3 Tips To Help You Save Money On Your Caribbean Yacht Insurance

16 June 2022
 Categories: Insurance, Blog

You worked hard, saved your money, and were finally able to buy the yacht you always wanted in order to sail around the Caribbean. The last thing you want to do now is to spend all of your remaining money on the cost of Caribbean yacht insurance. Thankfully, there are some things you can do to help keep your insurance costs to a minimum. The three money-saving tips below can help you to accomplish this goal. 

Tip #1: Limit Your Nautical Coverage Area 

If you only plan to take your yacht out in a very specific area of the Caribbean, limiting your coverage area can allow you to secure a lower rate on your insurance coverage. If you are worried about having coverage in the event you choose to venture outside of your coverage area, there really is no need to worry. You can easily purchase additional insurance for a one-time trip if you do decide to venture out. This additional one-time coverage will still be more cost-effective than maintaining coverage for a larger area. 

Tip #2: Take Advantage Of Layup Insurance During The Off Season

If you do not plan on using your yacht all year round, layup insurance can help you to save money during the time of the year when your craft is not in active use. This type of Caribbean yacht insurance offers coverage for your vessel while it is in the dock, however, it will not cover any damage caused by the active use of your yacht. Consequently, when you decide to take your yacht back out on the open water, you will need to reinstate your standard insurance coverage. Since layup coverage provides protection against fewer perils, you will enjoy a significantly reduced insurance premium during the time in which this layup coverage is active. 

Tip #3: Put Safety First To Qualify For Additional Discounts

The safer you are when using your yacht, the less you can expect to pay for Caribbean yacht insurance. Completing an approved safety course or investing in safety equipment for your yacht are both great ways to improve your safety, and the safety of everyone else on your boat. Taking these steps to improve safety will often allow you to qualify for additional discounts on your Caribbean yacht insurance. However, you should be aware that the discount given for the completion of a safety course will often remain in effect only for the current policy. If you wish to continue receiving this discount you will need to complete a new safety course each year.