There are many ways to save money on your yacht insurance policy.

Safety Equipment – Money saving features may be found on your vessel itself.  Safety equipment including an Emergency Position Indication Radio Beacon (EPIRBs), guard rails, approved hull openings, depth finder, navigation system, carbon monoxide detectors, radar and automatic fire extinguishers may qualify you for a yacht insurance discount.  Contact your insurance specialist for a comprehensive list of safety items that would apply to your vessel. If your vessel does not currently have these items you can still improve safety and lower premiums by retrofitting your yacht.

Safe Captains – Those with safe driving and operating records also often qualify for reduced insurance premiums. Additionally, boat owners and operators who have completed operational and safety training may be eligible for insurance discounts.

Diesel Yacht – Diesel fuel is less likely than unleaded to cause an explosion making your diesel-powered vessel more likely to receive a lower rate on yacht insurance.

Green – Though not considered a safety feature, vessels that feature hybrid or electric power are often eligible for discounts.

Make a quick list of the items you are concerned about, fishing equipment coverage, towing, salvaging, liability in the event of a fuel spill, travel locations etc. Then call a yacht insurance specialist. A specialist understands the unique challenges you face as a yacht owner allowing them to quickly answer your questions and expertly craft your insurance policy to suit your needs. This helps to ensure you have the best policy possible and eliminates the need for you to invest time educating your insurance agent.

Insuring a yacht is different than insuring a small boat. For one, yachts often travel longer distances, and navigate larger often more dangerous bodies of water. You need to ensure that your coverage applies no matter where you are traveling. Your yacht is likely a significant investment and may be are financed. Work with a knowledgeable maritime insurance professional to ensure that your investment is protected, and that your insurance policy meets all of the requirements as set forth by the lender.

You might think that owning a yacht is a luxury reserved for the rich and famous, and therefore, yacht insurance is not a concern for you. Many boat owners who believe this are mistaken. In fact, according to the United States Coast Guard, a yacht is defined as a sailing vessel, which exceeds 26 feet in length. If your new boat is categorized as a yacht, you will want to contact an experienced boat insurance company to purchase adequate insurance.

If something happens to your boat when trailering, will your yacht insurance cover damages?

It is as important to understand how your yacht insurance policy applies when your boat is off the water as well as on it. Insurance is meant to protect you against risk, and any time you transport your vessel there is a risk of collision or other accident. If someone is injured in an accident involving your boat trailer or if they are hurt around your yacht while on the trailer, you could be found liable.

Make sure you have the yacht insurance coverage you need for adequate liability coverage as well as protection of your boat and its contents while trailering. If you are trailering your boat to a new destination, it is also important to check with your boat insurance company to ensure that your coverage applies when you arrive in the new area.

Before you transport your vessel by trailer, check that you have the yacht insurance coverage you need. You may want to consider standard and more specialized insurance such as:

• Liability: To protect you if you are responsible for damage to other property, vehicles or injuries to others
• Comprehensive: To protect you in the event of damage to your boat and trailer from things like fire or vandals
• Collision: To protect you if you are involved in a collision that results in damage
• Theft: To protect you if someone steals from your boat while on a trailer (consider things like contents and specialized gear such as fishing equipment or electronics)

When you want to protect the investment you have made in your boat and safeguard your own liability in event of an accident, the right yacht insurance makes all the difference.

For safety in cold water, you need to wear a life-jacket of course, but in autumn the cooler temperatures mean that falling overboard also heightens the risk of hypothermia. There are special flotation devices designed for cold-water immersion that will give thermal protection. Additionally, drawing your legs to your chest and wrapping your arms around them will help to conserve your body heat at the core. It is worth taking boat safety courses that cover cold-water survival.

Make sure to keep the tank full because there may not be as many places open in the fall for refueling.  You need to ensure you have enough fuel for a round trip.

While you may love having the waterway or lake to yourself, the more peaceful boating of fall also means that if something goes wrong while you are out on your boat help is not necessarily going to come by quickly.  Always make sure your VHF radio in working order, therefore test it before you need it desperately.

In some northern areas the local water authorities might pull channel markers and buoys once the summer season has ended. If you have relied on these when you are on the water, be watchful and take notice if anything has been removed. Similarly, storms can approach quickly and we never know when fall blusters will suddenly turn to winter gales. Keep on top of weather forecasts.

It is a good time to do a quick test of all your on board navigation and communications equipment as well in case batteries need replacing or anything has been damaged over a busy summer on the water. Now that it is dark early and it’s getting colder you need to know that your lights are all functioning, your flashlights work and your emergency flares are still good.

You can get a boat insurance estimate online  using this website in a couple of minutes without having to hassle with all of the details. All you need to provide for an accurate estimate is the year, length, make, model, value, where you use your boat (inland lakes, coastal waters), your state, years you have owned your boat and the classes and licenses that you have.

Your new boat is an investment, as well as a liability, therefore shopping for boat insurance is important.  It is important that you protect your financial assets, as well as your safety by choosing the right insurance policy that meets both your insurance needs and your budget. Getting boat insurance quotes is the first step in choosing an insurance policy that is right for you. You can easily compare policy inclusions, rates, and premiums, which will help you make a decision. When in doubt,  call a boat insurance specialist for clear answers to your questions and suggestions that only an industry expert can provide.

Physical damage coverage usually only pays for necessary yacht repairs resulting from damage by a wide range of perils such as wind, rain, lightning, hail, wave action, fire, theft, vandalism, and collisions with other yachts, docks, and submerged and floating objects.  Some policies provide “all risk” coverage, meaning the cause of loss is covered unless specifically excluded.

Often times when your boat needs minor repairs and maintenance you may be able to do it yourself.  Yet, for more complex work you should protect your investment by relying on qualified carpenters and mechanics.

When filing a claim call your yacht insurance company before doing any repairs.  This way your insurance company claim adjuster can access the damage properly before anything has been altered and provide you with valuable information. If you are unsure of what your yacht insurance covers contact your insurance carrier for a consultation to ensure you have the best coverage for your vessel.