Boat Insurance Discounts

You may have a Bowrider, pontoon boat, sailboat, fishing boat, or speed boat you need to insure against loss, theft, damage, and liability. But finding the right boat insurance for your needs may seem a bit overwhelming, especially if you're hoping for discounts to make your coverage more affordable. Fortunately, finding boat insurance discounts can be easy when you know what to look for and how to get them.

A local independent insurance agent can help you find boat insurance discounts near you. These agents have access to policies from multiple insurance companies and can comparison shop for you to find coverage that best meets your needs. They can find and apply any discounts you're eligible for. But first, here's an overview of some of the top boat insurance discounts that can help you save a great deal of money on your boat policy.

Top 10 Boat Insurance Discounts

The discounts available depend on the boat insurance company you purchase your coverage from. However, there are several common boat insurance discounts offered by many carriers that you can typically expect to find wherever you shop. Here are the top 10 discounts to help reduce your boat insurance rates. 

Multi-Policy Discounts

You've probably heard of bundling discounts when shopping for other kinds of insurance. These discounts offer significant savings if you buy more than one type of coverage through the same insurer. For example, you may already receive a multi-policy discount on your homeowners insurance, renters insurance, and auto insurance from the same insurance company. Boat insurance is also often eligible for multi-policy or bundling discounts. Just ask your insurer. 

Multi-Boat Discounts

If you own more than one vessel and each requires coverage, you may qualify for additional savings. Ask your insurance company about coverage for all of the boats you have, including power boats, sailboats, yachts, pontoon boats, etc. You can also typically find coverage for other types of watercraft, such as Jet Skis and Sea-Doos, under a personal watercraft insurance policy from the same insurer, which could qualify you for a multi-policy discount as well.

Boating Safety Course Discounts

To qualify for additional savings on your boat insurance premiums, look up state-approved boating safety courses in your area. Once you provide proof of completion to your insurance company, you'll likely be eligible to earn significant savings on your coverage.

Safety Features Discounts

If you have certain types of safety equipment onboard, such as fire extinguishers, you may be eligible for an additional discount. Let your insurance company know about any fire safety features and equipment installed on your boat.

Original Owner Discounts

Many insurance companies offer boat insurance discounts simply for being the boat's original owner. If no one has previously owned your vessel, ask your insurer about potential savings on your coverage. 

Claims-Free Discounts

Staying claim-free and accident-free can really pay off for boat owners. If you've never filed a claim before or have remained claims-free for a certain period of time, such as three to five years, your boat insurance company may reward you with a substantial discount. 

Responsible Boater Discounts

Also known as safe driver or safe boating discounts, these discounts are often offered to boaters who have no at-fault boat or motor vehicle accidents on their records. If you're a safe boater and a safe driver, ask your carrier about potential savings.

Association Discounts

You could be eligible to receive a boat insurance discount by association. If you're a member of the United States Coast Guard Auxiliary (USCG), the United States Power Squadron (USPS), or have served in any of the US Armed Forces, you may qualify for some significant savings on your coverage. In many cases, USAA members can also earn boat insurance discounts, even from other carriers.

Pay-in-Full Discounts

Paying your entire premium in full is a great way to save money on boat insurance policies. Rather than paying your boat insurance policy's premiums in monthly installments, ask to pay them annually or upfront in one lump sum. This can save both you and the insurance company time and money, so you'll likely be rewarded with a discount.

Autopay Discounts

Choosing to have your premium payments deducted from your bank account can also earn you a discount. Ask your boat insurance carrier about autopay discounts, which can be easy to set up so you can start saving right away.

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Additional Ways to Save on Boat Insurance

Some boat insurance companies offer additional ways to save on boat coverage beyond the most common discounts offered by many carriers. You may be eligible to save more money on your coverage through one of the following options:

• Lay-up discounts: Your boat insurance company may offer significant discounts on your boat insurance during lay-up periods, or times when your boat is stored and not in use, such as the winter season.
• Homeowner discounts: Your boat insurance company may offer discounts just for being a homeowner in addition to a boat owner.
• Liability-only discounts: Your boat insurance company likely offers many coverage options, so you can probably buy a policy that includes just liability coverage to meet your state's minimum requirements. Buying less coverage can result in cheaper premiums, but keep in mind the risks of having to pay for various incidents out of your own pocket, such as damage from a boat collision.
• Updated agreed-value discounts: Your boat insurance company likely prices your coverage on the "agreed hull value," or the dollar amount that you and your carrier have agreed your boat is worth when signing up for coverage. Over time, your boat's value will decline, so periodically updating your boat's agreed value can result in savings.
• High-deductible savings: Your boat insurance company likely offers lower premiums if you choose a higher deductible amount when setting up your policy. Just keep in mind that you'll be required to pay the full deductible out of pocket before receiving any reimbursement if you file a claim.

Ask your independent insurance agent to check for additional ways to save money on your boat insurance policy.

Who Has the Cheapest Boat Insurance?

One of the easiest ways to save money on boat insurance is to find a carrier that offers affordable coverage. Here are some of our top recommendations for cheap boat insurance companies that still deliver quality and reliability. 

Boat Insurance Companies	Star Rating
Progressive	5 Stars
Foremost	5 Stars
Nationwide	5 Stars
Liberty Mutual	4.85 Stars
USAA	4.5 Stars
Chubb	3 Stars

An Independent Insurance Agent Can Help You Find Boat Insurance Discounts

When it's time to find affordable boat insurance, no one's better equipped to help than a local independent insurance agent. These agents have access to multiple insurance companies, so they're free to shop and compare quotes and policy options for you. Your agent can also find and apply any boat insurance discounts and savings you're eligible to receive. They'll help you find quality coverage that fits within your budget. And down the road, your agent will still be there to help you update your coverage or file boat insurance claims as necessary.