How Can I Reduce the Insurance Premium for My Boat?

Shop Around: Prices can vary greatly. However, don't consider price alone since service is also important. Quality service may cost more, but it also may be worth it. Be sure to talk to your friends.

Raise Your Deductible: Deductibles are the amounts you may pay out of your own pocket for a loss before the insurance company pays. Although choosing a high deductible may decrease the annual premium cost, you should consider your finances before increasing the deductible beyond what you can live with.

Shop for Discounts: Some companies may offer a discount on your premium if you have two or more policies with them.

Include Insurance Costs in Your Budget: Before you buy a boat, think about how much it will cost to insure. Some insurers may offer discounts on new or remodeled boats because they are likely to be in better condition.

Improve Your Security: Some companies offer discounts for fire extinguishers, burglar alarms, ship-to-shore radios or other security features.

What Should I Do If Anything Happens to My Boat?

Most boat insurance policies generally require you do the following things:

  • Give immediate notice of a possible claim to your insurance company or licensed producer. If the loss is a theft, notify the police.
  • Protect your property from further loss or damage. If you make temporary repairs, keep a record of what you do and save all receipts for all expenses you incur in undertaking repairs, including, for example, emergency repairs to maintain a boat's seaworthiness.
  • Give your insurance producer, claims adjuster and/or insurance company a copy of a list of all damaged, destroyed or stolen property (being sure to keep a copy for yourself), including a picture of the damage..
  • Show the damaged property to your insurance producer, claims adjuster and/or insurance company, if asked. Do not dispose of any damaged property until your producer, claims adjuster and/or company says you can.

What If I Have Questions or Problems with the Insurance?

If you are having a problem with your insurance, you should first check with your licensed producer or with the company that sold you the policy. If you feel that the amount of money offered by your insurance company to pay for a loss is not fair or there are other insurer practices that seem unfair or deceptive, there are several alternative courses of action that you may want to consider:

  • You can file a complaint with the Massachusetts Division of Insurance during normal business hours at 1-617-521-7794 or can download a complaint from the Division's internet address - www.state.ma.us/doi - and then forward the complaint to the Division as described on the complaint form;
  • You can file a claim in small claims court; or
  • You can hire a lawyer to consult with and represent your interests in court.

When completing a complaint form or meeting with a lawyer, make sure you have included detailed information about your insurance problem, including the correct name of the insurance company, a complete and accurate description of any company actions to respond to your complaint, a claim number, if you have one, and copies of any relevant documents or correspondence relating to your claim.