Should Boaters Maintain Insurance During the Off-Season?

Maintaining boat insurance during the off-season is a topic that often sparks debate among boaters. While it might seem tempting to cancel coverage when your boat is not in use, there are several compelling reasons to keep your policy active year-round.

Reasons to Maintain Boat Insurance Coverage

Boats are vulnerable to various risks even when they are not in the water. Theft, vandalism, fire and weather-related damage can occur while your boat is stored in a garage, marina or storage facility. Insurance can help cover hefty repair or replacement costs. For instance, a storm could cause a tree to fall on your boat, or a fire could break out in the storage facility. Without insurance, you would have to bear these expenses out of pocket.

Additionally, liability coverage is crucial. Accidents can happen even when the boat is not in use. Someone could get injured while working on or around your boat, and without liability insurance, you could be held financially responsible for their medical bills. This coverage can help protect you financially from potential lawsuits and significant financial losses.

Another consideration is the potential impact on your insurance premiums. Some insurance companies offer discounts for maintaining continuous coverage. Canceling your policy during the off-season might result in higher premiums when you reinstate it. Moreover, if you have financed your boat, your lender might require year-round insurance as part of the loan agreement.

While canceling boat insurance during the off-season might seem like a cost-saving measure, the risks and potential financial consequences often outweigh the savings. Maintaining comprehensive and liability coverage year-round can offer financial protection against unforeseen events. Discuss your options with an insurance provider to find a policy that balances coverage and cost.

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For boat insurance near you, contact Fitzwilliam Insurance Services LLC.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.