Insure Your Boat Year-Round
Owning a boat is a big expense and the cost of insuring it can be one financial burden too many. Many people think it’s a good idea to cancel their boat insurance during the winter when their boat isn’t in use in order to save money, but history has proved otherwise. Approximately 20 percent of boat claims are filed between Labor Day and Memorial Day, during the off-season when people think their boats are safe.
What causes the need to file a claim during the off-season? Whether your boat is in a marina, boatyard or your driveway, it can undergo damages due to fire, flooding, severe storms, theft and vandalism. Any of these events can happen during the months that your boat is tucked away for the winter.
The risk of filing a claim is great enough that maintaining insurance is a smart option. In fact, by maintaining coverage, you may even save money in the long run. Some policies offer loyalty discounts and/or vanishing deductibles for policy periods you go claim-free. That means, that the lowered premium or lack of a deductible may result in you spending less money when filing a claim than if you were to pay for the damages out-of-pocket, which can be extremely high in some cases.
Boat insurance includes certain standard coverages like liability and collision, with additional coverages you can add to your policy, such as comprehensive, uninsured boater, wreck removal or fishing equipment. However, you may not need all of these coverages year-round. Depending on your insurer, you may be able to simply reduce your coverage during the off-season to maintain adequate coverage for any potential claims without wasting money on circumstances that only pertain to being in use. A qualified agent can help you select the appropriate policy so you and your boat are covered both on and off the water.