As we head into the fall, you may catch yourself wistfully looking back on a relaxing summer on the deck of your boat. Many avid boaters live for the gleaming months of sunshine and sand between their toes. Somehow, life just seems a bit duller during the chilly months when you store your boat.
Some people, though, see it as an opportunity to temporarily cancel their boat insurance policy. Why do you need to pay for coverage when your boat is not in use, right? However, your boat is susceptible to storms and damages even when it’s stored for the fall and winter. Whether stored at the marina or on land in a storage facility, there are always risks that could potentially threaten the investment you made in your vessel. For instance, a fire could scorch your boat’s paintjob or a thief could ravage the vessel looking for valuables.
In fact, about 20 percent of all boat insurance claims are made between Labor Day and Memorial Day. That’s a pretty large chunk of damages being reported during the off-season! And if you’ve cancelled your policy, you’ll be left to pay for repairs on your own. Insurance providers see similar events play out over and over again.
But, there is a way for you to maintain coverage while saving money during the off-season. Many insurance providers offer what they call a lay-up policy, which essentially reduces your boat insurance coverage during the off-season, without completely eliminating it.
These policies often decrease your policy to just liability and comprehensive coverage to protect against risks that could still affect your boat while in storage. Meanwhile, coverages that only apply to using your boat will be temporarily discarded, such as collision, wreck removal, uninsured boater and more coverage options.
If—like most people—you look for ways to cut back on expenses, talk to your independent insurance agent about boat insurance with a lay-up period. That way, you can still rest easy knowing your vessel is protected, while saving a few bucks at the same time.
Are you covered? Call Auto Insurance Express at (417) 206-3733 for more information on Joplin boat insurance.