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Better Watercraft Coverage Rates

How to Get a Lower Rate on Watercraft Coverage

Posted in Personal Lines

Author: Cheryl Gleason

Even though it might be hard to tell depending on where you live – spring is on its way! That means watercraft season is also right around the corner. As your clients begin to bring their boats out of storage and get them ready for water, help them save a little extra cash on their watercraft coverage this season by taking advantage of these insurance credits.

1. Submit for coverage 90 days prior
If your client submits their boat for coverage 90 days prior to their requested inception date, many of our carriers will offer credits.  By submitting prior to inception date, it shows that the client is a thoughtful and responsible owner.  Your underwriter will be able to provide you with detailed information, based on your risk.

2. Homeowner credit
If your insured owns their home, this can also be a potential opportunity for credits on their small boat insurance policy.

3. Marital status
If your client is married, some of our carriers will also offer credits.

4. Safety equipment
Having safety equipment on board is an important part of responsible watercraft operation and some of our carriers will offer credits on their policies. Our carriers look for some of the following safety equipment when offering potential credits:

  • Depth finder
  • Radar
  • GPS
  • Carbon monoxide detector
  • VHF radio
  • Auto fire extinguisher
  • EPIRB: Emergency Position Indicating Radio Beacon
  • High water alarm
5. Provide boating experience
The amount of experience your client has can also play a role in offering credits on their policies.

As a whole, the more complete your watercraft application, the more your underwriter can understand your story and your risk.  If your insured is a responsible boat owner that takes care of their boat and makes sure she is top notch, I want to give you the best rate possible to earn your trust and your business.

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