Lots of boat owners don’t want to pay for boat insurance during the off-winter season, and understandably so—why should boat owners carry boat insurance year-round if they’re not sailing year-round?
Well, there are a lot of answers—here are the top 3 reasons why boat owners should carry boat insurance year-round.
#1: Theft, Damages, Liability
Even if your boat isn’t on the water, a lot can go wrong. Boat insurance still protects your vessel in storage from things like fires, vandalism, etc.
Say, for instance, that you have someone do work on your boat during the off-season. This common practice can turn sour quickly if done incorrectly, especially if someone is hurt on the job.
If that happens, you would face serious financial issues if you’re liable, not to mention the fees to repair your boat itself. Boat insurance can protect you from all of this and more. Accidents happen unexpectedly—better to be safe than sorry.
#2: Your Other Insurance Won’t Cover Everything
Some people turn to their home insurance to cover their boats during the off-season. While this may seem like a good option, it won’t cover nearly enough of danger. Following with the potential risks above, boat insurance specifically covers:
- Collisions damage: This may not seem necessary in an off-season, but can insure your vessel if someone crashes into it on the road or while parked, which can be very helpful, especially if you store it in a garage.
- Property Damage Liability: Covers damages done to other’s property by your boat.
- Bodily Injury Liability: Covers expenses if you injure someone with your boat.
- Comprehensive: This is the most important for off-season protection. It takes care of things like damages, theft, or vandalism outside of a collision.
#3: You Will Actually Save Money
Believe it or not, but having boat insurance year-round will actually save you money in the long-run. Almost all insurance companies will reward coverage held for a few years or more. In most cases, for each year, they will reduce your deductible.
A deductible is a yearly fee you must pay to maintain your coverage. So, shaving off money from this fee will be far more beneficial to you than saving a few months premiums, even if it seems tempting. And, because most companies and lenders require insurance, you will definitely benefit from this perk.
Affordable Year-Round Boat Insurance is Only a Call Away
All of this may come as a surprise—no one thinks about insuring something they’re not currently using. But, with far more pros than cons, it’s no wonder boat owners want year-round boat insurance.
You may be thinking, “but what about the cost?” It makes sense for year-round coverage to be more expensive, right? Well, besides the reasons above, with a good company, you can get very affordable coverage.
But you want proof. To speak with one of our agents and see what our boat insurance is really all about, call Redwood Agency Group at (512) 994-0894.