Saving Money On Boat Insurance

Are you worried that saving money on boat insurance while still securing a policy that protects both your craft and those you hold dear is not possible? Don’t fear! Stay within your budgeting parameters and stay true to your commitment to coverage. The best way to save money on boat insurance is by knowing the different types of Florida boat insurance. By understanding what type of policy you truly need, you can eliminate excess costs. Make an educated decision by understanding the nuances of Florida boat insurance, learning about Florida boat insurance boating regulations, and enlisting a marine insurance advisor to mold a policy plan just for you. Here’s how to begin smooth sailing on the waterway toward savings and safety.

Let’s first answer a question that may surprise you. True or False: Boat insurance is required in every state.

If you answered ‘true,’ you are incorrect! Only two states require watercraft insurance, Arkansas and Utah. The Sunshine State of Florida does not require boat insurance! If this seems counterintuitive, you are not alone in your opinion. Florida is famous for its pristine Gulf waters, from the snorkeling meccas filled with the colorful corals of Key West to the scallop-filled Anclote Basin. Still, the coverage is not required — but it is most strongly recommended.

Roll the proverbial dice and forego Florida boat insurance, and disaster could occur.

There are so many instances wherein even carrying the minimum boat insurance makes a huge difference in a person’s life — and pocketbook. Saving money on marine insurance is important, of course, but so too is enough coverage to guard against the fiscal ruin that can come with a marine disaster. Many cautionary tales exist to illustrate this point; below, we’ve shared just one.

Imagine the following scenario: A Captain decides not to elect marine insurance and sets forth on a maiden voyage with two passengers aboard a new watercraft. All aboard are excited for their day exploring the waters of Tampa Bay. They plan to see dolphins, snorkel among rays, and pull up to Egmont Key for a picnic lunch before heading home.

Not long after throwing the anchor at the Egmont Key sandbar, torrential rain occurs and another boat crashes into their hull going full speed. That boat’s owner does not have insurance either. Passengers on both boats are thrown from their vessels and injured. With no insurance coverage to pay for physical loss/damage or liability, that maiden voyage just became a very expensive last sojourn.

This is just one of the many reasons why it’s advised that boat owners elect boat insurance in Florida. Let’s consider next what boat insurance actually covers — and why purchasing the correct amount of each type is important (and can save you money, if you estimate your liability with the help of a seasoned marine insurance advisor).

What does boat insurance actually cover?

Physical loss or damage (subject to policy provisions & exclusions) to watercraft is one of the first aspects that insurance shoppers consider when deciding whether or not to purchase coverage. This is natural, vehicle owners picture what could happen in the event of a crash when understanding that insurance is vital for a car or truck. Picturing your Florida boat on the receiving end of a collision is not a happy image to maintain, and Florida boat insurance would soften the blow of replacement or repair costs.

While you may be able to cautiously estimate the replacement cost of your vessel if damage occurs to your craft, liability can seem infinite. It’s so important to expect the unexpected when it comes to Florida boat liability. If your actions as Captain or owner of a Florida marine vessel result in the injury or death of someone else, you may be held liable for this in a court of law. The legal fees and medical recompense could be astronomical. 

So what does Florida boat insurance really do? It serves the same purpose as those life jackets that you keep stocked in the bay. Therefore peace of mind and protection, serve to keep you and your passengers afloat if something happens out on the waterways. 

What affects the cost of boat insurance?

Each quote for Florida boat insurance differs based on multiple elements. Here’s why.

• Increase in the number of boat owners — Just as with every commodity, demand drives competition. When there is an increase in the number of boat owners, prices become more competitive — and you may find cost savings. This is obviously not within a boat owner’s control.
• Boating experience, including driving record — Think about those ‘safe driving rewards’ that some auto insurance carriers offer to their tried-and-true drivers. The same can hold true for those who captain a Florida boat. A veteran captain with years of boating experience and a solid driving record may secure a discount. Not a veteran? -You may still be able to save money on your Florida boat insurance by taking a safety class.
• Boat storage modality — Will you be storing your boat in full sunlight at the mercy of the open water? Do you have a lift and a cover? Perhaps you store your boat indoors at a storage facility during the offseason. It does matter where you’ll be anchoring your boat. That can affect the insurance price considerably, so make sure your insurance advisor knows where it will spend its idle time.
• Planned destination(s) — Heading to a far-off locale? It’s going to affect your Florida marine insurance rate, as it should. If you truly plan to lightly cruise among the Florida waterways, make sure your insurance advisor knows that. It’s all too simple to end up paying for too much coverage in this case. 
• The worth of the vessel/gear insured — Take stock of the gear you have on your boat. Do you keep a fancy fish finder aboard? Are you diligent about not leaving anything valuable on the vessel after you’ve used it? The amount of insurance to cover the contents of the boat is extremely variable — and that means this is a place where you can potentially save money.
• Deductible/premium considerations — What type of deductible are you comfortable with? A low deductible will equate to a higher premium, while a higher deductible will give you a break in the premium department. You can weigh the pros and cons of deductibles with the guidance of an experienced Florida marine insurance advisor.

Saving money on boat insurance is possible with the policy that’s right for YOU.

When shopping for the cheapest marine insurance Florida can offer, don’t forget to adequately fortify your coverage to the extent you feel comfortable out on the water. To do this, trust an experienced Florida marine insurance advisor like those at W3 Insurance to guide you. This is not a moment when buying cookie-cutter coverage is advised. By truly understanding what you need to have covered, you can buy just the right amount of Florida boat insurance you need — and not a bit more. 

True, it’s not required that you carry Florida boat insurance. And yes, you may embark upon many voyages without it and not be hampered by its absence. However, in the event that you need the coverage, it can make a huge difference in your life. Just because something is not mandated does not mean that it is not a good idea to possess. Anything can happen out on the water, and while the hope is that your seafaring days are uneventful, it’s imperative that you are protected if rough storms do occur. Contact us to discuss the right protection for your craft and return to the waters with peace of mind.