Do I Need to Insure my Boat Year-Round?

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by Daniel McClain on Jan 22, 2015

Boat insurance is a necessary protection for your summer recreation, but what about when the boating season is over? Does it make sense to keep your boat insured if it’s just going to sit there in storage?

Surprisingly, the answer is yes.

More than Half of Claims Happen in the Off-Season

The majority of claims filed under boaters insurance are for fire, theft, vandalism and flooding. In fact, over half of all boat theft claims were made in the off-season, between the months of January-April and September-December.

Lake, Dock, Sunset, Serene, Boats, Pier

The risk of a fire damaging your boat is the same risk as your house being damaged in a fire, and your house doesn’t have any lapses in coverage. Additionally, any other accidents that can affect your home, like a tree falling on the roof, can also damage your boat. Comprehensive boat coverage will pay for damages caused by anything other than a boat collision. The cost of repairing or replacing your damaged or stolen boat will far outweigh the cost of your insurance.

Will My Homeowner’s Policy Cover My Parked Boat?

However you may wonder if your homeowners insurance will cover your parked boat. Homeowners insurance will sometimes provide limited coverage for a boat. For example, it usually covers only a small, low-powered boat and usually has a cap of about $1000. It also will unlikely cover liability, which is also a big risk for a parked boat—children like to climb and play on boats, and any injuries sustained on your boat would be your responsibility.

The bottom line: it won’t save you much money to cancel your boat insurance during the winter, as rates are usually adjusted for off-season coverage. Continuing coverage qualifies you for lower rates with the same company, and cancelling will negatively affect the “credit” you build. Lastly, the risks change, rather than decrease, in the off-season, making insurance just as necessary as during peak boating season.

Protect your boat, even in the off-season; visit our boat insurance, where you can get a free online quote!

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