5 Hidden Boat Insurance Discounts You’re Probably Missing Out On

Owning a boat is an exciting adventure—whether you’re cruising on a sunny day or casting a line on a quiet lake. But just like any major purchase, owning a boat comes with its share of responsibilities. One of the most important yet often overlooked aspects of boat ownership is insurance. Without the right coverage, you could be left financially vulnerable if something goes wrong, whether it’s an accident, theft, or damage caused by a storm.

While boat insurance is essential for protecting your investment, many boat owners are surprised by how much it costs. It’s easy to assume that boat insurance is expensive, especially if you own a larger or high-value vessel. However, what many don’t realize is that there are numerous discounts available that can significantly lower your premiums, sometimes by hundreds of dollars a year.

The truth is, boat insurance doesn’t have to break the bank. With the right knowledge, you can save money without sacrificing the coverage you need. From bundling your policies to installing security devices, there are several hidden discounts that many boat owners miss out on. In this blog, we’ll uncover five of these discounts and show you how to take advantage of them.

By the end, you’ll not only understand what factors influence your boat insurance costs but also learn how to lower your premiums—without compromising on the protection that keeps you and your boat safe on the water. So, whether you’re a seasoned sailor or a weekend warrior, keep reading to discover the money-saving opportunities you might be overlooking!

5 Hidden Boat Insurance Discounts You’re Probably Missing Out On

Boat insurance can be a significant expense, but the good news is there are several discounts available that could help lower your premiums—without sacrificing coverage. Many boat owners aren’t aware of these money-saving opportunities, and as a result, they end up paying more than they need to. In this section, we’ll highlight five hidden boat insurance discounts that can help you save big, whether you’re a seasoned boater or new to the water.

Multi-Policy Discount: Bundle Your Boat Insurance with Your Other Policies

What It Is:
One of the easiest ways to save on boat insurance is to bundle it with your other insurance policies, such as home, auto, or umbrella insurance. Many insurers offer a multi-policy discount when you have more than one type of coverage with the same company.

How It Works:
When you combine policies, your insurer typically offers a discount on each policy because they’re retaining your business across multiple areas. The savings may not be huge at first glance, but over time, bundling can result in significant discounts—often around 10-15% on your boat insurance premium.

Example:
Let’s say you insure your home and car with the same insurer and then add your boat insurance to the mix. A boat owner who bundles their home and boat policies might save 10-15% on their boat premium, which can add up to hundreds of dollars annually.

Boating Safety Course Discount: Save by Showing You’re a Responsible Boater

What It Is:
Taking a certified boating safety course could qualify you for a discount on your boat insurance. This discount is offered by many insurers to reward responsible boaters who take the time to learn about safe boating practices.

Why It Works:
When you complete a boating safety course, you demonstrate to insurers that you’re more likely to operate your boat safely and avoid accidents, which lowers the likelihood of claims. This makes you a lower-risk policyholder, and insurance companies are happy to pass along savings in the form of a discount.

Course Options:
Some of the most recognized courses include those offered by the U.S. Coast Guard Auxiliary, the American Red Cross, and various state-level boating safety programs. These courses are often relatively inexpensive and can be completed online or in-person.

Example:
By taking a certified boating safety course, a boat owner could see a 5-10% reduction in their premiums, depending on the insurer. This is a great way to both enhance your boating knowledge and save money on your policy.

Claims-Free Discount: Rewarding Safe Boat Ownership

What It Is:
Many boat insurers offer a claims-free discount to policyholders who haven’t filed a claim for a certain period. This discount is designed to reward boat owners who maintain safe boating practices and have a history of no accidents or claims.

How It Works:
The longer you go without filing a claim, the more likely you are to qualify for this discount. Typically, insurers will offer this discount after 1-3 years of no claims, and it can be applied to both new and renewing policies.

How Long It Takes:
You might need to wait 1-3 years without making a claim to qualify, but the savings are well worth the wait. If you’ve been boating safely for several years, you could see up to 10% off your premium.

Example:
A boat owner who has not filed a claim in the past five years could save 10% or more on their premium just for being a safe boater. This discount is an easy way to reduce your rates if you’ve been lucky enough to avoid accidents.

Seasonal Use Discount: Save If You Only Use Your Boat for Part of the Year

What It Is:
If you only use your boat seasonally—especially in colder climates where you store your boat during the winter—you might qualify for a seasonal use discount.

How It Works:
Insurers recognize that boats used less frequently are at a lower risk for damage, theft, or accidents. As a result, you may be eligible for lower premiums during the months when your boat is in storage. This is especially common for boat owners who live in areas with long winters where boats are stored for several months.

Eligibility:
To qualify, insurers may ask for proof of seasonal use or storage. This could include showing that your boat is in storage at a marina, at your home, or in a secured facility during the off-season.

Example:
A boat owner in the northern U.S., who only uses their boat for half the year, could save up to 15% on their premium by switching to a seasonal policy that covers only the months the boat is in use.

Security and Anti-Theft Devices Discount: Protect Your Boat and Lower Your Premium

What It Is:
Installing security and anti-theft devices on your boat can also earn you a discount. Insurers recognize that boats equipped with alarms, GPS tracking systems, and other anti-theft devices are less likely to be stolen or damaged, making them a lower-risk investment.

Why It Works:
The more you do to protect your boat from theft, vandalism, or other risks, the less likely it is that the insurer will have to pay out a claim. As a result, many companies offer discounts to policyholders who take proactive steps to safeguard their vessels.

Types of Devices:

• GPS tracking systems that allow you to locate your boat if it’s stolen
• Bilge alarms that monitor for unauthorized entry or flooding
• Engine immobilizers that prevent unauthorized use of your boat
• Dockside security cameras or alarm systems that monitor your boat while it’s docked

Example:
A boat equipped with a GPS tracker might qualify for a 5-10% discount on insurance premiums, depending on the insurer. If you’re already considering adding security features to your boat, this is a great way to reduce your insurance costs as well.