Talking About Insurance Coverage

3 Reasons You Need Insurance On Your Boat In The Off Season

14 December 2018 by Jar Ross

Carrying an insurance policy on your boat is a no brainer while your boat is out on the open water or parked at a marina during the summer. But what about the off-season when your boat is under wrap in storage, far from the nearest body of water? While it might seem like a good idea to drop your boat insurance in the off-season in order to save a few dollars, reality may have something else in store for you. Here's why you need to keep your boat insurance throughout the year.

It Might Be in Your Contract

Are you currently making payments on your boat to a boat store or another type of lender? Well, if so, you'll want to read the fine print on your contract. Chances are good that your lender requires insurance to be carried while you are paying off the boat. If something happens to the boat when you are not carrying insurance, you will likely still be on the hook for all remaining payments.

Your Storage Facility Could Have an Incident

Okay, but what if you own your boat outright and you are locking it up in storage for the winter? Well, even then you may be in for a nasty surprise if you try and go without insurance. While it's not common, it is certainly possible that a fire or another incident could occur at your storage place. The storage facility could also be broken into and while you may think it's unlikely that someone would steal a boat, a professional theft ring might have other ideas. Other problems like vermin or damage from dust within the facility could pop up as well.

Your Homeowner's Policy Might Not Cover You

If you are storing your boat at home in the garage or in a specially constructed bay, you may think you are in the clear even in the event of a fire or other disaster because you carry homeowner's insurance. But again, you'll want to read the fine print here. Your homeowner's policy might not cover a boat by default. Even if it does, there might be a dollar limit the policy will cover and an expensive boat could eat up a large chunk of that amount. If you suffer a total loss in a house fire, you may find you may not be able to replace everything that you've lost through your homeowner's insurance alone.

If you need boat insurance this off-season, contact a local provider today, such as at Veronica's Auto Insurance, for more details.

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