Keeping your boat protected year-round can actually save you money

Summer’s over, your boat’s out of the water, and to save

a few dollars you’re thinking about cancelling your boat

insurance policy. After all, what could possibly happen to

your prized possession during the winter months when it’s

tucked safely away? The answer: A lot!

The majority of boat claims are for fire, theft, vandalism and

flooding, which can occur not just in the summer months,

but year-round. And without comprehensive coverage—

which pays for damage caused by circumstances other than

a boat collision—boats damaged or destroyed by these

events would not be covered by the insurance company.

You may not realize that you could also be held responsible

for any injuries that occur on or around your boat when it’s

in storage—even if the injured person was there without

your permission. Without liability coverage—which pays for

injuries to other people—you could be legally responsible

for the injured parties’ medical bills.

These examples show why it’s a good idea to keep your

coverage even in the off-season, not only for the things that

can happen during that time, but also because keeping a

policy year-round may mean extra savings that can really

add up over time.

Progressive’s Disappearing Deductibles, for example,

reduces the selected Comprehensive and Collision

deductible (the amount you are required to pay before your

insurance company starts picking up the tab) by 25 percent

for every claim-free policy period. Four claim-free policy

periods equal no deductible. If you cancel your policy,

though, you’ll lose your reduced deductible and will be

responsible for the entire amount if you file a claim.

Thinking about cancelling your boat

insurance at season’s end?

Keeping your boat protected year-round can actually save you money.

Another example of the types of benefits available only

through a specialty insurer like Progressive is Total Loss

Replacement. If your boat is not able to be repaired as

a result of a crash or claim and you have this coverage,

Progressive will replace it with a brand new one just like it.

This coverage is only available one time for new boats, so

if you have this coverage and cancel your policy, you won’t

be eligible for it again when you re-start your coverage next

season.

before cancelling and, once you have all the information,

consult with your local independent Insurance Plusagent before

making a decision.