No matter what type of insurance you’re trying to get, the basic rules for finding cheap deals are the same. You should never go for the cheapest deal unless it gives you everything you actually need from a policy. For example, the cheapest marine insurance might only cover you in the case of fire to your vessel, and it might restrict how far you can travel from the marina where your boat is kept. Here are some top tips for finding the cheapest marine insurance and getting the best deal.
Like other types of insurance, you should shop around before coming to a decision about which policy you’re going to take out. Some policies might be a little more expensive but have a smaller amount of excess to pay in the event of a claim. Others might be cheaper but don’t cover you for very much. Always read the small print on a policy before you sign the contract.
Call the insurance company
There’s a lot to be said for calling an insurance company and speaking to them face to face. While you can get good deals online, you can always haggle a little bit over the phone, and in many cases, the telephone advisor will be able to knock the price down for you a little bit, particularly if you’ve found a better quote elsewhere. Many insurance companies pride themselves on being able to match cheaper quotes, so you might be able to get a policy with a more reputable company for a smaller price.
Try comparison websites
You’re not guaranteed to get the cheapest deal by going through comparison websites, but you should try them out to see which companies are generally the cheapest on the market. You can then take the marine insurance quote that you have gotten from the comparison website, or phone them up and get a quote directly. In most cases, you will get exactly the same quote, but some comparison websites will add on commission for themselves, so it’s always worth checking.
Decide what you really need from your policy
Many boat owners take out insurance with features that they don’t really need. This means that they are paying hefty amounts each month for insurance that they are never going to use. It’s important to decide beforehand what you really need from your policy and what you need to insure. For example, you might not need to insure the contents of your vessel if you don’t have anything valuable stored on it. It’s a waste of money to pay for extra insurance that you don’t need.
Stay with the same company
Most insurance companies will reward loyal customers for staying with them, especially if they don’t take out a claim. If you’ve been with one insurance company for a long time, call them and ask about any special deals or offers they might have for existing customers. You can also save money by checking out deals for combined insurance policies, such as if you want to insure a car and a boat with the same company. For this to work, this company must be able to provide different types of insurance rather than just marine insurance, but you can check this with an advisor.