Insurance question......

[Tishimself]

Pondering the idea of just insuring the boat for those months that I actually use it. Then canceling it out during the winter months and it is stored indoors under lock and key......do any of you guys do that?? I would save me a good sized chunk of change if I did do it....not sure though if it's a common practice.....your thoughts??

[Patyacht]

Real common on the faster boats.

[Bianca_Rose]

Pondering the idea of just insuring the boat for those months that I actually use it. Then canceling it out during the winter months and it is stored indoors under lock and key......do any of you guys do that?? I would save me a good sized chunk of change if I did do it....not sure though if it's a common practice.....your thoughts??

Depending your type of boat, there are policies offered with "lay up" periods which reduces the premium. Lay up can be anywhere from 3-6 months

[GRADS]

Lay up periods are the way to go. Do not completely cancel your insurance! Lay up periods say you cant use the boat but if the building it's in catches fire it is still covered.
It also kind of depends on the boat. On my cat I had a lay up period of 5 months and it saved me about $3000 a year. On a single engine v-hull it might only save you $100-200 a year.

[Bianca_Rose]

That is correct

[hpboats83]

Pondering the idea of just insuring the boat for those months that I actually use it. Then canceling it out during the winter months and it is stored indoors under lock and key......do any of you guys do that?? I would save me a good sized chunk of change if I did do it....not sure though if it's a common practice.....your thoughts??

I love using my boat in the winter, so that wouldn't work for this crew

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[314joey]

If you have a loan on the boat, I'm sure the lender won't be too thrilled if they find out, but other than that is it worth while for the risk, what if the storage building burns down, lots of bad things happen now a days.

We can't, we boat all year so it doesn't make sense.

[NRI]

When you elect to have a "Lay Up" it reduces the premium since there is no coverage for the when the boat is being used.However, if you have hull coverage, your boat is covered for physical damage such as theft or if a storage burns down during the lay up period.

[NRI]

If you need further information on Boat Insurance or any other Insurance product please call 661-253-1131 for a free consultation. Bianca is an expert in Marine Insurance. NRI has a expert agent for your specific Insurance needs . feel free to call. Have a nice day.

[Stainless]

When you elect to have a "Lay Up" it reduces the premium since there is no coverage for the when the boat is being used.However, if you have hull coverage, your boat is covered for physical damage such as theft or if a storage burns down during the lay up period.

Thanks for the clarification NRI.