Why You Need Boat Insurance Year-Round

You can pretty much guess that you will need boat insurance during the summer. Every time you are on the water, you take the chance of something happening to your boat, and to others’ property. This can be devastating, but having boat insurance can help remedy the problem.

However, some people believe boat insurance is only necessary during the times they are using the boat. Having boat insurance all year round can cost you more money, but compared to the costs of repairing damage to your boat on your own, the cost of boat insurance is minimal.

With Boat Insurance, You Save Money

There are many insurance companies that may lower your deductibles the longer you go without submitting a claim. By keeping boat insurance year-round, you could end up lowering your rate quite a bit. In return, insurance throughout the year could be cheaper than only carrying it part of the year since loyalty to your insurance company often provides you with additional discounts. For instance, you may be eligible to receive a discount on your deductible simply because you maintained your boat insurance.

Boat Insurance is Peace of Mind Protection

Insurance can be a great way to feel confident that your belongings are protected, including your boat. With insurance, you seldom have to worry about having to pay when an accident has occurred. Just knowing you won’t have to shell out as much money can help you feel more confident and provide you the peace of mind you need. With boat insurance, you can gain protection from:

Capsizing
Accidents on the water
Damaging others’ property
Fire and weather damage
Theft and vandalism
Liability exposures

Knowing that you can easily file a claim to cover the cost of damage to your boat reduces the stress associated with covering the damage on your own.

Safeguard Your Boat from the Unknown

You never know what could happen to your boat, even if it is covered and stored in your garage. For instance, your house could catch on fire during the winter and damage your boat, the weight of ice/snow could damage more delicate pieces of your boat or someone could vandalize your boat while you’re away. Not to mention, as with any vehicle you own, there are always liability risks associated with owning a boat. For instance, if a piece of boating equipment is swept up in a storm and thrown through your neighbor’s window, you’ll be liable for paying the damages.

By only having insurance during the summer, you could end up being uninsured the one time your boat gets damaged. Relying on your homeowner’s insurance policy may not provide you with enough coverage for damage to your boat. It’s a good idea to look into your home insurance policy to see what is covered and how much. This will help you decide how much coverage you will need to carry on your boat during the off-season.

There are many insurance companies that allow you to adjust your boat insurance terms throughout the year according to seasonal risks. However, do not cancel your boat insurance during the off-season. With the potential for loss ever-present, you need boat insurance to cover the cost of repairing or replacing your boat.

Why You Need Boat Insurance Year-Round

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