Reasons Why Boaties Should Carry Boat Insurance Year-Round
As a boat owner you may be wondering, why you should insure you boat year-round, especially when you only get to use it for a few months of the year? It's a good question, and it is something boat owners do ask.
If you are considering seasonal insurance here are some reasons why you should insure year-round.
Boat Insurance is most likely required.
If your permanently moored at a marina or wish to use their facilities (travel lift, hardstand etc) you are required to show proof of insurance, at the very minimum third party of a least 5 M.
If you have finance, again most likely required by the interested party to carry insurance all year round. It makes perfect sense, after all, since the interested party is making an investment as well. They must ensure that their investment is protected all year.
There’s risk out of the water, too.
At the very least, boat insurance should protect you from theft, fire and malicious damage, which can unfortunately, happen at any time.
Whilst in storage in the off season, rodents often make themselves at home on your boat, nibbling through electrical wires and upholstery.
The compelling force of mother nature doesn't have an off-season.
Catastrophic events like fire, floods, storms, earthquakes can happen year-round. Having insurance can keep you from losing hundreds or thousands of dollars. - Ripped canvas, trees falling, smashed window screens, flying tenders.
It saves you money.
By keeping your boat insurance all year round, you save money long-term!
If you cancel your policy midterm, when arranging new cover, in most cases it is taken on as new risk, which means a new application required at the company's prevailing rates, which may not be what they were previously.
Insurance companies also do look at your history, loyalty discounts are likely to be given for maintaining coverage and renewing annual policies.
ArchiveApril 2021 (2) March 2021 (5) February 2021 (5) January 2021 (4) December 2020 (3) November 2020 (7) October 2020 (2) July 2020 (1) April 2020 (1) September 2019 (1) August 2019 (1) July 2019 (1) June 2019 (2) February 2019 (3) January 2019 (1) December 2018 (2) October 2018 (2) July 2018 (1) June 2018 (2) May 2018 (2) April 2018 (1) March 2018 (2) February 2018 (1) January 2018 (1) December 2017 (1) October 2017 (1) September 2017 (1) August 2017 (1)
Other articles you might be interested in
Engine oil contamination causes numerous equipment failures. Here are eight remedies that may help solve common oil contamination problems.
How much does boat insurance cost? How much you’ll pay to insure your boat depends on a few important factors. The most significant ones are: What type of boat it is: for example, trailer boat, racing yacht, luxury launch...
What if I have an older boat? Having a boat more than 20 years old doesn’t mean you can’t get boat insurance, or that it will be expensive. It just means we are likely to require a boatbuilders’ report or more compreh...
When you talk to one of our experienced Mariner crew about insuring your boat, they will ask you a series of questions which will help them calculate your premium.