What are the best ways to slash boat insurance costs, without sacrificing coverage?

Boats in Sydney Harbour

The industry is experiencing an amazing window of opportunity for finding incredible deals on great boats to buy. Of course, the dream of owning your own marine vessel comes along with responsibilities such as boat insurance. Insurance is one of those necessary things everyone loves to hate, but can’t live without. Forgoing coverage can create a lot of stress, while extreme expenses can quickly turn the vision of tranquility on the water into a nagging concern that keeps boat owners up at night. This completely sabotages the whole point of having your own fishing escape or luxury yacht in the first place.

So how can boat buyers and owners get the best deal on boat insurance, to experience calm sailing, and some extra pocket money to splurge on enhancing their experiences at sea and abroad?

5 Smart Ways to Save on Boat Insurance:

  1. Pick the right boat; a little smaller, larger, or the right brand might make a big difference
  2. Get the right amount of insurance; if values are way down you may be far over covered
  3. Find a boat insurance provider which specializes in your type of marine vessel
  4. Taking boating classes and captains courses can help qualify for discounts
  5. Safety features installed on water craft can also offer sizable

Find the Right Cover and Save

Finding the right cover also saves. Being exposed to lawsuits can be far more expensive than what owners can save on skimping on boat insurance. Not only can your prized marine vessel go up for grabs, but far more wealth, and even personal freedom if boaters aren’t properly covered and represented.

It may also be worth checking into needs for dinghy insurance, third party insurance and more general travel insurance.

The service received also makes a substantial difference in the net benefit. Does your boat insurer or insurance agent offer 24/7 response and help? What about custom policies based on your individual needs? Are they affiliated with notable associations like the Royal Yachting Association, received positive reviews from marine businesses, and won awards for customer care?

How to Offset Boat Insurance Costs

Finding discounts might only take you so far. So how about ways to offset and cover insurance, and other maintenance and operational expenses?

Opting for fractional ownership or selling off shares of a super yacht, can be one solution. More common is to offer boats for chartering. This can not only help reduce costs, but even produce a very healthy positive income and cash flow. Consider that if you only typically use your yacht for two weeks of the year that leaves fifty weeks for rentals and income generation.

So how do owners achieve the maximum premium on charters? Consider who should be the broker for the optimal net income. Who provides the most time leased, highest quality clients, and most attractive split? Also consider positioning. Will group fishing trips, chartering for events, luxury evenings out, or annual luxury subscriptions, deliver the highest rates?