Why Boat Insurance is Necessary During the Winter
With warmer temperatures winding down, you may start thinking about storing your boat away for the off-season. If terminating your boat insurance seems like the next logical step, you may want to reconsider. Carrying insurance throughout the year will likely save you money in the long run, in addition to providing you with a number of other intangible benefits. If maintaining the amount you pay for your premium is a concern, work with one of our agents to reduce your limits or adjust your policy without losing protection.
4 Reasons to Insure Your Boat in the Off-Season
In many cases, it is not enough to rely on homeowners’ insurance to cover your boat against damage, injury, or loss, during the winter season. Here are 4 reasons why it is in your best interest to carry boat insurance all year:
- It May be Mandatory: Boats are synonymous with luxury and luxury comes at a price. If you are financing your boat, lenders typically require you to maintain your insurance all year round. Lenders want to protect their investment throughout the year, not just when it is convenient for you. Additionally, if you want to dock your boat in a marina, chances are they have policies in place that require you to carry insurance.
- Cost-Effective: The idea behind insurance is to save yourself from exorbitant expenses, should an injury or accident occur. You may believe that cancelling your coverage during the off-season is a smart financial decision. In reality, it may end up costing you more, rather than maintaining your insurance all year round. Furthermore, insurance companies will likely reward you for keeping your insurance. For instance, you may be granted a reduced deductible for each claim-free year. Conversely, if you cancel your insurance and need to make a claim, you may have to pay the full amount.
- Liability: Regardless of the season, you are liable for injuries that happen on or around your boat. This law also encompasses individuals who may be on your property illegally. Unfortunately, without boat insurance you run the risk of being held responsible to cover expensive medical bills, including those of trespassers.
- Property Damage: Open water is not the only factor that puts your boat at risk. Even if you are not actively using your boat, thefts and vandalism, as well as rodent damage can still occur in the off-season. Your boat is also vulnerable to the effects of mother nature. The threat of a fire or flood does not simply disappear once boating season is over. Failure to maintain insurance will likely result in expensive bills to repair or replace your boat.
Find the Right Marine Insurance Policy in Durham, Bowmanville, and Oshawa
We understand how much care can go into winterizing your boat for the off-season. By maintaining boat insurance, you can ensure that your investment remains intact and all your efforts to prepare it for the following season do not go to waste. At Petley-Hare, our insurance brokers can help you find the right coverage for your unique boating needs. From yachts to sailboats, we offer the most comprehensive marine insurance that includes many features other insurance policies may neglect. Choose from one of our many affordable insurance options and keep your boat well-protected this winter.
Call Petley-Hare today toll-free at 1-800-216-5324 for boat insurance in Bowmanville, Oshawa, and Durham. Get your free, no obligation quote online.