Your boat insurance still valid?

hal-markham · **Posted:** Wed Nov 28, 2012 1:20 pm

I noticed my policy looks to be inactive this late in the year, anyone else have dates listed in their boat policy that say boat is only covered to Oct or Nov? Can you get that extended without additional cost? They want us to put our boat into storage when Quinte is at its peak.

DanElliot · **Joined:** Mon Apr 08, 2002 8:59 am **Posts:** 4322

I know many a policy have a dry storage period usually starting in dec. I think the best guy on this board to ask is SteveHamilton. Send him a pm

Walleye 9 · **Joined:** Mon Jan 24, 2011 12:05 pm **Posts:** 1985

My insurance states that the boat must be stored from Dec 1st-April 1st. Obviously there must be some way of extending it, cause lots of guys keep them out later in the year, or all year round.

steve-hamilton · **Joined:** Fri Apr 25, 2003 7:40 am **Posts:** 1776

each company will have a different layup period.

some will have none.

i believe some of the US companies have none (allstate / statefarm / etc)

some local companies will allow an endorsement purchase to purchase the full 12 months.

you can calculate the extra costs by dividing the total premium paid for the year by the number of months your allowed use.

that'll give you a per month cost.

take that cost and multiple it by the amount of months your layup period is for.

ie, $600 a year policy with a layup from dec1 to april 1.

8 months of actual coverage is $75/month.

take that $75 multiple by 4 and get your additional cost of $300 to purchase a no layup period.

some companies will not offer the purchased endorsement, while others will.

if you have a broker, tell your broker you require a policy for 12 months a year or you will cancel your home/auto/marine policy. You'd be amazed how hard a broker will work to get you your coverage in this case.

or you can be like me, and understand your exposure (which is my job), and decide not to insure your boat at all.

not the best option for everyone - but works for me.

hal-markham · **Posted:** Wed Nov 28, 2012 10:21 pm

Thanks Steve, good advice. I actually read my policy again, not only would I not be insured if I use the boat after Nov 30, the whole ploicy is voided if I breach the layup policy. In the past I have just fished up to iceup knowing I was not covered, but not knowing if my boat were stolen once I did put it away for winter, I am not covered for that either. May give them a call and ask for an extra month, but if they decline, no way I am missing the best part of the season. May have to switch to a company that understands people still fish in Dec.

oldprincecraft · **Posted:** Thu Nov 29, 2012 1:21 am

If you have any issues with your existing insurance company try giving Cowan Insurance a call. I have had my policy with them for the past 5 years and they have been great...they reduced the lay up period without additional charge to cover me until the end of December, and last year when it was a little warmer I called them the second week of January to extend the endorsement for another couple of weeks they provided me with an e-mail extending coverage with no questions asked. Great company with reasonable pricing...annual policy is $570 plus tx

mike 456 · **Joined:** Fri Aug 24, 2012 10:50 am **Posts:** 23

mine is ins. for 12 months and makes no differance were its to iam with the rbc

steve-hamilton · **Joined:** Fri Apr 25, 2003 7:40 am **Posts:** 1776

great to hear oldprincecraft.

i know there are markets around who will lift the layup period - while others wont.

My company OWNS Coast Marine Insurance and yet I cannot get the layup period removed.

They also weren't too thrilled when I mentioned fishing the Niagara River in January through March.

I figured I'd best just take the risk on my own.

Gone Fish'in · **Joined:** Thu Feb 25, 2010 10:42 am **Posts:** 1047

banking and insurance institutions are nothing but thieves.

Mike25 · **Joined:** Sat Feb 25, 2012 12:21 pm **Posts:** 25

Read your policy closely. Mine has a clause that I must have a trailer wheel lock on one of the wheel if the boat is stored on the trailer, otherwise my insurance is void if the boat is stolen.

FnS · **Joined:** Fri Jan 06, 2012 1:58 pm **Posts:** 74

Mike25 wrote:

Read your policy closely. Mine has a clause that I must have a trailer wheel lock on one of the wheel if the boat is stored on the trailer, otherwise my insurance is void if the boat is stolen.

Mine is wheel lock, coupler lock and motor lock or my insurance is void if the boat is stolen. Also have the Dec 1 to April 1 layup. Will be shopping around over the winter.

Mike Rousseau · **Joined:** Sat Dec 01, 2012 2:22 am **Posts:** 43

I'm year round.... That was my first question when I got insurance.....

bogger · **Posted:** Mon Dec 03, 2012 3:11 pm

@Mike Rousseau or anyone else that has year round insurance... what company are you with?

biff · **Joined:** Sat Sep 10, 2011 6:30 pm **Posts:** 451

After paying $80 quid a month for mine, i decided to call the insurance company about why i needed it. I also interrogated them on what "boat insurance" gives you above "house / contents" insurance. Turns out it only pretty much covers collision on the water. They couldn't give me any more details on what "boat insurance" benefits there are.... cancelled !! Sounds like a sham, at least to me it does. I already had my boat up on the rocks once this year and it wasn't covered.

Wondering if there really is any benefit to it.

Walleye 9 · **Joined:** Mon Jan 24, 2011 12:05 pm **Posts:** 1985

I believe if you owe money on the boat (loan) you have to have insurance. I only pay $350 a year. Boat has to be stored from Dec 1 -April 1. (fire and theft when stored) Covers damage on the water, 1,000,000 liability, so on. Don't think I'm allowed to cross the border. Usually the only border I cross is from Durham Region to Quinte Region LOL, so that's not an issue. There may be some other things I'm missing here. Would have to look over policy. Have never made a claim, so not sure if there would be any hassles.

I don't have a $50,000 boat, so maybe that's why my rates are a bit lower.

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Your boat insurance still valid?

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