Insurance - Not using Boat
 

I have a question, currently have a cat that is in stroage at my house in heater garage. Not sure when will be using it 1-2 years or maybe even selling? Can I get a policy that will cover just fire/theft?

I don't think so, not in Ontario anyway, I'm a broker, I would let the policy lapse if your not going to use it & it's safely stored

Seems odd that I cannot just insure for fire and theft, Use to do this years ago with cars that I only drove in the summer!

Some carriers offer what is called "Port Risk" which would cover a vessel for what you are looking for. However, this is typically only found on yacht & sailboat policies. If you have a policy that offers Lay-Up, I would recommend increasing it to the maximum number of months allowed to decrease the insurance premium.

Hope this helps.

Let me know if my office could be of assistance in the future.

Devin Wozencraft

Markel offers a storage and transit policy. Basically, this is an inland marine policy that covers the exposures/losses that would occur while storing or transporting the boat. You can contact any Markel broker to get a quote. http://www.markelmarine.com/find-an-agent/

Thanks Stacy that is exactly what I was looking for.

No problem! My pleasure. Give me a shout when you're ready to put full insurance on it and we'll get you some rates! Talk to you then!

Sometimes with state laws or how certain insurance companies operate they are funny on this, one they want your money second people say the vehicle isnt being used and they in fact use it. I have a camaro and dont drive it in the winter since there is 4ft of snow here, well i go through the battle every fall getting storage insurance for it, here are some tips and tricks.


1. Ask for just comprehensive policy which covers just acts of god, such as wind, fire, water, theft.
2. Second if you storing it at Marina see if they have insurance,
3. Take your regular policy and take as much off if it as possible, take collision, towing, etc off, they might not let you take liability off, and then lower the coverage on the things they wont let you take off, this will lower your bill and give you what you want.

Would your home owners not cover it?

If your boat is valued at more than $1000 (some policies up to $1500) then no. Homeowners policies do not cover any type of vehicle, Recreational vehcile or watercraft even while stored in the garage unless it is specifically endorsed to your home policy for the full value of the boat.

Many people assume that when they store their boat in the garage, it is covered by their home insurance when in reality it is not. If the home burned down with the boat in the garage. Your homeowners insurance would give you the policy sublimit ($1,000) and that is it.

If you read your home policy, you'll find the exclusion and the sublimit on the policy form.

Good rule of thumb, if you can insure it on a separate policy, it is not covered by your home insurance.

Examples:

Jewelry worth over $1500, Fine Arts, Silver etc
ATVs
Motorhome
Motorcycles
Boats
PWCs
Autos including antique collector cars