Cheap boat insurance that still pays out

Your price depends mainly on two decisions: what kind of cover you buy and what deductible you set. A deductible is the part of any claim you pay from your own pocket before the insurer covers the remainder.

GEICO's guide notes that changing the deductible can bring your rate down. Chubb cautions that a higher deductible should fit what you could genuinely pay out of pocket, rather than just being the largest figure on offer.

With actual cash value coverage, you get the boat's current market price if it is written off. BoatUS suggests this for smaller boats and personal watercraft.

BoatUS also sells a liability-only policy when no lender has an interest in the boat. Salvage and wreck removal come with it.

Discounts go by different names at each company, so asking about every one is worthwhile. Markel puts potential savings at up to 35%. BoatUS mentions up to 10% for completing a safety course, insuring multiple boats, or holding a GEICO auto policy.

The Insurance Information Institute points to training run by the Coast Guard Auxiliary, U.S. Power Squadrons, and the Red Cross. It also recommends checking for a discount once you have gone two years without a claim.

Progressive has disappearing deductibles. Each claim-free period knocks 25% off your deductible, and it can fall all the way to $0.

SkiSafe sells annual policies. A winter lay-up discount is available, and fire and theft protection stays in place the whole time.

Foremost mentions an out-of-water storage discount when a boat is kept ashore for at least three months of the year. GEICO's guide makes the same point, noting that off-season storage can bring the cost down.