Depending on your contract with the company, yes, you can technically cancel boat insurance. However, even if it is allowed, canceling may not be your best option, and will significantly raise your costs over time.
So, while it may be tempting to cancel your boat insurance during the off-season (if that’s even an option in the first place), it’s probably best not to.
If it’s the cost of maintaining insurance year-round you’re concerned about, rest assured that it is cheaper to keep it. Here are a few simple ways to lower your insurance costs to help you keep it year-round.
Only Cancel Parts of Your Coverage
Some plans and companies will allow you to only cancel parts of your boat insurance rather than the entire thing. However, most companies will still view this as canceling your coverage. But what does that matter? See, the thing with boat insurance is that, if it isn’t already a requirement, most companies will reward you for maintaining year-round coverage—it helps make sure that unexpected incidents don’t occur without anything to help you out. They will reduce your deductible each claim-year.
Some insurers offer seasonal policies (“layup” policies) that won’t be considered a cancellation. At the end of the day, the best thing to do is check with your insurance company for any of these or other similar options.
Knowledge is Power—Show the Company You’re Safe and Prepared
If you take the time to review your boat insurance policy inside and out, you will have a much easier time reducing your off-season rates. Now this, of course, is much easier said than done. The best place to start is probably with what kind of insurance you have:
- Collision Damage
- Property Damage
- Personal Property
- Consequential Damage
- Additional Circumstances
From here, you can also search for bundling options, similar to how many bundle home and auto insurance.
And, especially if you are new to the boating world, you can take a safety course. If the insurance company recognizes this, they may also offer a discount on coverage—knowledge, after all, is power.
Carefully Store Your Boat
During the winter, storing your boat carefully is one of the best things you can do, not only to save money on your insurance but to save yourself from costly repairs as well. Here are a few simple storage tips:
- Take it out of the water
- Check for damage
- Put it in storage
- Drain old fuel, refill or leave it empty
- Take inventory of all of your equipment (in case it’s lost or stolen)
Get Affordable Boat Insurance—Call Redwood Agency Group
We can find you a boat insurance policy catered specifically to your needs and budget. Whether you want year-round coverage or are worried about affording it, we have you covered. If you would like to speak directly with one of our talented agents, give us a call at (512) 994-0894.