Boat Insurance

[Gyrene]

HELP!
New to owning a boat, and need help with insurance. Plan to put it in a dry stack marina, and I am sure they want liability insurance. As to the boat, it is well used, so I pretty well don't care about insurance on the boat - it won't be financed.
What about water towing insurance? What is alternative (if there is an alternative).
USAA doesn't seem to offer boating insurance - do forum rules allow people to recommend an insurance carrier? I found Skisafe, a boating only insurer.

 

[Old Ironmaker]

Things may differ state to state down south. Here in Ontario most insure boats of lesser value through homeowners insurance. Mine will cover 1 million liability and loss due to accident or theft. About $150.00 a year extra for replacement cost of 13K. Liability insurance is not mandated for boat owners, why I don't know.

 

[bruceb58]

I use Boat US. They contract out to various insurance companies.

I still have boat insurance through USAA on my Wellcraft but I was grandfathered in. Now all boat policies through USAA are written through Progressive and they were way more than Boat US when I got insurance for my pontoon.

 

[roffey]

Old Ironmaker , I am in Ontario and get my boat insurance through Harbor insurance. I was quoted by my home and auto insurance company about three times what Harbor was asking. Maybe i am using the wrong home and auto?

 

[dingbat]

I go back and forth between Boat US and Progressive depending on who is offering a better price at the time.

Both offer up to $500 on water towing insurance at a nominal charge. That may sound like a lot but the clock starts ticking when the tow boat leaves their last destination.

Last year I had a fuel problem not 10 minutes from the dock. The bill was over $300. I was towed in a couple of years back with a bill in excess of $1,800.

Two reasons why I get unlimited Boat US towing every year. $149 a year covers up to 75 miles offshore

 

[Gyrene]

This is helping...Thanks.

 

[JoLin]

BoatUS is a good company. I just recently switched from them to GEICO because they offered a better rate. All my insurance is with GEICO now

As for towing insurance, there are 2 major players- Boat Tow US and Seatow. Premiums are under $200/year and I wouldn't be without it. After 7 years of paying premiums- in the space of 14 months I had a hard grounding (the boat in my sig), and an engine failure and trailer breakdown on a different boat. Boat Tow took care of everything and I made back every dollar of my premiums.

 

[Scott Danforth]

I have my boat insurance thru progressive and the boat towing insurance thru Tow Boat US (unlimited)

 

[redneck joe]

Yeah usaa thru progressive was 4 time what boat us was.

i had ski safe for awhile and had a small claim with them. Good experience.

geico was ok pricewise and easy to sign up and pay.

 

[BigDfromTN]

I am in TN and insure with Progressive. Here(and other states too) they offer "Sign and Glide" cover. It covers jump starts, fuel oil & water delivery, soft groundings plus tow with no limit. Just call them, they dispatch help and you just sign the ticket. I buy this on my Toon, but not on my 2 jet skis. They are not taken out as much nor as far. Always felt as if I can tow a ski real easy, but if caught out and no friends with us, not the toon. Also with our new Tri-toon coming we plan to travel further than we did with our 2 log toon.

​As for coverage on your boat... I would suggest it. Insure it for what you think it is worth. That way IF a fire, windstorm, ice storm etc occur, you will be reimbursed and the cost is not that high compared to all other boating expenses.
​With this coverage you can also cover personal effects that are not part of the boat. Life jackets, bumpers, anchors, dock lines etc etc. Each one of these are not much but can add up if you must go buy all of them at one time. You can also add fishing equipment coverage. IF that applies to you.

​On the Liability, Be sure to also get UN-insured boaters. This covers if you are involved in a non-fault accident and the other party does not have liability coverage to take care of medical bills for you and any passengers you have on board. It also covers damage to your boat. This will also cover you on someone elses boat too.

IF you tow any toys, Be sure you have the watersport liability as well.

​All of above are things to consider. Ask about the pricing and decide if it makes sense for you!

​No single company is the best for everyone in every state. Price your coverage with at least 2 carriers and decide what best suits your needs and budget.

 

[shrew]

If you have an insurance agent, check with them. They can usually shop around multiple insurance companies and come up with options for you. If you have a marine towing company in your area (e.g. Seatow or Vessel Assist (BoatUS)) then compare the yearly towing and benefits with that of the insurance plan. I have both towing on my insurance and BoatUS. The BoatUS plan is better and the towing on my insurance is only a few bucks.

I recommend liability on any boat, even if there is no requirement. It's not the value of your boat. It's the value of the property that could potentially be damage that concerns me. I operate a boat worth thousands around boats that cost millions.

 

[Gyrene]

If you have an insurance agent, check with them. They can usually shop around multiple insurance companies and come up with options for you. If you have a marine towing company in your area (e.g. Seatow or Vessel Assist (BoatUS)) then compare the yearly towing and benefits with that of the insurance plan. I have both towing on my insurance and BoatUS. The BoatUS plan is better and the towing on my insurance is only a few bucks.

I recommend liability on any boat, even if there is no requirement. It's not the value of your boat. It's the value of the property that could potentially be damage that concerns me. I operate a boat worth thousands around boats that cost millions.

I agree I'm worried about being sued.
I got a quote for $100,000 in liability, boat value/belongings of $10,000 w/ $500 deductible, towing reimbursement for up to $1,000, for $254.00 - from SkiSafe - sounds good to me.

 

[ezmobee]

I let USAA broker me through Progressive and found the rate to be competitive. I have 2 boats and a camper on there. No issues. You can do an agreed value on the boat. I have my old Starcraft at like $7k or thereabouts just cuz that's what it would take to replace it with a decent one.

 

[jkust]

Like most things, insurance is very regional. I have Progressive as they have been far and away the most competitive on all of my toys and boats. They paid a total loss of 20k for my previous boat and 4k for the trailer but that pales in comparison to the liability risk should you get into an accident. If you have assets to protect or don't want a judgement following you around forever, get liability insurance at the least.

 

[ISP197]

I am another that has Progressive. I use them for both my boat and camper. No claims, so I can't say how they are to deal with. They provide the coverage I want at the best price I can find and I usually check at least once a year.

 

[bruceb58]

I agree I'm worried about being sued.
I got a quote for $100,000 in liability, boat value/belongings of $10,000 w/ $500 deductible, towing reimbursement for up to $1,000, for $254.00 - from SkiSafe - sounds good to me.

My marina where my boat is docked requires a minimum of $500K liability. I have a $5 million umbrella on top of that which covers everything I own.

$100K is really not much liability these days. If you have any assets at all, you want more.

 

[WaterDR]

Cheap insurance is just that....cheap.

If you want to know anything about insurance companies, talk to adjusters. USAA is the best rated company. We have had claims over the years...always hear the same thing from adjusters "good thing you have USAA".

My best friend got cheap insurance....he did 5,000 damage to his boat tearing the lower end off: geico paid him 2,200 because well...:they reduced for age of the boat. It's a 2008.

As you know, USAA uses progressive for boats. But it's a program through USAA. Progressive has been awesome. I don't shop around...:what's the point if the coverage is not there when you need it.

I think I pay 300 bucks a year for a 2012 pontoon and a 2016 PWC and I have the plan with all features. Seriously...what am I gonna save? 100 bucks? I just don't see the point.

 

[bruceb58]

As you know, USAA uses progressive for boats. But it's a program through USAA. Progressive has been awesome. I don't shop around...:what's the point if the coverage is not there when you need it.

USAA only acts as the agent...you are still basically dealing with Progressive for a claim. I love USAA and have them for my cars and homes but if you do a new boat policy, you definitely get Progressive and are going to be using the claim staff with Progressive.

 

[JoLin]

Cheap insurance is just that....cheap.

My best friend got cheap insurance....he did 5,000 damage to his boat tearing the lower end off: geico paid him 2,200 because well...:they reduced for age of the boat. It's a 2008.

Your friend didn't opt for an 'agreed value' policy. No matter how many years pass, Geico will, in the event of a total loss, pay the amount we agreed the boat is worth when I bought the policy.

It's an important point to know, no matter which insurance company you go with. It costs a bit more to do it that way, but both BoatUS and Geico were willing to insure my boat for $22,000. In my case Geico's rate was lower.

My .02

 

[redneck joe]

Cheap insurance is just that....cheap.

If you want to know anything about insurance companies, talk to adjusters. USAA is the best rated company. We have had claims over the years...always hear the same thing from adjusters "good thing you have USAA".

My best friend got cheap insurance....he did 5,000 damage to his boat tearing the lower end off: geico paid him 2,200 because well...:they reduced for age of the boat. It's a 2008.

As you know, USAA uses progressive for boats. But it's a program through USAA. Progressive has been awesome. I don't shop around...:what's the point if the coverage is not there when you need it.

I think I pay 300 bucks a year for a 2012 pontoon and a 2016 PWC and I have the plan with all features. Seriously...what am I gonna save? 100 bucks? I just don't see the point.

I saved 1000 year on one boat, and got twice the coverage when i move away from progressive thru usaa and while i love usaa for many things, a large claim in the million dollar range when one does not have that much coverage is not a pleasant experience. Cost us about 12k on our own people to defend.


that said, lesson learned is buy high amounts of covereage. The adjuster even specifically told me if i had a million dollar limit they'd be all over it. Only had 100k, he in essence told me we were on our own. This was a vehicle, but same concept. I also fault them for not making me think thru gettting higher coverage when i added the boy.