North FLA Bacon G-Force ☰ ˟
Logo
North FLA: 904-551-0627 Google Review Button
Bacon: 904-744-5144 G-Force: 904-388-8100

For Information On Licensing/Continuing Education, Click Here

  • Home
  • Products
    • Automobile
    • Business & Commercial
    • Business Owners (BOP)
    • Classic Car
    • Commercial Auto
    • Flood
    • Homeowners
    • Life
    • Motorcycle
    • Toy Vehicles
    • Umbrella
  • Get a Quote
    • Automobile
    • Business & Commercial
    • Homeowners
    • Life
    • Recreational Vehicle
  • Blog
  • Make a Payment
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
    • Our Partners
  • About Us
    • About North FLA Agency
    • Our Locations
    • Employee Directory
    • Customer Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
    • Join our Newsletter
Auto

Auto

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home Icon

Home

We browse through a wide variety of coverages and find the right one for you.

Learn More
Business Icon

Business & Commercial

We browse through a wide variety of coverages and find the right one for you.

Learn More
Life Icon

Life & Retirement

We browse through a wide variety of coverages and find the right one for you.

Learn More
Toy Icon

Toys

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home > Blog > Do I Need Year-Round Boat Insurance Coverage?
WEDNESDAY, SEPTEMBER 16, 2020

Do I Need Year-Round Boat Insurance Coverage?

a small boat in a body of water

Everyone seems to change their habits with the seasons, even in north Florida where we have long periods of fair weather. There might come a time when you need to put away your boat until fairer weather beckons in spring.

Still, when you store your boat you might wonder how to maximize your savings during this time of disuse. There will be a decrease in some of the upkeep and operating costs on the vessel. Plus, your insurance risks might diminish, too. However, they will only drop by a small amount. You will need to maintain boat insurance throughout the storage period. Here’s a few reasons why.

Financed Boats Require Coverage

When you buy your boat, you might take out a loan which you will pay back to pay off the boat. For as long as you have the loan, the lender might require you to maintain boat insurance. That is because the boat represents an investment by the lender. Any loss to the boat might therefore be a loss to them, too. They want to make sure they receive repayment even following a shipwreck.

Often, you will have to buy physical damage insurance to meet these requirements. The physical damage coverage will pay for the vessel’s damage following collisions or other accidents like fires, weather damage, theft or vandalism.

Continuous Coverage Helps You Financially

There is always a chance that damage could happen to your boat even while you have it stored. As a result, you don’t want a lack of insurance to prevent you from repairing or replacing the vessel. Boats can still face damage risks even when you don’t have them on the water.

Not only that, but if you cancel and then reinstate your coverage, your insurer might begin to view you as a cost risk. Boat owners who go uninsured might represent inconsistency in the eyes of insurers. When they start their coverage again, there is no guarantee that they will qualify for the same affordable premiums.

You Might Not Get Help From Elsewhere

Some homeowners insurance policies cover boats, but only to a very limited extent. There are usually restrictions on the types of vessels they will cover and how much they will pay. Keeping boat insurance is the better solution

One solution to keeping your boat insurance coverage affordable during the off season is to ask your agent if you can reduce certain types of coverage. For example, you might not need collision insurance or medical payments coverage when you are not using the boat. For the time being, you might be able to remove this coverage without terminating your policy. You can then add it back in when the time comes to take the boat out again.

Posted 4:50 PM

Tags: boat insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2021
  • 2020

  • business insurance(3)
  • home insurance(2)
  • commercial auto insurance(2)
  • commercial insurance(2)
  • general liability insurance(2)
  • no-fault state(1)
  • homeowners insurance(1)
  • workers compensation(1)
  • car insurance(1)
  • fault state(1)
  • boat insurance(1)
  • commercial general liability insurance(1)
  • bop(1)
  • auto insurance(1)
  • general liability(1)
  • business owners policy(1)

View Mobile Version

Get In Touch!
904-551-0627

Contact Us
Facebook Twitter LinkedIn LinkedIn

Resources

  • Get A Quote
  • Payment/Claims
  • About Us
  • Refer A Friend
  • Blog
  • Contact Us

Contact Us

3 Locations To Serve You
North FLA Agency Phone: (904) 551-0627 | Bacon Insurance Phone: (904) 744-5144 | Fax: (904) 744-7888
© Copyright 2021. All rights reserved. | Powered by Insurance Website Builder