Insuring Your Boat During the Winter

Written By Charlotte Insurance on January 14, 2020. It has 0 comments.

winterized boats in Charlotte that need insurance

You only use your boat during the warmer months, so you only need insurance when it’s in use. Right? Wrong. Keeping your boat insured during the winter (and all year long) protects you and your boat and saves you money in the long-run.

Don’t Count on Your Homeowners Coverage

If you’re relying on your home insurance policy to cover your boat during the winter months, think again. Most standard policies only cover small boats like canoes and kayaks, so there’s a good chance your boat won’t be covered at all. And if it is, the coverage won’t be as much as a boat insurance policy provides.

Boat insurance policies offer very specific forms of coverage:

  • Bodily injury and property damage liability
  • Collision protection
  • Comprehensive coverage

Comprehensive coverage is the most important during the months your boat isn’t in use as this protects you from perils like fire, storms, theft, and vandalism.

Boat Insurance Might be Required

Did you finance the purchase of your boat? Are you still paying the lender? One of the terms of the financing agreement was likely that you would keep your boat insured all year long. Even if your boat is paid for, the marina or storage facility you use might require insurance coverage. And if you buy it through them (assuming it’s even available), instead of through an independent insurance agency like ours,  you’ll likely pay much higher premiums.

Your Boat is Vulnerable Year-Round

Yes, your boat is more vulnerable to damage and accidents when it’s out on the water. You have to navigate other boaters, swimmers, and the hazards of being on open water. But plenty of perils exist on dry land, too.

Fire, theft, vandalism, and natural disasters and big storms can occur at any time of year. What if the marina or storage facility you choose doesn’t have good insurance coverage? What if your boat is too big to be covered by your home insurance but suffers catastrophic damage sitting in your driveway? You’ll have to repair the damage or your replace your boat by paying out of pocket.

Maintaining Your Insurance Coverage is Most Cost Effective

Because boats are only used part of the year, most insurance providers factor this into their premium pricing, charging less than they might for other forms of insurance. That being said, if you cancel your insurance once the winter months roll around, you might also miss out on other savings. Many carriers offer discounts for bundling, being a loyal customer, and being claim-free for an entire year. All of that is lost to you when you turn your coverage off and on.

If you’re looking for ways to save on your insurance premiums, there are better options than cancelling your boat insurance. Contact Charlotte Insurance today to learn what your options are or to get a free estimate on a new boat insurance policy.

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