discount.
5. Membership of a boating club or yacht club.
Club membership provides discounts with some providers.
6. Increasing deductibles or Increasing excess
This is the amount of the premium you will have to pay in the event of a claim. If you increase this amount it can significantly change the premiums. Compare different deductibles to see what best suits your circumstances.
7. Where is your vessel kept
Trailer vessels kept in garages have lower premiums than a boat on a mooring. While not all of us have this option it can save money if your boat is trailered.
8. Lay up cover
If you live in a cold climate and don’t use your boat for a portion of the year you may qualify for a discount.
9. Fresh water Only Use
This is available in some countries so check with your insurer to see if you qualify.
10. Safe boating classes
Completion of approved Safe Boating Classes can qualify you for a reduced premium as can the age of the registered operators.
11. Automatic fire extinguisher
This will depend on your insurer.
12. No deductible or Excess at registered mooring
Some policy covers include no excess when at the mooring registered on the insurance certificate.
13. New boats
Did you know some insurance companies reduce premiums for new vessels?
14. Original owner
Some companies reduce the premium if you are the original owner of the vessel.
15. Home owner
In some regions just being a home owner can get you a discount on your vessel insurance.
16. Reducing liability
Reducing the amount of liability will reduce the premium, check with your insurer for details.
17. Idle assist for PWC
If you have a Personal Water Craft and you have Idle Assist fitted you can qualify for a reduced fee.
18. Diesel Engines
Insurance companies have many different ways to rate risk, some reduce premiums depending on what fuel your engine runs on.
19. Compare Quotes
This point is so important I have included it a 2nd time. If you don’t compare quotes you wont see how much the premiums can vary, or how they vary by changing deductibles/excess etc. Use the links on this page to get three or more quotes.
Other Considerations
• Claims can be limited to the value of your vessel at the time of incident, so keeping your vessel well maintained & with good records of the work conducted will ensure the best outcome should you need to claim.
• Geographic limit. Global travelling is not covered by every insurance company. Most limit liability to a set distance from shore. If you intend to travel abroad then check your insurance will cover you for the distance you intend to travel, some policies cease after you clear customs to depart and are not restated till customs is re-cleared
• Waterskiing coverage is normally extra.
• Yacht Racing is extra.
• Boat Contents can be extra with some companies.
• Agreed Value is offered by some insurance providers but can cost more.
• Tournament Coverage & Fee reimbursement if offered may cost more.
• Always read the “Terms & Condition” along with the “Product Disclosure Statement” and check that you are covered for any specific requirements you may have.
If in doubt call and talk more to you insurance provider.
For further information, the below articles and research books are available for purchase from Amazon.
The Modern Law of Marine Insurance
Law of Marine Insurance
The Pre-Purchase Survey
When it comes to filing an insurance claim on your boat, nothing is cut and dried.(Brief Article): An article from: Trailer Boats
Covering your ass-ets: a little insurance goes a long way in protecting your property and livelihood.(motor boats): An article from: Bass & Walleye Boats
How To Get a Boat Insurance Quote
Yacht and Boatowners Insurance (Educating the Insurance Professional)
Reference Book of Marine Insurance Clauses
Cases and Materials on Marine Insurance Law
The Principle of Indemnity in Marine Insurance Contracts: A Comparative Approach
Marine Insurance Legislation (Essential Law)
The law and practice of marine insurance: Relating to collision damages and other liabilities to third parties
The Origin and Early History of Insurance Including The Contract of Bottomry.
