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What do you get with marine insurance? Compliance with the terms of your financing, for one thing. There's peace of mind, too. But you shouldn't fork over a load of dough for it. Here are a few ways you can get more for your insurance dollar:

1. Learn the lingo. In a total loss, "agreed value" coverage pays you what it takes to buy a new, comparable boat. "Actual cash value" pays you what your boat is worth on the market at the time of the loss. It's less extensive and less expensive.

Liability coverage settles your financial responsibility for injury or loss of life, damage to others' property or your defense if sued. Some plans cover salvage and containment or cleanup of pollution you cause. The bigger your boat, the more appealing this coverage might be.

2. Surf the Web. More boaters are shopping for insurance online, just to get a feel for the markets before approaching agents. It's a great tool to launch some queries so you can compare apples with apples. Progressive and BoatU.S. will quote and sell insurance online. Other Internet underwriters, such as Global Marine Insurance Agency and INAMAR, will shop insurance companies to find your best deal.

3. Take a homeowners rider. Your homeowners insurance carrier might be able to schedule the boat, motor, trailer and on-water liabilities. You'd work with an agent you know and a company whose dealings with which you're familiar. Larger boats, however, generally call for a stand-alone policy.

4. Review your coverage. Some policies cover your boat for its actual cash value, which drops steadily. Return to the agent periodically to ensure the policy (and premium!) has been lowered to match the boat's lower value. I have a friend who found he was still paying for new-price value on a loran-C receiver and an inflatable tender, when their actual value was a pittance. He quickly dropped them from the schedule.

5. Brag. If you've been a loyal policyholder for years with no claims, ask if the agency offers a good-record discount.

6. Go to school. Many insurance carriers offer discounts to boaters who complete Power Squadrons or other boating-safety courses.

7. Think snow. If you live in a cold clime with several months of no boating, see if there's a winter lay-up plan that continues to cover your boat on land. There has to be some compensation for months without boating!

progressive.com

boatus-insurance.com

globalmarineinsurance.com

inamarmarine.com

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