Alabama offers boat owners convenient access to some of the most beautiful waters in the south. Yet, even sunny Alabama isn’t ideal for boating year-round. Frugal boat owners may be tempted to forego carrying year-round boat insurance, but Southern Risk Associates serving Foley, AL advises otherwise.
Here are four reasons why you should maintain year-round boat insurance:
1. Lenders May Require It
If you’re making payments on your boat, your lender will require you to have year-round boat insurance coverage. Since the boat is technically still theirs until the loan is paid off, they want to be sure they can recoup their loss if anything happens. Letting coverage lapse during the off-season could put you in default, with financial or legal penalties.
2. There’s Risk on Land, Too
Even if you take your boat out of the water during the off-season, that doesn’t protect the boat against all risks. Hurricanes, tornadoes, floods, and even freak accidents can damage even the most well-protected boat. It’s not worth losing your investment just to save a few premium payments.
3. Homeowner’s Insurance Isn’t Sufficient
Sometimes boat owners let insurance lapse, thinking that their homeowner’s insurance will cover the boat. However, homeowner’s insurance coverage will be much more limited, and there’s a good chance you’ll find yourself footing the bill for expensive repairs or replacements if you opt for this strategy.
4. You’ll Miss Out on Rare Opportunities
Without insurance, you can’t safely take your boat out. This means that you’ll miss out on those occasional times during the off-season when the perfect boating days occur. Instead, you’ll be at home wishing you had kept year-round coverage.
We Are Here To Help
Southern Risk Associates serving Foley, AL helps boat owners in the area to obtain and manage boat insurance all year round. Contact us to get started today.
