Some factors that affect the cost of boat insurance are things you can’t easily change, such as your age or location. But if you’re looking for the cheapest marine coverage, there are a few things you can do to help lower your premiums.

Decide How Much Boat Insurance You Need

In most situations, it’s good to get as much coverage as you can comfortably afford. However, if you’re trying to save money on boat insurance, you can cut coverage to the bare minimum that you may need.

For example, if your homeowners policy offers liability coverage of up to $100,000, you may want to reduce the amount of liability coverage on your boat insurance plan. Reducing your stated cruising area and cutting out add-ons can also help lower your premium.

Increase Your Deductible

With most insurers, your premiums tend to go down as your deductible goes up. So if you’re looking to save on the cost of boat insurance, raising your deductible is one way to do it.

However, raising your deductible also means you’re at risk of paying more out of pocket if you have a covered accident. If you can’t afford to pay your deductible, you won’t be able to complete your claim. Be sure that you can afford a higher deductible before making that change.

Look For Discounts

As we mentioned earlier, most companies offer at least a few discounts to help you save on the cost of boat insurance. In many cases, you can combine some of these discounts for even more savings.

Insurers typically list most of their discounts online, but more may be available. Before you sign a contract, be sure to ask your insurance agent about any discount opportunities.

Establish a Lay-Up Period

Some boat insurance companies offer pricing that includes a discount for a lay-up period. If you know that you won’t use your boat for an extended period of time each year, such as during winter months, establishing a lay-up period with your insurer could bring your boat insurance premiums down.

Take a Boat Safety Course

Most insurers offer a discount for completing a state-approved boat safety course — and for good reason.

According to U.S. Coast Guard statistics, 77.1% of boating accident deaths were caused by an operator who had no boat safety education. By contrast, only 11.2% of boating accident deaths were caused by an operator with a state-approved education.

Shop Around

Just like comparing car insurance quotes, you have a much better chance of finding the best insurance prices if you shop around. 

Many providers offer online boat insurance quotes on their websites. For others, you may need to call. In either case, getting quotes from multiple providers and comparing them is just a little bit of legwork that can save you a lot of money on boat insurance.