Do you own a boat? If so, you may wonder why your boat should be insured year-round. After all, you only use it a few months at a time. This is a good question and one that every boat owner is bound to ask.

One of the top reasons boat owners may cancel their coverage with High Favor Insurance each season is to save money. However, something many boat owners in Birmingham, MI, don’t realize is that this isn’t the case. In fact, canceling insurance after boating season has passed may wind up costing more in the long run. If you are thinking about keeping boating insurance only during boating season, there are a few reasons you should consider carrying it throughout the year.

It May be Required

Your boat is an expensive investment. If you have financed your boat, you will likely be required by the lender to keep insurance throughout the year rather than paying for it upfront. This makes sense because the lender has made an investment, too. They must protect the investment, which is necessary during boating season and during the off-season. Along with lenders, most marinas will require you to have insurance to dock your boat at their facility.

The Risk Out of the Water

At a minimum, your boat insurance needs to protect against vandalism, theft, and fire, which can occur at any time, not just during boating season. These events are typically unpredictable, and many are more likely to occur during winter when boatyards are usually left unattended.

Getting Proper Boat Insurance Coverage

The amount of coverage you need for your boat is dependent on many factors. Working with High Favor Insurance professionals, who serve individuals in and around the Birmingham, MI area, is a good first step. This will help you get what you need for a price you can afford.