So, is there anyway I can save money on yacht insurance?
Yes, there are several ways. First, be realistic on what insurance you need. Navigational territory, or when and where you use your yacht, is a good area to review. You will pay more to use your yacht in Florida during hurricane season, so maybe consider a cruise north in the summer months. If you only plan to cruise the Chesapeake, then don’t insure for the whole East Coast and the Bahamas. Only insure for the area you will cruise. Take a boating safety course from an entity like the US Power Squadron. I have also been told that clean driving records can help reduce costs. Consider increasing your deductible. If you feel financially secure enough to accept some more risk, you should be able to reduce your premium this way. Finally, review your liability limits. Do you really need that high of a limit or maybe you are under insured.
