Do You Need Boat Insurance Year-Round?

It’s pretty obvious that boat insurance is a good idea during the summer months when boats are in use, but what about after the season ends? Many people think that cancelling their boat insurance policies during the off season is a good way to save money, but claims still happen.
Family on boat

A fire can ignite in the boatyard where your vessel is stored. A neighborhood kid can spray paint the hull of the boat that you park in your driveway. A tree can collapse on top of your boat or a stray baseball can shatter the window. Any number of unforeseen events can be cause to file a claim.

Still not convinced that year-round boat insurance is beneficial? About 20 percent of claims filed occur between Labor Day and Memorial Day, which is not during peak boating season.

Aside from physical damages, people can get injured on or around your boat. If you’re held legally liable, it’ll be your responsibility to pay for medical bills, legal fees, court settlements and possibly pain and suffering expenses. This can all be covered by your boat insurance, which is why it’s so important to maintain coverage.

Insuring your boat year-round can save you money for the simple reason that many claims are more costly than your annual premium, and it’s easy to see how a claimable event can occur at any time. But in addition, there are several other ways to save on boat insurance. For example, taking a boating safety course, bundling your coverage with your home or auto policies and paying annually instead of monthly can all lead to savings. Some insurers even offer loyalty discounts and vanishing deductibles for consecutive policy periods of your business.

Posted 3:04 PM

Tags: boat insurance

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