How can I get a lower Yacht insurance rate

Author: Mansi Gupta

Many people believe that it is best to stick with one insurance company for all of your insurance needs. This can be true in certain instances but not always, which can be especially true for Yacht insurance.

To get the best rates you will need to do some research and maybe a few other things as well. Knowing the most about insurance and what factors are used to determine an insurance rate is the best way to get the lowest rates possible. There are predatory insurance agents in this world that thrive on ignorance to get people to accept policies that are too inclusive for their needs thereby increasing their commission. This is not an accepted practice by insurance companies but it does happen. Only through education will you be truly protected from such happenings.

First off you should think about taking a Yachter safety course. Insurance companies will offer discounts to those who complete these courses. This works to protect you and the insurance company. The insurance company knows that people who complete such courses become safer operators of Yachts thereby decreasing the risk of accident due to the operator’s error and causing loss for the insurance company. Even if they did not offer a discount a Yachting safety course is still a good idea especially for the new and inexperienced Yachter. You never know when something might occur that may require quick thinking.

Secondly you should contact your current insurance company that covers your home and car. Most times these companies will offer deep discounts when insuring other items such as Yachts. Call or go online and get a quote but do not accept any policy just yet. There is still much to do.

Use the quote you received from your normal insurance company as the base rate then start calling other companies. Tell them up front exactly what your needs are and get the rock bottom quote from them. Continue to do this until you have exhausted all possibilities. Then sit down and compare all of the quotes. It is not necessarily true that the lowest quote will be the best. Some companies offer extremely low rates but coupled with low coverage amounts and services. This may cost you in the long run especially if you need to file a claim and find out that the problem is not covered.

Do not be afraid to ask for a quote that covers all of your insurance needs and not just your Yacht. You may find that you will save lots and lots of money if you offer to bring all of your business to the company instead of just one thing.