Is cruising on a beautiful, peaceful lake more exciting to you than shopping for insurance for your pleasure craft? Assurances Multi-Risques would like to give you some insurance tips for your boat and help you save time and money so you can make the most of your summer and have a great time on your watercraft! Whether you have a
What factors influence your boat insurance premium?
First, it is important to understand that there are several boat insurers and that some prefer to insure certain types of boats over others. For example, insurer X may prefer to insure pontoon boats, while insurer Y may specialize more in personal watercraft insurance. Boat insurance is similar to auto insurance in that insurers target their market. In addition, several factors can influence your insurance premium, such as the age of the driver, their driving record, the value of the boat, and your previous marine insurance experience. The type of boat will also definitely influence the insurance premium. For example, a high-performance boat or a wakeboat will cost you more to insure than a runabout. Always remember that insurers set their rates based on potential risks and their previous claims experience.
How can you reduce your boat insurance premium?
- You can get a discount on your boat insurance when you take a boating course; check with your boat insurer for more information.
- Your boat has an anti-theft system or a tracking system;
- Your engine mount is equipped with an anti-theft nut;
- You may be eligible for an additional discount by combining your auto and home insurance policies with the same insurer; ask your marine insurer or insurance broker for more information.
- Be sure to maintain a good claims record; the best way to control your insurance premium is to avoid small claims.
- Update your boat insurer or broker annually to ensure that the information in your file is accurate.
Before we leave you to enjoy your peaceful sailing, we strongly recommend that you contact an independent insurance broker who specializes in and is passionate about boat insurance. They will be able to offer you several choices of marine insurers and help you find a boat insurer that is specially tailored to your needs!
Happy browsing!