Why Do I Need Boat Insurance All Year Long?

 In Colorado Insurance Professional

If you are like most people, you are always looking for ways to save money. Maybe you pack your lunch for work or maybe you are an expert at using coupons to reduce your grocery bill. Do you always shop the after-Christmas sales? Maybe you are just willing to cut back on certain expenses.

Saving money is satisfying and useful, which is why it may be tempting to cancel your boat insurance during the winter months. Don’t make this costly mistake. You may temporarily save a bit on insurance premiums, but you’ll risk huge expenses down the road.

Boat AnchorYear-Round Insurance May Be Required

Boats are expensive investments. If you financed your boat instead of paying for everything upfront, your lender may require you to carry insurance all year long. A lender needs to protect their investment in the winter months as well as during the summer.

You Can’t Rely On Your Homeowners Policy

Your homeowners policy may cover some of your property, but you can’t rely on it if you lose your boat. Many homeowners policies only cover small boats like canoes and wouldn’t cover the cost of replacing a larger boat. It is also important to remember that a homeowners policy might not cover your liability if someone is injured on your boat.

Year-Round Insurance Doesn’t Have To Be Costly

Remember, you can still get affordable insurance all year long. Most insurance providers adjust premium rates to account for the fact that your boat won’t be in use for part of the year. Don’t be afraid to talk to your insurer about reducing costs in the off-season—there are options that won’t leave you unprotected.

The Risk Of Loss Is Just As High During The Off-Season

Your insurance policy covers more than just damage that happens on the water. It is there to protect you against fires, thefts, and vandalism. Unfortunately those are all year-round problems.  A theft may even be more likely to happen when the boatyard is unattended in the winter than during the busy summer months. Don’t risk being unprotected.

Saving money is a worthy goal, but don’t risk a huge financial loss. Keep your property insured all year long to protect your investment and keep your boat ready for summer fun.

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