1. The refund is not pro-rated. Most boat policies are short-rated, which means that premium is “earned” in a period less than the policy term. The policies we write are short-rated to six-months, so that if the policy is terminated after six months, there is no refund. In other cases, you may find that your terminating a policy and you still will owe a premium balance on it. Ugh!
2. Terminating a policy during winter provides no coverage during storage. What could happen in storage? Last year, an engine mount was stolen to the tune of $1500. The boat could be stolen, a tree branch could fall on it, the boat could be jostled off of its cradle or any number of calamities could occur.

These are two major considerations when considering boat insurance. It is a good idea to keep the policy active during the storage months. It saves money, and keep your boat protected from fire, theft and weather-related damages.