Just like there are many different types of boats, there are just as many different types of boat insurance with varying rates and coverages, so trying to find what you need may get confusing and overwhelming. Finding the right type of boat insurance requires the same due diligence as deciding on which boat to purchase, so make sure you know what you are getting. It is possible to get the right type of boat insurance and still save money by following some money saving tips on boat insurance.
Before You Set Sail, Know How to Save Money
Do you always get what you pay for? If you don’t know what you are getting, you may just assume the cheapest rate is the best rate, but not always. If you do your homework, you can get the boating insurance coverage that best fits your boating needs while still saving money if you know some basic tips. Below are just some of the ways you can save money when purchasing boat insurance.
- Insure your boat with a boat insurance specialist- There are many agents who claim to know everything about boat and watercraft insurance, but be very careful buying from just any agent who offers the best rate. You need a N.C. licensed independent insurance agent who understands boat insurance and can shop your insurance with numerous boat insurance companies to find the best coverage possible for you at a rate you can afford.
- Get the right type of boat insurance policy that best suits your boating needs- Only a licensed boat insurance specialist can assist you with your boating needs to find the right type of insurance protection that best suits your needs. By knowing exactly what is covered and what is excluded you will never be shocked when a loss actually happens. Not being properly insured can be quite costly in the long run, should a loss occur that is not covered or underinsured.
- Enroll in a boating course- By enrolling in an official, recognized boating course, offered by the U.S. Coast Guard or U.S. Power Squadron, you can cut your rate by as much as 5% to 10%. Not only will you save money by doing this, but will “sail” away with knowledge that will stay with your forever.
- Increase your deductible- When deciding on a deductible amount, you need to consider the amount of money you could possibly afford to pay out of pocket. By considering a higher deductible, you may save quite a bit of money. Ask your boat insurance specialist to quote the different options to find one that best suits your wallet.
Paramount Insurance Agency can help you with all of your boating insurance needs by explaining coverage, exclusions, and how claim payments are made (Agreed value vs. Actual cash value) so if you suffer a loss, you won’t be faced with the unknown. We know that boat insurance can be confusing, but with our guidance, you can be assured you will get the insurance protection you need at the best rate. Call our office TODAY at 866-869-3335 to learn more.