Hopefully, you're sitting on the deck with your legs stretched out, sun warming your skin and a light breeze softly tousling your hair. Somewhere nearby you're smelling the succulent scent of grilling meat, but you’re too lost in the call of the seagulls to search for the source. Your body is coated in sunscreen and bug spray, speckled with flecks of sand, but a cool shower can wait until the sun dips below the horizon.
Unfortunately, it will soon be a distant memory, your boat will be tucked away and you’ll be shivering your way through the chilly winter air. (Sorry!) It will be the time of year when the high electric costs of heating your home (and, perhaps, some holiday spending) force you to look for ways to cut back on spending. You'll flip through your bills to see what you could live without for a while and you may settle on your boat insurance, like so many people do. Why would you need coverage when your boat is safely stored on land?
This is a common mistake that insurers see time and time again. The truth is that anything can happen at any time, at sea or on land. Insurance records prove that about 20 percent of boat insurance claims—that’s 1 out of every 5 claims—are filed between Labor Day and Memorial Day.
But what could possibly happen during the off-season? Well, let’s see here. A fire could ignite in the boatyard, causing flames to lick at your hull and damage the paint job, before the hazard is extinguished. A thief could spot your boat in your driveway and tear it apart looking for valuables. A big storm can produce big waves that can cause big trouble if your boat is stored at a marina. And the list goes on.
Yes, certain coverages pertain only to when your boat is on the water and in use. However, many incidents can occur year-round that could cause very expensive damage that you would then have to pay out-of-pocket if you cancelled your boat insurance for the winter. Many insurers are familiar with this need and have developed policies to assist you with your winter spending. In some cases, you can reduce your coverage during winter so you can keep your valuable liability and comprehensive coverage, while unnecessary coverages can be put on hold, such as collision, uninsured boater, wreck removal and fishing equipment.
In other cases, your insurer may offer a loyalty discount after several years of continued business, making your premium more affordable. You may also qualify for a vanishing deductible over periods of time in which you go claim-free, making it more affordable if an incident does occur in the future.
Trident Insurance can assist you in finding the right solution for your needs so you can protect your beautiful boat while keeping costs down during the off-season. And though you may long to breathe in the warm, salty air, there are plenty of winter activities to enjoy until you can get back on the water!
But in the meantime...enjoy yourself and we wish you another month of amazing boating!