What Is a Boat Insurance Policy Period?


It’s important to know how an insurance policy and policy period work. That way, you can prepare for the expiration of your boat insurance policy, secure your renewal and review your coverage. 

What is an insurance policy period?

An insurance policy period is the time frame in which your policy is active and coverage in force. 

This period will be defined with a clear start date and end date. That end date will likely mark the last date of coverage unless you renew the policy. 

Many insurers, including SkiSafe, offer an option to automatically renew the policy at the end of the policy period. You can even manage your policy payments through our EZ Pay option, which is an autopay plan that lets you schedule when and how your policy is paid. 

» MORE: The Best Ways To Make Your Boat Insurance Payment

How do policy periods work?

The policy period is officially set when you purchase your insurance policy and select the date on which coverage begins.

This is especially important when switching boat insurance companies. For example, let's say your current policy ends on the 10th of the month. You will want your new policy to begin at that time so you aren’t left cruising without coverage. 

How long is the policy period?

The length of a policy will largely depend on the insurance carrier. 

A good number of providers will offer either 6-month or year-long policy periods. At SkiSafe, your policy will be up for renewal annually. 

Where can I find my policy period?

You can typically find the policy period on your declarations page.

It’s a good idea to know the dates because then you’ll know when the payment is due. You can also consider changing your coverage at this time, if you deem it necessary. 

» MORE: Comprehensive Boat Insurance Coverage - What It Is and How to Get It

Contact your agent or provider if you are unsure of your policy period.  

What happens when the policy period ends? 

When the policy period ends you can choose to keep renew your policy at the terms that may be offered, request a change coverage at renewal, or cancel. 

What is an insurance grace period?

The grace period is the amount of time after the renewal premium is due in which the policyholder can make payment without coverage lapsing. This will protect you from immediately losing your coverage if you are late with a payment. 

The amount of time granted may be found in your policy documentation. 

If the policyholder does not pay the premium within such time, the policy will likely canceled due to non-payment. 

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