If your boat insurance cost is high, you might be forced to give up some coverage to make it more affordable. This would result in your boat not being sufficiently insured, which can be detrimental. However, this doesn’t have to be since you understand what factors impact the cost of your watercraft insurance; you can manipulate them to make your boat insurance more affordable. STARS Insurance in Deerfield, IL provides this guide on factors impacting your boat insurance cost.
Boat Insurance: What You Need To Know
1. Boat Ownership Experience
If you are a newbie boat owner, your watercraft insurance rates will be higher than those of an experienced boat owner. This is because the insurance company will see your lack of boat ownership experience to mean you are more likely to get into an accident, injure people, and damage property.
2. Driving Record
Even though you are an experienced boat owner, the insurance rates for your vessel can be high if your driving record indicates that you are reckless. The insurer will charge you higher watercraft insurance rates assuming that you will drive recklessly again, cause an accident, and make a claim. At Stars Insurance, we advise that you do your best to maintain a clean record, as it can be challenging to turn a tarnished driving record clean.
3. Storage Location
If you store your vessel in a locked garage, the insurer will assume that it is less likely to be vandalized, stolen, or damaged by a natural disaster like a severe hailstorm. Therefore, they will make your boat insurance more affordable. However, if you store your vessel at a marina or on your driveway, the insurance company will believe that it’s at a greater risk of being stolen or damaged. This increased risk will cause your boat insurance rates to go up.
Contact Us Today
Do you need more info on boat insurance in the greater Deerfield, IL community? The insurance experts at STARS Insurance are ready to help you.