Boat Insurance

[9Ball]

is it really needed. My boat is only valued at $3000.00, insurance is gonna cost me $300.00 a year. Pro's ... Con's?

Thanks in advance!

Todd

P.S. I searched the threads and didn't see anything discussed so figured I'd kick the can...

[pascavone]

try sea-safe or travlers insurance for an online quote.

its good for:
1. free unlimited towing, you don't need sea tow.
2. repairs for underwater damage, and storm damage.
3. Medical for trip and fall for dummys who trip and fall around your boat.
4. envirimental clean up protection, you pee off the swim platfrom and the bay constibile will give you a ticket.

[seapuppy]

you at least need it to protect yourself if you accidently hit someone or something....(don't ask how I know)..but it's just safer so someone doesn't try to sue you for everything you got plus your home.....

definitely get insurance.....even boat US has insurance for reasonable rates...

SP

[capav8r]

I guess you need to ask yourself if you can afford to pay for any damages you might cause to someone else's person/property because of your boat. What if you accidentally cause a total loss to another vessel? Do you have the disposable cash on hand to cover those losses? Some states require you to purchase a bond guaranteeing that you have the financial means to pay for damages you would be liable for. If you are asking if it is worth while to have coverage beyond liability, then I would think the answer would be no if your boat is only worth $3000.00.

[ss3964spd]

300.00 Todd?

I have an agreed value policy with Progressive on our 2004 2400 SC3 and it's less than 300.00/Yr. Includes free towing.

Dan

[biggerseagar]

Talk to your insurance agent about a umbrella plan with just liability. Most are around the million dollar liability in coverage and see if this would protect you out on the water beside on land.........If you get a policy tied in with your home and vehicle sometimes you can get a discount. Somewhere in the $170 to $250 for a year for coverage.

Roger

[dronthelake]

We have a 1998 Maxum 3700 and a 1993 Regal 6.8. I have $12,000 coverage on the Regal and its trailer with a $500 deductible and it is $215 a year from Allstate. My biggest concern is not our boat but being protected if someone gets hurt on my boat or I hit someone else.

[shrew]

Nobody cares how much they pay a year for insurance, after they've been handed an invoice for $5,000. Ask me how I know LOL

[9Ball]

I called my State Farm ins (thats who I have for my Truck) they said $230 per yr, not bad at all. but she wasn't sure if it included towing. def going to get ins thou, just got to do some shopping!

[ss3964spd]

Will have to see if we can meet up sometime this season for a cold one.

Dan

[9Ball]

Only one...LOL Sounds Great.... I'll let you know when I am fully operational and in the water, I'll PM you.

Todd

[GlennW]

Get atleast the minimum to cover you at fault. If its the boat you are concerned with get an agreed value policy to cover your boat even if its your fault.
A little more expensive but worth it if it sinks!!
There are small addons you can get for personal property, ie cell phones etc that have small deductibles.
I tend to go over board some times, my autos carry 1 million dollar policies instead of the std lower 100/300/30.
It's just peace of mind for me.
Come on summer!!

[MCM]

1996 3200 w/300k Insurance runs me $712.00 a year with Safeco...the beat esurance, Progressive and USAA.

[9Ball]

I got a really good quote from BoatU.S. Has anybody used them? do they have good coustomer service?

Todd

[ss3964spd]

I don't use them Todd, but have read about a lot of folks that do. None had anything bad to say about them.

Dan

[9Ball]

COOL!!! I think I gonna go with them!

Thanks Everyone!

Todd

[iceman]

Todd,
I just switched from Allstate to BoatUS. They are not only cheaper, what they offer seems more comprehensive. For example they have pretty generous coverage for fuel spill cleanup, something you might not think of. There have been a couple of cases here recently where boats sank in their slips at the harbor. Not good for the boat, and the Feds jumped on them pretty quickly with people and equipment to contain any leakage of hazardous material. Of course the boat owners were eventually slapped with the bill... $$$$$

[9Ball]

Originally Posted by iceman

Todd,
I just switched from Allstate to BoatUS. They are not only cheaper, what they offer seems more comprehensive. For example they have pretty generous coverage for fuel spill cleanup, something you might not think of. There have been a couple of cases here recently where boats sank in their slips at the harbor. Not good for the boat, and the Feds jumped on them pretty quickly with people and equipment to contain any leakage of hazardous material. Of course the boat owners were eventually slapped with the bill... $$$$$

Yes, that is what made the choice for me, better coverage and a little cheaper too!
Todd

[shrew]

Some things to keep in mind when both shopping for and discussing insurance (particularly marine insurance).

Coverage Area: How far the boat can roam and still be covered. If you're not crusing the intracoastal between New England and Florida, maybe you don't need that much coverage area. New England ONLY, for example might be more apropriate and cheaper.

Navigable Waters: Is the boat only used on "Inland Lakes and Streams" or in "Tidal Waters". This makes a big difference in premiums and coverage. You want to make sure you're also properly covered. If you're only insured for inland lakes and streams, these don't normally carry 'salvage; coverage. Certain claims may not be covered at all if you are outside of your navigable waters.

Towing (Water and Land): Does your policy cover onwater towing (Seatow or BoatU.S.)? What does it cover? how does that compare to a Seatow or BoatUS poloicy? If you have a 3rd party on water towing policy do you need one on your baot insurance as well? Many Tidal Waters policies already include on water towing (though usually pretty limited). How about an Inland (non-tidal Lakes and Rivers) policy. Many times those include roadside towing as well. Does your tow vehicle already cover it? Do you need both.

Deductible: The higher the deductible, the lower the premium.

Coverage: Market value, replacement value, contents. How much coverage and of what?

I only mention this because I'm seeing a lot of numbers thrown around, but nothing to qualify (or more accurately quantify). My boat (28 ft 1997) was less than $300 for non tidal waters. Once the policy was Tidal Waters, and I included the replacement value of the boat and the contents, it tripled. It tough to say, "I pay $300, while you pay $1200 for the exact same make, model, year, size boat. You should give my insurance company a call". Unfortunately, it's just not that easy.