Should You Cancel Your Boat Insurance When it’s in Storage?
Cancelling your boat insurance in winter might sound like a clever way to save money, but it could cost you big time. Find out why.
Q. If we insure our motorboat with MetLife Auto & Home®, would it be wise to cancel the policy in the winter? The boat is only used from April to October. The rest of the year it is stored out of the water. What is the risk?
A. Canceling your boat insurance in winter sounds like a clever way to save money, doesn’t it? Unfortunately, it’s not. Thieves don’t take a break in winter—they may steal your boat out of a storage unit or drive off with your trailer from the backyard. Your boat is always at risk of being damaged or destroyed by fire, storm, or lightning, even when it’s not in the water. Furthermore, our boat insurance premium already reflects that most people aren’t boating year-round. However, we provide year-round coverage to give you peace of mind.
There are better ways to pinch pennies. MetLife Auto & Home offers boat insurance discounts if you take an approved safety course, if your boat is powered by a diesel engine, or if your boat is outfitted with a VHF ship-to-shore radio, burglar alarm, or other protective device. You may also qualify for a multi-policy discount if you also have a MetLife Auto & Home auto or homeowner policy. Find out more at How You Can Save on Boat Insurance.
Learn more about boat insurance from MetLife Auto & Home.