Boat insurance can be a costly expense, but there are many ways to cut your premium. For starters, installing safety devices in your boat can reduce your premium. Some marine insurers will credit you for installing items such as automatic fire extinguishers, fume and vapor detectors, and certain anti-theft and tracking devices. These measures are also good for your boat’s security and may even save you money.
If you own a boat, it’s important to understand the limits of coverage. Boat insurance policies cover certain types of boating accidents, but they also have territorial limits. For example, a policy may not cover damages incurred by a boat in a race or by another boat’s operator. Some policies even exclude coverage for damages to other people’s boats. Whether or not these limitations apply to your boat will depend on your insurance policy.