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Insurance for storage ONLY?

Old 01-14-2021, 09:24 AM
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Default Insurance for storage ONLY?

Hey all,

Hope you all are having a great start to your new year. So things are getting pretty dry here in Austin, TX. My local ramp was pretty sketchy last year and the water has only continued to decline. I am fully anticipating not being able to use my boat without having to make extra effort with marinas etc. The icing on the cake is some new personal things have come up that don't lend themselves to a ton of boating. I love my Donzi 35 ZR...I think the opportunity cost of selling it to sit out a year outweighs just buttoning it up in storage for a year.

I am curious, are there any insurance policies that cover it to simply sit in my enclosed shop? The full policy is obviously not super cheap with any carrier I've got quotes from. I'm sure I'm not the first guy to want to wait out a year but not spend a good chunk of change.
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Old 01-14-2021, 09:41 AM
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You can probably just carry "Comprehensive Coverage" only IF you own the boat. If you have it financed, you probably can't get away with that as the Bank will raise questions.
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Old 01-17-2021, 11:44 AM
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I was able to save close to 50% by changing coverage to storage only while i have the 37 in my warehouse for upgrades / maintenance.
Covers transport too if i need to move to a specialized shop.
Only risk is if i drop it in for a test or to run it not covered for accident or liability.
Call your broker and ask
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Old 01-25-2021, 09:13 AM
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I have even been doing the same thing with my vehicles. Because we aren't driving due to the pandemic, I called my agent and put them in storage, saved me a ton.
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Old 01-26-2021, 11:41 AM
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Originally Posted by Captain YARRR View Post
Hey all,

Hope you all are having a great start to your new year. So things are getting pretty dry here in Austin, TX. My local ramp was pretty sketchy last year and the water has only continued to decline. I am fully anticipating not being able to use my boat without having to make extra effort with marinas etc. The icing on the cake is some new personal things have come up that don't lend themselves to a ton of boating. I love my Donzi 35 ZR...I think the opportunity cost of selling it to sit out a year outweighs just buttoning it up in storage for a year.

I am curious, are there any insurance policies that cover it to simply sit in my enclosed shop? The full policy is obviously not super cheap with any carrier I've got quotes from. I'm sure I'm not the first guy to want to wait out a year but not spend a good chunk of change.
You have a few options, in which some have been mentioned above. Depending on your insurance company, because each handles this type of request differently, you can either ask for; A) extend or max-out the lay-up period. Lay-up period is when the boat is stored away and no on-water coverage, B) Ask to remove Collision coverage. However, most insurance companies don't split this coverage. Plus, as mentioned, if there is an outstanding loan, you may not be able to remove collision coverage, C) Ask if all other coverages can be lowered to the minimum level for the next year, and until you call back to increase them back up since the boat will be out of commission. D) Ask for a "Port-Risk" policy, which allows for storage & transport only. Not all companies allow this, but an option with some.

My 2 cents.

Devin Wozencraft
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