If you own a boat, whether it’s a sailboat, power boat or yacht you will want to have the right marine insurance to protect your watercraft and the people on it. Boats provide great fun and relaxation during the summer seasons and many boat owners live for the few months a year when they can take off for the weekend on ocean trips. However, if you only insure your boat when it’s on the water you may be in for a rude awakening during the offseason should your vessel be vandalized or be the reason someone was injured. Insuring a boat year round is the best way to provide maximum protection for your boat and you as the boat owner.
When you are on the water it’s pretty obvious why you need insurance for boats and personal watercraft. Collisions with other boats, damage to the vessel from foul weather and rough conditions and injuries that can occur on the boat are all potential risks that need to be included in your marine insurance policy. As the owner of a sailboat or power boat you take on great responsibility and it’s in your best interest to protect yourself from liability claims and the hefty costs of repairs. You also have to take into consideration that other boaters on the water aren’t insured and specialized marine insurance policies can offer coverage for such instances.
But, when a boat is taken out of the water many owners feel it is fine to cancel their coverage, mostly to save money during the offseason. But many risks still exist and if you cancel your insurance your boat is no longer protected from fire, storms and flooding, vandalism and theft. Boats that are left out in the open are easy prey to vandals and if you leave it uninsured you could lose valuable equipment including motors and sails that you will have to pay for out of pocket. Another reason to insure a boat even when it’s not in the water is that you are responsible not only for injuries on the boat but also for injuries that occur around your boat too. Liability claims can get quite costly and if you choose not to have coverage on a ship out of the water you could be forced to pay medical bills for someone who was injured on or near your boat.
Even boats that are stored in marinas and docks need to be insured to avoid having to pay for costly repairs and accident claims. You may also be able to save money by keeping on a vessel year round since some insurance providers offer reduced deductibles for every claim-free policy period and when your boat is out of the water there is much less chance for accidents. To enjoy your watercraft to the fullest consider marine insurance year round.