How to save money on boat insurance
How to save money on boat insurance

Protect your investment and your family while saving money on boat insurance with these practical tips.

How to Save Money on Boat Insurance

As you embark on your sailing adventure, leaving the rat race behind and embracing the open sea with your family, it’s essential to consider the financial aspects of boat ownership. One of the most significant expenses you’ll encounter is boat insurance. In this comprehensive guide, we’ll explore various ways to save money on boat insurance while ensuring you have the coverage you need to protect your investment and your family.

Table of Contents

Understanding Boat Insurance

Before diving into the ways to save money on boat insurance, it’s crucial to understand what boat insurance is and why it’s necessary. Boat insurance provides financial protection for your boat, its equipment, and any liability arising from its use. It covers damages caused by accidents, theft, vandalism, and natural disasters.

Having boat insurance is essential for several reasons:

  • Financial protection: Boats are expensive investments, and insurance helps protect your finances in case of damage or loss.
  • Liability coverage: If you’re involved in an accident, you may be held responsible for damages or injuries to others. Boat insurance can help cover these costs.
  • Legal requirements: Some states and marinas require boat owners to have insurance before they can use or dock their boats.
  • Peace of mind: Knowing that you have insurance coverage allows you to enjoy your sailing adventures without worrying about potential financial setbacks.

Types of Boat Insurance Coverage

There are several types of boat insurance coverage available, and understanding them will help you choose the right policy for your needs. Some of the most common types of coverage include:

  • Hull and machinery: This coverage protects your boat’s structure and its essential equipment, such as the engine, electrical system, and navigation equipment.
  • Personal property: This coverage protects your personal belongings on the boat, such as clothing, electronics, and fishing gear.
  • Liability: This coverage protects you if you’re found responsible for damages or injuries to others resulting from your boat’s use.
  • Medical payments: This coverage helps pay for medical expenses for you and your passengers if you’re involved in an accident.
  • Uninsured/underinsured boater: This coverage protects you if you’re involved in an accident with another boater who doesn’t have insurance or doesn’t have enough coverage to pay for the damages.

Factors Affecting Boat Insurance Costs

Several factors can affect the cost of boat insurance, including:

  • Type of boat: The make, model, and size of your boat will impact the cost of insurance. Larger, faster boats typically cost more to insure than smaller, slower ones.
  • Value of the boat: The more expensive your boat, the more it will cost to insure.
  • Age of the boat: Older boats may be more expensive to insure due to their increased risk of mechanical issues or damage.
  • Location: Where you use and store your boat can impact insurance costs. Boats in areas with a higher risk of theft, vandalism, or natural disasters may have higher premiums.
  • Usage: How you use your boat can also affect insurance costs. If you use your boat for racing or other high-risk activities, your premiums may be higher.
  • Safety features: Boats with safety features such as alarms, GPS tracking devices, and fire suppression systems may qualify for discounts on insurance premiums.
  • Your boating experience: Insurers may consider your boating experience when determining your premiums. Experienced boaters may receive lower rates than those new to boating.

Tips for Saving Money on Boat Insurance

Now that you understand the basics of boat insurance and the factors that affect its cost, let’s explore some tips for saving money on your policy:

  1. Shop around: Get quotes from multiple insurance providers to compare rates and coverage options. This will help you find the best policy for your needs at the most affordable price.
  2. Bundle policies: If you have other insurance policies, such as home or auto insurance, consider bundling them with your boat insurance. Many insurers offer discounts for bundling multiple policies.
  3. Choose a higher deductible: A higher deductible means you’ll pay more out-of-pocket if you need to file a claim, but it can also result in lower premiums. Be sure to choose a deductible you can afford in case of an emergency.
  4. Take a boating safety course: Many insurers offer discounts to boaters who complete a boating safety course. These courses can help you become a more knowledgeable and safer boater, reducing the risk of accidents and potentially lowering your insurance costs.
  5. Install safety features: As mentioned earlier, boats with safety features may qualify for discounts on insurance premiums. Consider investing in alarms, GPS tracking devices, and other safety equipment to protect your boat and save money on insurance.
  6. Maintain a clean boating record: Avoiding accidents and maintaining a clean boating record can help you secure lower insurance rates. Practice safe boating habits and follow all boating laws and regulations.
  7. Store your boat securely: Storing your boat in a secure location, such as a marina or a locked storage facility, can help reduce the risk of theft and vandalism, potentially lowering your insurance costs.
  8. Review your policy annually: As your boat ages and your needs change, it’s essential to review your insurance policy annually to ensure you have the appropriate coverage. You may be able to adjust your coverage or find a better policy to save money.


Boat insurance is a necessary expense for boat owners, but it doesn’t have to break the bank. By understanding the factors that affect insurance costs and following the tips outlined in this guide, you can save money on your boat insurance while still protecting your investment and your family. As you continue your sailing adventures, remember to practice safe boating habits and regularly review your insurance policy to ensure you have the coverage you need at the best possible price.