Most boat owners in Cumming, GA, ensure they have boat or watercraft insurance before heading out on the water. However, many question whether they need a policy when storing the boat in cooler weather. There are several factors to consider when determining whether to keep your policy.

Marina Requirements

Many marinas require owners to have a minimum liability policy to park their boat in the marina. It’s important to speak with Marina management to determine whether you’re required to maintain your policy. While you may be able to downgrade to liability insurance, keep in mind that this type of coverage won’t protect your boat if something happens to it.

Lender Requirements

If you financed your boat, many lenders require owners to maintain a minimum level of coverage. Breaching this part of the contract could result in your lender repossessing your boat or watercraft. A representative at Wichalonis Insurance Agency can help you explore policies that meet lender requirements and ensure you stay compliant.

Off-Season Risks

Even when your boat is parked during the off-season, it’s still exposed to risks. Rodents can use it as a home and cause damage to the wiring or engine. Tree branches can fall, tornadoes can destroy property, and hurricanes can cause significant damage. Additionally, theft, vandalism, and fires are always potential threats. If you let your coverage lapse, you won’t have financial protection if something happens to your watercraft.

Coverage Gaps

Insurance providers often review your coverage history when issuing a policy. Multiple coverage gaps can lead to higher premiums and cost you more over time. While it may seem tempting to save money by canceling your policy during the off-season, the long-term financial impact of higher premiums is usually not worth it.

At Wichalonis Insurance Agency, we understand that you don’t want to pay for a policy that feels unnecessary. Our agents will work with you to determine whether we can downgrade your policy to provide affordable protection during the off-season. Contact us today to learn more. We proudly serve the Cumming, GA, area.