When shopping for boat insurance, keep in mind that there are many areas where you can save money. Like with any other insurance policy: analyze your requirements. Get proposals from few companies and compare them. See how you can further reduce your policy’s cost. Remember that your premium charges are directly proportional with the potential risks that your boat may have, i.e. higher risks means higher premiums and lower risks mean lower premiums. If, for example your boat is old, the premium would be higher as it is more likely to suffer a damage etc. Similarly, if there is any such facility on your boat that reduces its damage risks than the premium rates should come down.

There are few standard discounts with boat insurance that you can qualify for such as:

• Take an approved boating safety course. Offer by the U.S. Coast Guard Auxiliary and U.S. Power Squadrons, these courses can reduce your premiums rate from 5 to 20 percent.
• New boats
• Inspections by Coast Guard Auxiliary
• Ship-to-shore radios
• Fire extinguishers: boats that are properly equipped with certified fire extinguishers can significantly lower the risks of fire related damage. Normally boats with coast Guard approved fire extinguishers quality for a discount rate.
• Navigation system: proper and certified navigational system greatly reduces the risks of collisions.
• Diesel powered boats: some policies offer discounts on diesel-powered boats they are less hazardous than gasoline, and thereby reduce fire risks.
• Other protective devices like depth finder, alarm, etc