Do I Need Boat Insurance During Months It’s Not in Use?

Even if you are the type of boating enthusiast who takes steps to winterize your boat for the colder Proctorville, OH months, you may be overlooking one element of the protection process – ensuring you’re maintaining boat insurance coverage during the offseason. While you may be tempted to cancel your boat insurance policy and save a few bucks while your boat is out of the water or not in use, your boat still faces a variety of risks while it’s in storage. Theft, vandalism, and fire aren’t limited to boat-friendly months; they are year-round risks. According to the National Insurance Crime Bureau, during 2015, 2,700 watercraft thefts occurred between the off-season months of September and April. If you terminate your boat policy for the winter season, you will be responsible for paying for the repairs or damage dur to any calamity such as fire or theft yourself.  

Am I Required to Have Winter Boat Insurance Coverage?

There are some situations that do require you to have an active boat insurance policy during the off-season or while it’s stored. For example, if your boat is financed, according to the National Marine Lenders Association, you may be required by your lender to hold year-round coverage. Ask your Jeff Hutchison Insurance Services agent if you are required to have year-round boat insurance coverage. 

How Can I Cut My Off-Season Boat Insurance Costs?

Depending on your policy, you may be able to adjust your coverage costs in the winter months while it is being stored. For example, it may be possible to reduce your limits or drop some of your policy’s coverage types to lower your premiums. When spring comes, you can revert to your original policy, so that when you pull your boat out of storage you can launch with the full protection to ensure your boating season is carefree. 

For answers to all your questions about boat and watercraft insurance coverage, call the insurance experts at Jeff Hutchison Insurance Services today. Our independent agents are licensed in Kentucky and Ohio, allowing us to proudly serve boaters in Lexington, KY and Proctorville, OH. Boat and watercraft policy premiums vary in each state, so let us help you find the most affordable coverage.