It may be a tempting idea to not carry boat insurance all year if you put the boat away in storage; however, this is not an effective strategy for many reasons. The risk taken for not insuring a boat while it is in storage is not worth it. You might save a little in the short run but if something happens you will regret it.
Reasons to Have Boat Insurance All Year
Here are some reasons why it is a wise strategy to carry boat insurance all year:
1. Boat Loan Requirements — If you still owe money on a loan for the boat then always having it insured may be a requirement of the lender.
2. Marina Requirements — If you moor the boat at a marina, boat insurance may be a requirement.
3. Off-Season Risk — The risk of vandalism, fire, and theft is still there during the off-season and may even be higher because there is less supervision of a boat placed in storage.
4. Weather Damage — Severe weather is more likely to damage a boat during the winter months.
5. Home Insurance Limits — It is unlikely that there is sufficient insurance coverage for a boat under a typical home insurance policy. Ask your agent at The Insurance Shop USA serving Sandpoint, ID and the surrounding area to conduct an insurance review for you to be sure.
6. Loyalty Benefits — Depending on your boat insurance underwriter, you may get a benefit for maintaining your policy without making a claim for a consistent period. It may actually be more costly to cancel a policy and then have to get a new one each year.
Work with your agent at The Insurance Shop USA in Sandpoint, ID to get a review of your boat insurance and a quote for boat insurance that provides adequate protection.