Boat and Personal Watercraft Insurance Guide
There are many different factors that will ultimately determine your premium and it is important you realize what those factors are before making an insurance decision. Because boats and how people use them differs greatly from that of automobiles, there might be some things you hadn't considered. Listed below are some of the things that could raise or lower your premium depending on your situation.
Where is your boat or PWC stored?
This is actually a pretty big factor in your premium price. If you keep your boat or pwc in the Southern United States where Hurricanes are more likely, your premium might be slightly higher to compensate for this risk. Similarly if theft or vandalism is common where you live, the insurance company unfortunately will have to charge you more to offer coverage. This goes both ways however in that low crime areas or places with better weather will certainly save you money on your premium.
Where you drive your boat or PWC will also influence your premium. If you need coverage in more area, then you will have to pay for that coverage. Most companies offer a wide cruising range, but if you need coverage outside of that zone, then you will have to purchase the additional coverage.
Actual Cash Value or Stated Value
Actual cash value coverage plans are usually much cheaper than agreed value plans. The important thing here is to simply pick the plan that best fits your needs and budget.
Your coverage amounts
Most insurance plans are completely customizable in terms of how much coverage they offer. If you need $500,000 in liability coverage rather than $100,000 you will have to pay a greater premium. The same things holds true for medical payments and all other facets of your policy that have coverage limits. Many companies however often give package discounts or make other discounts available so that you can still get great coverage limits at an affordable price.
One of the best ways to lower your premium with boat or PWC insurance is to simply elect a higher deductible. The deductible is the amount you must pay out of pocket when you make a claim.
If you have multible boats or PWC's then it might be a good idea to look into insuring them all with the same company. Almost every major insurer offers discounts if you insure multiple items with them.