By Shannon Stockdale
Do you enjoy boating in the summer? I grew up on Lake Shore Drive in Maryland, NY and I remember spending many days on the waters of Goodyear Lake with my family. We'd cruise around the lake, maybe do a little fishing. Born with a short run on patiences though, fishing was never my thing. My favorite memories are of water skiing and tubing. It took me a while to get a feel for the skies but once I got up it was exhilarating! What a fun way to spend a family day! I remember the time involved each year the boat came out of the water and my dad set to cleaning and putting it away for the Winter. My parents had invested a significant amount of money and time into our boat and as it got packed away for the Winter I looked forward to the next Summer and improving my form on those water skies!
Millions of Americans take to the waters each year traveling coastlines, rivers, lakes and canals. Each watercraft unique and ranging from rowboats and jet skis to speed boats and luxury yachts. As a boat owner you have made an investment in your watercraft both at the time you bought it and each year as you maintain it. We know that coverage is necessary when the boat is in the water, but many boat owners do not realize how important it is to continue protecting it while it is in storage.
A typical boat insurance policy provides a package of coverages that may include: damage to the boat, motor and trailer, damage to the portable property used to maintain the boat, damage to the equipment left on shore (ie: boat cover), the cost of recovering a sunken or stranded boat, the cost of an emergency service and towing, damage to non-owned or substitute boats and liabilty coverage for injuries or damages for which the boat owner is legaly responsible as well as coverage for injuries the boat owner or others suffer in an accident with an uninsured watercraft. These are coverages that are necessary and strictly related to the risk of operating the watercraft. However, losses are still possible while the boat is on land, stored and/or being transported.
Progressive Insurance reports that nearly two out of every 10 boat claims occur between Labor Day and Memorial Day, that's right between September and May. Most boaters have pulled their boats ashore during this time.
This year, as the season comes to a close, if you are a boat owner thinking of cancelling your policy once you pull your boat ashore, consider first where you are storing your boat? If it's in a building and that building were suffer a fire or a collapse will you want your boat to be covered? As it is subject to NYS registration your property or home policy will not provide you with the coverage to replace the watercraft. If the boat is vandalized or stolen while stored will you want the coverage then?
Boating is a great way to enjoy the wonderful sunny summer days with your family and friends. You may save a few dollars by cancelling your policy for the few months the boat is out of the water but you are also cancelling coverage that is even more valuable. Insuring your boat while it's in storage is ensuring you'll enjoy the watercraft next season too!
