Pam's Insurance Site

About Me

Pam's Insurance Site

When I bought my first house, I was already going into a lot of debt. I didn't have the money to seriously insure it, so I bought only the bare minimum without consulting an insurance professional. That was a big mistake on my part. It could have turned out alright. That is, if my house hadn't been in the path of a huge storm. Huge gale winds knocked a tree down straight through my roof. My house was practically destroyed, and my minimal policy didn't cover nearly enough. I spent years and years trying to get myself out of that financial mess. Since then, I have always been very cautious in learning about insurance and talking to the real professionals.


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Saving Money On Boat Insurance: 3 Tips To Help You Hold On To Your Cash

Owning a boat of your own is a great way to ensure that you will enjoy virtually endless summer days out relaxing on the open water. Unfortunately, along with this luxury also comes the responsibility of maintaining boat insurance. The good news is that there are some steps that you can take to help lower the cost of this insurance and keep more of your hard-earned money in your pocket. The three tips outlined below can help you to accomplish this goal.

Tip #1: Invest In Safety 

The safer you and your boat are, the less of a risk the insurance company is taking by choosing to insure you. Consequently, you can expect to enjoy lower premiums if you have invested in boat safety. One of the ways in which you can do this is by taking a boat safety course. You can also qualify for safety-based discounts by ensuring that your vessel is fully equipped with safety equipment such as life vests and an emergency location device. 

Tip #2: Take Advantage Of Layup Insurance

Unless you have the good fortune of living in an area that offers ideal boating weather all year round, there will inevitably be time throughout the year when your boat remains in storage. Taking advantage of layup coverage during this time can greatly help to reduce your insurance costs. It is important to note however that you will need to reinstate full coverage before you take your boat out on the water again. This is very important since layup coverage is only designed to cover you while your boat is in storage and not while it is actively being used. 

Tip #3: Limit Your Covered Area

Boat insurance is different from traditional auto insurance in the fact that this insurance requires you to establish a coverage area. The more defined this area is, the less you are likely to pay each month for boat insurance. Consequently, if you typically take your boat out in the same general area, you can save a significant amount of money by limiting your coverage to just this particular area. If you are worried that this will prevent you from taking your boat out to other locations, there really is no need to worry. If you do decide to take your boat out of the covered area, you can easily purchase additional coverage for this trip without having to alter the basic area covered by your policy.