Should You Cancel Your Boat Insurance When it’s in Storage?
Canceling your boat insurance in winter might sound like a clever way to save money, but it could cost you big time.
Q. If we insure our motorboat with MetLife Auto & Home, would it be wise to cancel the policy in winter? The boat is used only 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. Unfortunately, it’s not. Your boat is always at risk of being stolen, or damaged or destroyed by a fire, storm or lightning. Our boat insurance premium already reflects that most people don’t go boating year-round. However, we provide year-round coverage to give you peace of mind.
You have better ways to save money. 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 devices. You may also qualify for a multi-policy discount if you also have a MetLife Auto & Home auto or homeowners policy.
Learn more about boat insurance from MetLife Auto & Home.