Boat Insurance Premium Discounts

      •  Safety Equipment - Having safety equipment on board such as life vests, fire extinguishers, an operable horn, GPS System, Depth Finders, etc. may help you to save on your annual boat insurance premium.

• Boating Education Course – If you hold a current boating safety course certificate from the US Power Squadron or the USCG Auxiliary, you may be eligible for as much as a ten percent discount on your boat insurance. If you do not have a safety certificate you may check with Texas Parks and Wildlife Department to find an in person or online class.  https://tpwd.elementlms.com/education/boater-ed/
• Boat Currently Insured – If your boat is currently insured, many insurance companies will give you a credit for keeping it protected.
• Choice of Coverage – Opting for higher limits of coverage, such as higher liability coverage, will increase your rate. In contrast, choosing a high deductible will lower your rate.
• Clean Driving Record – Safely operating an automobile translates into safely operating a boat. The ability to drive responsibly may lead to another potential discount.
• Diesel Engines – If your boat is powered by diesel, you could save on the cost of your Physical Damage coverage.
• Insurance Score – Using credit history to determine appropriate insurance rates is becoming increasingly popular with insurance companies. By performing a “soft hit” credit score, insurance companies can view credit history without actually affecting the prospect’s credit. In theory, two owners with the same boat in the same area can have dramatically different premiums if their credit scores are different.
• Married – Having a spouse is a positive factor for some companies and therefore results in a cheaper rate. But singles do not fret. There are certain insurance companies that do not take your marital status into account at all.
• Multi-Policy Discounts – When including your boat with your homeowners and/or auto policy, many companies offer an additional credit for insuring multi-lines. Although a popular option, one thing to keep in mind is that multi-line companies may not be specialized in boat insurance. Discounts aside, you may miss out on other coverage benefits.
• Navigation – Where you plan to use your boat greatly affects your insurance rate. If you live in coastal regions like Texas, you may be well aware of this stipulation. Areas with coastal exposure are considered a somewhat higher risk and therefore may have higher rates. Since inland boaters are considered lower risks, insurance carriers may lower rates. Navigation limits are another variable that changes from company to company; size and power of the boat is also a factor. Some companies use very broad navigation limits such as “Inland and Coastal Regions of the United States,” while others have very specific limits. A separate one-trip or yearly “rider” can also be applied for those wishing to temporarily extend their navigation limits and travel to places such as the Bahamas and Mexico.
• New Boat Discount – Your new boat expense can actually save you money. The newer the boat, the higher the insurance discounts.
• No Prior Claims – Having a safe boating record is also important in getting the best possible rate. Some companies will not differentiate between at-fault and no-fault claims.
• Outboard Motors – Because they are easier to maintain and repair, outboard motors generally warrant more discounts tan inboard motors.
• Owner’s Age – Who says getting old doesn’t have its advantages? With boat insurance, the older you are the better your rate!
• Owning a Home – Home ownership can also be a positive factor and result in lower rates.
• Previous Boats Owned – Being able to operate a 20 foot bow rider does not mean you can safely operate a 45 foot yacht. All boating experience aside, many companies actually require comparable boat ownership history before insuring your newest vessel. This is particularly applicable with larger vessels.
• Speed of Vessel – While many companies may surcharge or refuse to insure a boat that in their determination is too fast, others may give a credit for boats with the maximum speed of 25 to 35 mph.
• Years of Boating Experience – Along with age, the years of actual boating experience you have can have a positive effect on your rate.As you can see, there are numerous factors that go into rating a boat insurance policy. Furthermore, each carrier uses their own combination of these variables to calculate your rate.