To insure or not to insure...

[Maddoxsdaddy]

I have a 1981 Alumacraft bass rig. I've spent a bit fixing it up since i bought it last September. It's old, not worth much $$$ but..... Should i put at least liability on it through my auto carrier (state farm) or not worry about it due to the age?

 

[tashasdaddy]

Re: To insure or not to insure...

liability is for your protection, in case some one is injured on or by your boat. if you can afford to give away your house, cars, and first born. you don't need insurance. get liability.

 

[Chiliando]

Re: To insure or not to insure...

Absolutely agree with Tashasdaddy. Protect yourself!

 

[capt sam]

Re: To insure or not to insure...

agree, if you ever have any friends or family on board don't take the chance. I work for a municipal fire dept, we run calls all the time for boat accidents/injuries.

 

[mountainmariner]

Re: To insure or not to insure...

What if the boat comes off the trailer, or the trailer comes off, does the car, or boat insurance cover it? btw, one(or 2) more good reasons.

 

[5150abf]

Re: To insure or not to insure...

I have a rider on my house insurance, $100,000 and it cost like $12 a year, well worht the peice of mind.

I am pretty sure if it is attached to your car your auto insurance covers it but on the water it is the rider, in the garage your homeowners insurance has it.

Yes do it.

 

[crackedglass]

Re: To insure or not to insure...

After reading the above posts, I figured I'd call and see how expensive boat liability was for my 16' aluminum boat. I was shocked at how much they wanted to insure a small boat, insurance would cost me more than I paid for my boat and double what I pay in car insurance. There's no way I could ever afford what they want to keep both boats insured.

Until I read it here, the only insurance I had ever heard of for boats was loan insurance for those who had financed boats. Most of the places I am boating, have little to no traffic, only a few places down in Jersey have a lot of summer traffic, and at that I rarely boat on busy weekends.

For what they want for just liability insurance, I could darn near by a new boat. In two or three years, I'd have paid for a new boat, motor, and trailer.
I priced several which offered online quotes, and called my auto insurance co, who won't cover boats, only as cargo if being towed.

I wouldn't consider myself a high risk either, I've never had an insurance claim, I've been a licensed boat operator for 30 years, and have no accidents of any sort on my record.
What do most pay for just liability on a 25 year old 16' aluminum boat with a 15hp motor?

 

[Mike722]

Re: To insure or not to insure...

You need to ask on the car insurance covering if you are pulling the boat. My insurance will not cover any trailer on the car insurance if it comes unhooked from the car. It does cover it as long as they are hook together. At least that is what my insurance agents says.

And yes you need at least liability.

 

[Maddoxsdaddy]

Re: To insure or not to insure...

Thanks for all the input. It just so happens my sister-in-law works for an insurance company so i'll see what she can come up with....

 

[rtpassini]

Re: To insure or not to insure...

i am fully insured through state farm for $1500 for my boat. i cant remember what property damage coverage i have.

anyways, its 40 bucks a year. lol

 

[arks]

Re: To insure or not to insure...

Thanks for all the input. It just so happens my sister-in-law works for an insurance company so i'll see what she can come up with....

Ask her if an umbrella liability policy would be right for you. It's very cost-effective because you can reduce or drop liability coverage on all you other policies. I've had an umbrella for years.

 

[pine island fred]

Re: To insure or not to insure...

Yep, ran into that about 4 yrs. ago. New boat, 15K investment, sits on my lift and managed to put 150 hrs. on it in 4 yrs. Boats US wanted something like $800 a year to insure. Needless to say, I dropped the insu. Have to admit it would be nice to have liability though. FRED

 

[Maddoxsdaddy]

Re: To insure or not to insure...

Liability + $2k in coverage for damage to the boat/trailer/motor under the umbrella for $66 a year. Not bad I think. While being towed, it is considered an "extension" of my Jeep so it's covered under my auto policy...

 

[mthieme]

Re: To insure or not to insure...

On the road and on the water are two different things...at least in MD.
I can tell you anything behind your vehicle is automatically insured if you're with GEICO.

 

[oregonboatnewb]

Re: To insure or not to insure...

I just insured my 89 17ft seaswirl with 120 evinrude on it, for 200 a year full coverage... and i'm 24 with 1 ticket... 100k coverage. Alot of logs in oregon rivers , both my neighbors have hit logs at least 1 every year or two, so money well spent...

 

[mthieme]

Re: To insure or not to insure...

Not too many logs around here. But you reminded of when I purchased my 2001 Merc 25. For $100, Mercury offered a 5 year warranty...anything that happens, they replace it. I even asked "What if I hit an underwater obstruction and break the motor in two?". I'm covered. I jumped on it. Fortunately (or not) I never needed it. But it was a good deal.

 

[woosterken]

Re: To insure or not to insure...

I have Progressive liability only on my 1974 MFG and it is only $100 per year.the truck insur. covers it on the road
was told it is part of the truck because of the hitch and saftey chains.

woosterken

 

[reelfishin]

Re: To insure or not to insure...

I priced just liability once, about 9 years ago, they wanted $2200 to insure a 16' boat that was docked and run at a land locked lake in PA. My biggest concern isn't me doing damage to another boater, but having another boat or jet ski damage my hull. I can't count how many times I've seen boats hit at the courtesy dock or seen jet skis crash into boats. I had a guy run nearly broad side into my one aluminum bass boat once, he was riding wide open, looking back over his shoulder and ran into my port side as the river curved around a bend. He flew off his ski, his seat ended up in my boat. He scrambled back to his ski, started it up an ran off. No damage was done to my boat but I'm sure if he had hit at a sharper angle it would have done more than just deflect off to the side. No doubt there was damage to the ski. The marine police later found the kid, who was drunk, underage, on a ski borrowed without permission. The owner of the ski was mad a me for calling the police. My concern was that he'd go back as say I hit him. Although there were 20 witnesses there.

A major concern when in a glass boat is small aluminum boats brushing up against your boat at the ramp area, a small tinny can make a mess out of glass work fast. I've been at ramp situations that were little more than organized chaos.

If I had to pay $2200 a year to boat, then me like I suppose many others would not be able to afford to be on the water. If they were to pass such a law, it would no doubt include even small pond boats and even those plastic bass boats, which carry only one person and go maybe 5 mph. A boat like that is not likely do do any liable damage to another person or craft unless you drop it on someone's foot.

I would gladly buy an insurance if it covered damage done buy others, such as dock damage, collision damage, or floating hazard damage, but liability insurance on a boat also opens the whole industry up to a new realm of law suits. Many law suits are based on the fact that if a person has insurance the suit is worth pursuing. My boat is insured when its being towed by my truck, and but I don't think homeowners covers it at home since it's not garaged.

90% of the time, I'm in my boat buy myself, in an area where there's either very few or no other boaters around. The likely hood of causing damage to another boat or person is pretty remote.

 

[thepotroast]

Re: To insure or not to insure...

I just insured my 2004 Triton (in signature) with State Farm. I currently have 2 autos and Homeowners insurance through them. Got a $10k fixed rate (no depreciation, if it's totaled they cut a check for 10k stated value, not book...although book at current time is 10k), 100k liability, $500 towing, $10k medical and $2000 "optional equipment" (covers fishing gear, batteries, trolling motor, GPS, etc). Cost is $9/mo...for a grand total of $108/yr.

Covers me if I hit logs, if I hit someone else on the water, if they hit me, if my boat is hit by a car while towing, natural disasters, theft, etc etc. It's a wise investment....why people would spend more on a boat than they do their car, but not put insurance on it baffles me. The only reason some people have crazy high insurance rates on small boats is because their insurance rating is low. Insurance companies grade you from A to F...just like in school. The higher your insurance rating (which has to do with age, credit, driving history, and other factors), the lower your rate. We have an "A" rating, so our rates are low.

They came out and took pics of the boat yesterday, and signed the policy over to me, no questions asked. Also got a 15% discount for having a state boaters safety course certificate.

 

[reelfishin]

Re: To insure or not to insure...

It seems there are major differences between states. I've been doing some calling around, and in NJ, the highest insurance is the liability part, all other insurance is pretty affordable, but liability is out of reach.
I called about one boat I keep in PA, and that was only $350 for a full coverage policy, keeping in mind that it would be a stand alone policy covering a boat garaged and docked 400 miles from home. NJ sees a boat the same as a car, with even more catastrophic results to a collision or liability claim. I do wander if it has anything to do with NJ being a No fault insurance state?
If I had to insure for liability, I would have to park the boat and forget it. Since NJ doesn't differentiate between small row boats and aluminum boats used for pond fishing and larger motor boats used in big public marinas, any law would no doubt be all including.
Paying that kind money each year, on top of the cost of fuel to both run your boat, and to get the boat to the water. plus upkeep and the high cost of marine parts and maintenance, it would no doubt push the cost out of reach for most boaters. I fish for food more than sport, I don't pleasure boat or ski, if I'm on the water, I'm out there to catch food. My boats are fishing oriented, if I can't fish off it, I don't want it.