Boat Insurance - Suspend coverage during winter?

[Deja_Vu]

Wondering if anyone suspends their boat insurance now that the season has waned. Ours is stored indoors at home and is pretty secure. It's paid off so no lienholder.

Seems like a waste of money to pay for boat insurance for 6 months while it just sits there. I realize it's not a bunch of money really, but I spend enough on coverage for vehicles I can't always use.

Thinking I could do the same in the hot summer months for the motorcycle.

 

[BONER]

Murphy's Law - You'll need Insurance when you don't have it

 

[Headless hula]

I drop coverage on my mc in winter, but it isnt worth nearly as much as my boats.

 

[lebel409]

Insurance companies want your money 12 months a year to offset other peoples claims...right now your premium is paying for fire damage, next month it'll be icicle damage on the east coast.

 

[Waffles]

I didn't. I had mine in public storage out in big river and kept it on year round in case of theft or fire. I'd rather have it and not need it rather than vice versa

Sent from my FRD-L14 using Tapatalk

 

[buck35]

I asked my carrier once about this once. he said.its prorated and it has a motor so homeowners won't cover damage or loss.

 

[ArizonaKevin]

Can't speak to the boat insurance as that isn't my wheelhouse, but there are options to de-insure motorcycles and vehicles that are going to sit for a while. You have to process some paperwork with the state, then we remove all liability and collision coverage and only have comprehensive coverage on the policy to protect against fire and theft. This is something that we do pretty consistently with snowbirds who leave for half the year.

 

[rrrr]

Boat US builds off season usage into their rates. They ask for layup beginning and ending dates on applications for coverage.

I assume that's not uncommon. Ask your agent.

 

[ElAzul]

I thought about it but my luck something will happen when I'm towing it to my shop to wrench on something dumb I never thought of. It's cheap enough to leave alone and not mess with paperwork etc.

 

[RichL]

Boat US builds off season usage into their rates. They ask for layup beginning and ending dates on applications for coverage.

I assume that's not uncommon. Ask your agent.

^^^^This^^^^

 

[RiverDave]

Wondering if anyone suspends their boat insurance now that the season has waned. Ours is stored indoors at home and is pretty secure. It's paid off so no lienholder.

Seems like a waste of money to pay for boat insurance for 6 months while it just sits there. I realize it's not a bunch of money really, but I spend enough on coverage for vehicles I can't always use.

Thinking I could do the same in the hot summer months for the motorcycle.

How much money could you really be saving vs the risk?

 

[rrrr]

My Boat US policy says storage and trailering are covered year round.

If you don't know how your policy is structered, call your agent. It's crazy to not know exactly what the coverage is on such an expensive asset.

 

[Bigbore500r]

I just keep it on year round. What if it gets stolen or damaged in garage?

 

[bowtiejunkie]

my boat is through American Modern. I recently asked if they offered layup coverage option (comprehensive only in winter), and the person had no idea what I was talking about. Kind of scary really that an insurance rep doesn't know conclusively whether they do or do not offer something that is a common feature in marine insurance.

 

[Deja_Vu]

My Boat US policy says storage and trailering are covered year round.

If you don't know how your policy is structered, call your agent. It's crazy to not know exactly what the coverage is on such an expensive asset.

I know what my policy covers, but there is no mention of any lay-up feature. I have a stated value policy with progressive.

I just keep it on year round. What if it gets stolen or damaged in garage?

I've always kept it all year also. Just thought I would see what the inmates thought.

How much money could you really be saving vs the risk?

Realistically, only a couple hundred bucks.

Well at least it is some sort of boating related content huh

 

[RiverDave]

I’ll be adding more boating content today. Lol. That said I wouldn’t cancel it, a lot of times you will get better rates for insurance history, plus commission every time it starts again etc?

 

[Ziggy]

Equate the savings to a pack of smokes. You've certainly already saved more than that since Sept.

 

[LHC Kirby]

Check with your other insurance company's - if in your garage, and there is a fire will homeowners insurance cover it? If stolen ?

IF YOU DO CANCEL or layup the boat insurance........ I would put a big note on the tongue of trailer that you have no insurance - so it doesn't move without bringing insurance up to date.

 

[ONE-A-DAY]

Homeowners won’t typically cover a motor vehicle if the home burns down. You could suspend liability only when the boat is parked for the winter but frankly it really isn’t going to add up to that much of a savings. And plus what if you want to go out on the day before thanksgiving?

 

[ArizonaKevin]

Homeowners insurance will generally only cover a canoe and maybe a tiny outboard if you're lucky. My understanding of layup coverage is that it removes liability coverage but keeps comprehensive coverage on the policy to cover if the boat gets stolen or burns (again, boat insurance isn't my wheelhouse but doing my best to provide info).

 

[pwerwagn]

Just use the boat all year! Then you won’t need an excuse to cancel it.

 

[BONER]

Just use the boat all year! Then you won’t need an excuse to cancel it.

Boom.

 

[Andy01]

There are different rules, and coverage based on carriers and the risk they insure. Some carriers offer a lay up, you pick months you won't use the boat and they give you a slight discount. Normally during a lay up the boat and trailer are completely covered minus navigational coverage.
Keep in mind most carriers offer renewal discounts and or prior insurance, carriers don't like people that don't do a year, have lapse in coverage, or are jumpers, jumpers jump every year to save a buck. I bet what you think you would save would be pennies if you include a renewal discount, and cancellation surcharge. Best to build trust with a agent that is a professional and stick with them. They should have your best interest in mind and not just premium dollars, good or bad.
Speaking of homeowners and coverage......... Remember one thing with everything you insure, or want insured......... if it can have it's own insurance policy it probably should. Jewelry, guns, watches, boats, hot rods, offroad cars, snow mobiles, collections, you get the idea. Have it covered under it's own policy. The cap is generally $1,000 to $1,500 on mentioned above. You would want what is referred to as a Personal Floater. You can insure your watch for it's value, or your wifes expensive wedding ring or jewelry at it's value. Each piece would be itemized out.

 

[rrrr]

"Normally during a lay up the boat and trailer are completely covered minus navigational coverage."

That's what I said in two posts and people just ignored it. Having a layup period doesn't mean the boat is naked, it's still covered for everything except putting it in the water.

 

[was thatguy]

I know what my policy covers, but there is no mention of any lay-up feature. I have a stated value policy with progressive.



I've always kept it all year also. Just thought I would see what the inmates thought.



Realistically, only a couple hundred bucks.

Well at least it is some sort of boating related content huh

Did you know that Progressive will write policies on boats that they won’t cover?

 

[Dalton]

when I was working on boats it would become an issue when doing repairs in the winter not being able to test them, same dudes would go fill up at zip fuel, my motors out and I'm still paying insurance. but that's me.

 

[Deja_Vu]

Did you know that Progressive will write policies on boats that they won’t cover?

I've read that on here for people that have high horsepower or modified engines.
Ours is a completely stock 454/B3 310HP and has never been modified.
All the information they have is correct so I don't see a reason for them to deny a claim.

 

[was thatguy]

I've read that on here for people that have high horsepower or modified engines.
Ours is a completely stock 454/B3 310HP and has never been modified.
All the information they have is correct so I don't see a reason for them to deny a claim.

You should be fine.
We ran into a problem a number of years ago. Deb was all proud that she had gotten coverage on our Miller through Progressive.
Showed me the policy and had already paid the first months premium.
I kind of chuckled and said that it was not valid because Progressive will not cover OTH.
She called back like the next day and went up the chain until she got someone who actually knew boat nomenclature.
Policy was null and void, never got a refund though...

Point is that when getting boat insurance it is risky going through a non specialized outfit, and doubly risky just talking to whatever “agent” answers the phone because they do not know their own policies when it comes to things like boats.

Deb had supplied them with honest answers and information, but there is more to it when it comes claim time.

 

[Deja_Vu]

You should be fine.
We ran into a problem a number of years ago. Deb was all proud that she had gotten coverage on our Miller through Progressive.
Showed me the policy and had already paid the first months premium.
I kind of chuckled and said that it was not valid because Progressive will not cover OTH.
She called back like the next day and went up the chain until she got someone who actually knew boat nomenclature.
Policy was null and void, never got a refund though...

Point is that when getting boat insurance it is risky going through a non specialized outfit, and doubly risky just talking to whatever “agent” answers the phone because they do not know their own policies when it comes to things like boats.

Deb had supplied them with honest answers and information, but there is more to it when it comes claim time.

What is OTH?
That is BS they didn't refund the premium.
I will have to check with US Boats and get a quote. Thanks for the heads up.

 

[ArizonaKevin]

You should be fine.
We ran into a problem a number of years ago. Deb was all proud that she had gotten coverage on our Miller through Progressive.
Showed me the policy and had already paid the first months premium.
I kind of chuckled and said that it was not valid because Progressive will not cover OTH.
She called back like the next day and went up the chain until she got someone who actually knew boat nomenclature.
Policy was null and void, never got a refund though...

Point is that when getting boat insurance it is risky going through a non specialized outfit, and doubly risky just talking to whatever “agent” answers the phone because they do not know their own policies when it comes to things like boats.

Deb had supplied them with honest answers and information, but there is more to it when it comes claim time.

I'll second this, there are so many agents out there that are just desperate for business who will tell the customer what they want to hear. There was an agent in my office who was shocked that our company cancelled a policy that she had written on a 33 Daytona with twin 525's when our underwriting guidelines clearly have a max of 410hp and no cats.

That's why I pass off all boat stuff to Andy.

 

[was thatguy]

What is OTH?
That is BS they didn't refund the premium.
I will have to check with US Boats and get a quote. Thanks for the heads up.

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