Which one is better if I am not using my boat for next three months in Wayzata, Minnesota, suspending or cancelling my policy?

If you own a boat in Wayzata, Minnesota, there is a good chance that you will not be using it during the cold winter months. So, if your boat is going to be out of the water and in storage until April, do you really need boat insurance? Should you cancel or suspend your policy until you are ready to go boating?

If you intend to sell your boat when the boating season in Wayzata starts back up in late spring or early summer, you may want to cancel your policy. If, on the other hand, you will be waxing your water skis at the first sign of warmer weather, you may be better off to suspend your insurance for the three or four months when boating is out of the question.

If you cancel your boat insurance, or for that matter, any other type of insurance, you may have a hard time finding a new policy with a premium and coverage as good as your canceled policy. In addition, if you cancel your policy, you will lose coverage for liability and physical damage while the boat is out of the water. Even if you keep your boat in your backyard, someone could climb aboard, fall and get injured.

When you purchase a boat insurance policy, many insurance companies will allow you to suspend coverage during the part of the year when your boat is in dry dock. They may offer you a discount of perhaps 5 percent for each month that you choose to go without coverage.

If you are looking to save some money on your boat insurance, suspending coverage for a few months may be a viable option. As your independent agent in Wayzata, we can help you make the right decision on whether to suspend, cancel, or continue to keep your policy in force. Please give us a call and talk to an independent agent for further information and assistance.