Do I need to carry boat insurance year round if I only use my boat half the year?

If you live in Scotia, NY, you’re lucky to get out on the lake for 6 months out of the year. Even then, it never feels like you have enough time to enjoy your boat. It feels like your boat spends more time moored and in storage than in use. It seems like a waste to pay boat insurance for the entire year. Are there any good reasons to carry insurance for the entire year? Unfortunately, canceling it might only not save you money, but it could get you in trouble.

If you still owe on your boat, you are most likely required as part of the terms of the loan to carry insurance at all times until the loan is entirely paid off. As long as the lender has an interest in the boat, they can require you to meet certain conditions. If you keep your boat at a marina, the marina might also require you to keep insurance on your boat. Whether your boat is stored at home, in a storage space, or at a marina, it is still vulnerable to vandalism, fire, and theft, which can happen anywhere at any time. You don’t want to take that risk and losing all the money you’ve put into your boat.

Your homeowner’s policy through DePaulo Agency probably offers limited coverage for your boat. However, it won’t cover the kinds of events boat insurance normally covers, like collisions with other boats. The boat will have to be on your property to qualify, and even then probably won’t have full protection.

If you have boat insurance in Scotia, NY, it is probably more cost-effective to carry it year-round. DePaulo Agency can offer discounts for many reasons, including a history of paying your premium claim-free. If you would like to see how you can save money on boat insurance, call us today.