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Follow these Tips to Save on Boat Insurance
Boat insurance, also commonly known as marine insurance, can take away the pain and anguish experienced from a boating accident. There are several types of marine insurance:
- Commercial boat – includes fishing, cargo, barges and container ships
- Sail boat – includes dinghies, trailer sailers and yachts
- Small boat – dinghies and small motorboats
- Power boats
- Charter boat – includes ferries and fishing carter boats
- Read through the money saving tips for boat insurance and chat online now with our insurance providers. They can answer any questions you have about New Zealand boat insurance or obtaining a quote.
- Shop around. We recommend you obtain at least three quotes. This will give you a fair idea of how much your boat insurance is likely to cost. This will also give you an understanding of the different types of policies available.
- When shopping around for quotes, ask your insurance provider whether they give safety discounts. If you or anyone else who uses your boat has completed water safety training with the New Zealand Coast Guard or a similar organisation, you may be entitled to a discount.
- Consider grouping your marine insurance with your other insurance policies. This can be a great way to save money on your boat premiums.
- Sometimes insurers give group discounts. Ask whether your boat club gets special rates. This could be a way to receive a significant discount.
- Adding safety devices to your boat can help reduce the cost of your boating insurance. Ask your marine insurance provider for ways to reduce risk and save on your insurance premiums.
- Pay your marine insurance premiums annually opposed to monthly or quarterly. Paying annually reduces the administration and invoicing cost for your provider and the savings are passed on to you.
- When shopping for boat insurance, consider signing up online. Many insurance companies provide this option and it could save you up to 20%.
- Determine what category your boat fits into. Insurance companies determine your insurance premiums by the size of your boat, location of your boat, how many people use it and so on.
- If you have more than one boat, ask your insurance provider if you can cover both the vessels under one insurance policy. This can save you money and reduces the hassles of managing multiple policies.