Tips on How to Find the Best Rates on Boat Insurance

What can cause my risk to increase?

The more risk you have the higher your boat insurance rates will be. For example, you use your boats in races, your risk automatically increases, as well as if you lease your boat to different people. Another factor that may increase your risk to the insurance company is if you may have had multiple accidents involving your boat. The risk doubles if the accident was the fault of the owner; this can add up to 20% extra to the premium. If you lack certain necessities on your boat then your risk increases as well. These 'necessities' include things like life vests, fire extinguishers and other protective devices. Another important factor that increases risk is where you keep your boat. Is the area prone to floods, typhoons or hurricanes? If you answered yes to any of these then your boat insurance rates are bound to increase.

All of these factors increase your insurance rates, and will increase your premiums significantly. There exists unbelievably simple things boat owners can do to lower their boat insurance rates.

So what can you do?

The first and most important thing you need to do for you and your passengers' safety is to properly equip your vessel with the necessary safety devices recommended. It may differ from state to state but the basics include:

life rafts life jackets or floatation devices flares sound signaling equipment fire extinguishers state registration cards

The next thing you need to do ensure that your boat is frequently surveyed by a professional. Insurance companies may require this information. Take extra precautions to be a cautious and responsible boat operator so that you do not meet in accidents. If you have insurance policies on your home and car it is best to get your boat insurance from the same company. Grouping policies from one insurance company will be a guaranteed discount.

These are only just a few basic tips to ensure your boat insurance rate meets your budget requirement. As with all ventures, explore all of your options before committing to any insurance policy.

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