Do You Still Need Boat Insurance During the Lay-Up Period?

For boat owners who live in climates not favorable to boating year round, there is usually a “lay-up” period during the year where your boat is in storage. Whether the boat is in a garage at the owner’s home or in storage at a marina, it is not being used on a regular basis during the winter months.

Sharp Insurance & Financial Services in Ashland, KY can help boat owners decide what type of insurance is needed for this lay-up period.

What is a Lay-Up Period in a Boat Insurance Policy?

A lay-up period coverage can be added to Comprehensive Boat Insurance usually at an additional cost. This typically covers the boat for up to six months when it is not in use. Especially in regions where winter weather makes boating difficult. The insurance premium is lower at this time. However, you are only covered for theft and accidental damage that could happen when your boat is stored at home or in a commercial storage unit.  

Can I Cancel My Insurance While the Boat is Not In Use?

It is not recommended that boaters drop their insurance coverage while the boat is not in use, usually over winter months. Discuss the possible negative outcomes of dropping coverage with Sharp Insurance & Financial Services in Ashland, KY before you decide to take action. Fire, theft, and vandalism can occur year round even when the boat is in storage. Without comprehensive insurance coverage in effect, these damages will not be covered and will be the owner’s sole responsibility. You could also be responsible for injuries that occur around your boat even when it is laid up. If the person is on or around the boat illegally and is injured, if you don’t have insurance, you could be held financially responsible.

Finance Companies Often Require Year-Round Coverage

If your boat is financed, then the finance company will often require the vessel to be insured, even during the lay-up period. Canceling and then reinstating the policy may cost more than just keeping it in effect.

Reach out to the agents of Sharp Insurance & Financial Group to speak with a qualified agent. We can answer any questions you may have and get you started on a policy.