12. Know the Value of Your Boat
The recession has killed the value of boats. If you’re not selling, there’s nothing to sweat. In fact, you stand to gain. Where? In your insurance premiums. A lot of people are insuring their boats at nearly double their actual values. That makes replacing your boat a snap, but if you’re more risk-tolerant, you can adjust the policy to “actual value.” “The most important thing an individual owner should do is check his hull value,” says Tom Conroy, managing director for marine accounts at Markel American Insurance. Take a look at your boat’s current blue book value, hire a surveyor or just comparison-shop at various online sales websites. Adjust your policy accordingly. Estimated Savings: $70
Have some tips of your own for boating on a budget? Head to the forums to share them with your fellow boaters!