Marine insurance is a great addition to protect the investments make in your boat or vessel. It’s a great feeling to know you are potentially saving hundreds of dollars each year in insurance expenses and there are many different ways to save money with marine insurance.

1. Shop around
Finding out which type of insurance program is best for your boat and your needs is key to saving money. Then shop around to see which company can offer you the lowest marine insurance.

2. Take boat safety classes
Marine education can get you a long way when it comes to insurance discounts. Taking a class is a great way to learn more about proper water safety for your vessel and passengers. Enrol in a boat safety course today to increase your nautical knowledge and qualify for deals on your marine insurance.

3. Theft deterrents
Adding deterrent devices to your vessel to protect it from vandalism and theft will lower your risks. You can select from traditional burglar alarm systems, low-jack bars, padlocks, and even microchips that can be scanned and digitally traced with global positioning. It’s also a good idea to install a safe on board to avoid attracting thieves to your valuables.

4. Increase your excess
Increasing your marine insurance excess can save you lots of money on your premium costs. Keep in mind that when you increase your excess you increase your out-of-pocket expenses at the time of an insurance claim. Only increase at a rate you can afford in case of an accident or loss.

5. Keep a clean record
Driving safely may lead to long term rewards and discounts over time. Just as your driver’s license can be traced electronically by the police, your PWC license will show your violation history when researched. Never, ever drive under the influence. If you are driving drunk you not only are a hazard to yourself but a high risk to others.

6. Fire safety
Safeguarding your vessel with automatic fire extinguishers and other fire retardants will help reduce any potential fire damage if it should ever occur. When you have protected your water vehicle against fire, marine insurance companies may be willing to reward your efforts with a discount.

7. Proper maintenance
Properly caring and preserving your vessel can lead to far less common damages that can increase your insurance rates. Early detection can often prevent a major expense. Routine maintenance check-ups and a little care will go a long way with vessels and avoid having insurance claims with may increase your premium.

8. Buy new
Newer boat owners may benefit from marine insurance savings because they are at a lower risk for problems. It is also known that people tend to take greater care and pride in newer property since they have made such a recent investment.