How and Where To Find It (2022)

We’ve discussed how and why coverage rates for boats vary. While some factors are beyond your control, there are changes and adjustments you can make to get the cheapest boat insurance available to you.

See If Your Homeowners Insurance Covers Your Boat

Most home insurance policies have limited coverage for boats and other watercrafts in certain situations. However, most policies only pay up to $1,000 to cover damages. This amount is a common deductible for many homeowners policies, meaning it may not make sense to file a claim.

Nonetheless, your homeowners insurance typically covers damage to your boat in the following situations:

• Explosions
• Falling objects
• Fire
• Hail
• Theft
• Vandalism
• Wind

In addition, your homeowners insurance likely offers you liability coverage in the event of an at-fault accident. Most homeowners policies come with coverage you can use for restitution and legal expenses.

Find Boat Insurance Discounts

Discounts are a great way to find the cheapest boat insurance. These are some of the discounts you’re likely to find:

• Multi-policy: Bundling your boat insurance with your auto or home insurance policy can save you money overall. 
• Multi-boat: You may be able to save on your premiums if you insure more than one boat under the same policy.
• Boat education: If you take an approved boat safety course, you can get a discount from most insurance providers.
• Paid-in-full: You can earn a discount from many providers if you pay for your entire premium up front rather than in monthly payments.
• Claims-free: Insurers often offer a discount if you go for an extended period of time without filing any claims.
• Association: Members of organizations like the U.S. Coast Guard Auxiliary, other military groups, professional organizations and more may be eligible for discounts. 
• Diesel fuel: Some providers offer discounts on coverage for diesel-powered watercraft.

While these are the most common boat insurance discounts, they’re not the only ones. The best way to learn all the savings opportunities available to you is to talk to an insurance agent.

Set a Maximum Lay-Up Period

Some providers offer discounted rates based on the length of time your boat is decommissioned. For some people, this is as short as December through February. But other boaters may only use their watercraft during summer months.

Not all insurance companies offer discounts for lay-up periods. But if it’s an option, it’s a great way to save money. Be realistic about when you plan to use your boat and maximize your lay-up period for the greatest discount.

Also, it’s important to note that some insurance policies only offer this discount because they do not cover damages that occur during the lay-up period. If you think your boat is at risk of being damaged while decommissioned, you may want to consider whether the savings you’d get on coverage are worth the additional risk.

Decide What Coverage You Actually Need

With almost any insurance product, more coverage is typically a good idea if you can afford it. However, if you’re looking for cheap boat insurance, it makes sense to figure out what coverage you do — and don’t — need.

For example, someone in Florida who uses their vessel occasionally for recreational boating doesn’t need the same levels and types of coverage as someone in North Carolina who uses their bass boat every day for commercial fishing. When you’re looking to save on boat insurance, be realistic about how much you will use your boat and what you’ll use it for.

Take a Boat Safety Course

Statistics show that boater safety courses can significantly reduce the chance of an accident. That’s why insurers typically offer a substantial discount for completing one.

According to the U.S. Coast Guard, the operator had not received any boater safety training in 77% of boat-related deaths that occurred in 2020. Only 12% of deaths occurred on watercraft where the operator received a certificate from a nationally approved boating safety program. 

Boat safety courses can reduce the chance of an accident, but they can also reduce your boat insurance premiums. These days, you can find a wide selection of approved in-person and online options. Speak with a local insurance agent to see which programs their company recognizes for boat insurance discounts.

Shop For Boat Insurance Quotes

No one provider offers the cheapest boat insurance for every person and boat. While one company may be the cheapest for your neighbor, they may not offer the cheapest rates for you.

Just like you would compare car insurance quotes, we always recommend getting boat insurance quotes from multiple providers. That way, you can compare quotes from insurers to see which one offers the lowest boat insurance rates for you.