Most boaters in Massachusetts are able to get boat insurance policies at affordable rates. There are steps, however, that boaters in the state can take to keep their boat policies’ premiums as low as possible. If you’re looking for a boat policy, here are some ways you might be able to save on watercraft insurance.

How Can Boaters in Massachusetts Keep Their Boat Insurance Premiums as Low as Possible?

Get a “Market Value” Policy

There are two kinds of boat insurance policies: market value policies and agreed value ones. Market value policies insure a boat for its fair-market value. Agreed value policies insure a boat for a value that’s agreed upon by the policyholder and insurer when the boat is purchased.

There are some situations where getting an agreed value policy is a wise decision.

For instance, if you financed a new boat and still have an outstanding loan on it, you may want an agreed value policy that provides coverage for the full amount left on the loan. Sometimes this is higher than a boat’s fair-market value, because new boats frequently depreciate faster than loans are paid down. Having an agreed value policy would make sure you’d be able to pay off the loan if something happened to your boat. 

Alternatively, if you own a classic wooden boat, you might want to insure it for a set value. Determining exactly how much old boats are worth can be difficult, as there often aren’t many comparisons to use. Getting an agreed value policy can take the ambiguity out of how much your classic boat is actually insured for.

If neither of these situations applies to you, however, purchasing a market value policy often costs less than an agreed value policy would. If you own your boat outright and it’s a somewhat common boat, an agreed value policy will likely offer you plenty of coverage at a lower rate.

Invest in Safety Equipment

Safety equipment reduces the risk of having an accident on the water, and it can help minimize the damage and injuries sustained during an accident if you do have one. For these reasons, many insurers offer watercraft insurance discounts for having safety equipment installed on a boat or personal watercraft.

The exact discounts that insurers offer vary. Your insurance provider might reduce your watercraft insurance rates for installing a(n):

• Marine radio

• Wireless auto tether that serves as a kill switch

• Automatic fire extinguisher system

• Onboard radar or GPS system

Take a Boater Safety Course

Insurers normally also offer discounts to boaters who take safety courses. To qualify for this discount, you’ll have to sit through (and possibly pay for) an approved boater safety course. Courses are normally fairly short, though, and the discounts insurers offer can last for several years.

Ask About Multi-Policy Discounts

Most insurers in Massachusetts offer multi-policy discounts for getting multiple policies from them. Since most boaters need other insurance coverages in addition to watercraft insurance, it usually makes sense for boat and personal watercraft owners to take advantage of this discount.

Ask whether your insurance provider offers multi-policy discounts. They likely do, and you can probably get the discount by simply purchasing homeowners or auto insurance from them as well.

Compare Boat Insurance Rates with an Independent Agent in Massachusetts

One of the best ways to ensure you get boat insurance at the lowest possible rates is to compare quotes for policies with an independent agent who’s licensed in Massachusetts. An independent agent not only can get quotes from multiple insurers in just a few minutes, but they can help you understand the different coverages that policies provide. With their help, you’ll be able to find a policy that provides the protections you want and has affordable premiums.