Can I save money by not insuring my toys during the winter, when I can’t play anyway?

As a grown-up, you love your toys and you want to take good care of them.  But if you live in Centennial, CO, you probably put your summer toys in storage during the winter, and your winter toys in storage during the summer. 

You may have wondered if you need to keep your policy effective while your toys are stored away. You may even be wondering if your property insurance through Compass Insurance might cover any damages that occur in the offseason. 

Maintaining Protection 

Whatever you decide, you need to make sure you have adequate protection. Most property insurance will cover some part of damages if you store your boat in the garage, for instance, but there will probably be a limit that isn’t close to the value of your boat.

Another thing you really need to consider is if you still have a loan on the item you need to insure. If your toy is the collateral for the loan, one of the conditions of the loan will be maintaining full coverage on the property. 

You Probably Won’t Save Money by Canceling for the Summer 

The insurance policy was probably already priced in such a way as to take into account the fact that the item won’t be used year round. Paying for just a few months will probably just cause you to incur a higher monthly rate. You can also get a discount for paying six months or a year at a time. 

If you want to find the best policy for your toys in Centennial, CO, you can see that there are a lot of variables. Call Compass Insurance today for a free quote.