How to Reduce Premiums for Yacht or Boat Insurance
Here are things you can do when determining your policy to help reduce premiums and save money:
- Increase your Deductible – If you’re not looking for coverage for minor repairs, increasing your deductible will lower your premium.
- Reduce Hull Coverage – Keeping your hull coverage close to market value will help to keep your premium lower.
- Opt for Actual Cash Value Coverage for Your Watercraft – This settlement option factors in depreciation.
- Add or Adjust your Lay Up – The longer your boat is not being used, the lower your premium will be.
- Consider a Liability Only Policy – For small boats or older vessels with a lower market value, this policy restricts coverage to third party liability and can add up to substantial savings.