How Many Boat Owners Have Boat Insurance?

[diesel5599]

Ok so I recently did a rather expensive upgrade in the boat department by acquiring a 2006 Century 2400 with all of the bells and whistles. All of my previous boats were older and worth a lot less than this one.

Well as soon as I get it home the first thing I start worrying about is someone stealing it or me getting into an accident with it, so boat insurance comes to mind. I have gotten by for all these years (about 12yrs) boating without insurance. I did get in one accident and that was because another boater ran over the back of my boat, needless to say he was at fault and his insurance fixed my boat.

As far as I know Florida does not require boat insurance. My question to you other members is, do you have insurance or do you risk it? I consider the risk of getting into an accident on the water far lower than on land, but my insurance company wanted about $1500.00/yr to provide comprehensive coverage and that was with a $2500.00 deductible!

I only go boating about once a month, follow all boater safety precautions, and have never even come close to getting into an at fault accident. A typical trip for me is to head straight offshore and stick to the channels, paying another 130/mo for coverage of yet another possession is kind of hard to swallow.

 

[Summer Fun]

Re: How Many Boat Owners Have Boat Insurance?

For insurance shop on the internet for the best deals.
I paid $13.000. for my boat and I got it insured for $18.500.

 

[TBTOsterman]

Re: How Many Boat Owners Have Boat Insurance?

I have boated for about 12 years but only carried insurance for the last eight. Insurance is provided through my homeowners policy and only costs about $10 per month for coverage for my 94 20' Caravelle and trailer. At this rate it is worth it. If I owned an expensive, newer, bigger boat... I would still feel the same due to the value and risk of loss of the newer boat.

Before insurance, I was younger and poorer and didn't really care. The only thing required in Missouri is insurance on the tow vehicle while your boat is in transit on the roadway.

Hope this helps.

 

[cpubud]

Re: How Many Boat Owners Have Boat Insurance?

would not be on or off the water without it.

 

[pentavolvo]

Re: How Many Boat Owners Have Boat Insurance?

Our insurance for two boats (05 Pontoon Boat, and 97 Celebrity Bowrider) combined is WAYYYY less then that.

In my opinion you are nuts to not have it if something were to happen and you hit something or someone I wouldnt want to be without insurance

 

[diesel5599]

Re: How Many Boat Owners Have Boat Insurance?

I have boated for about 12 years but only carried insurance for the last eight. Insurance is provided through my homeowners policy and only costs about $10 per month for coverage for my 94 20' Caravelle and trailer......

Hope this helps.

Your homeowner's policy covers the boat even when it is not at your house and is in the water? Mine covers my boat as long as its on my property so it is covered if it is stolen from my driveway, but it does not cover the boat on the water.

I am thinking about getting liability only, that was quoted at about $120/yr, but comprehensive really impacted the cost.

 

[CAVU V]

Re: How Many Boat Owners Have Boat Insurance?

You have to ask yourself, how much do you have to lose? If you can self insure then it is a waste of money but very few people are that rich.

I have been using charterlakes for years, they might be able to find you a reasonable rate.

 

[apache61]

Re: How Many Boat Owners Have Boat Insurance?

I Have it and wouldn't be without it.

 

[slasmith1]

Re: How Many Boat Owners Have Boat Insurance?

check with boat u.s. I only pay about $400 per year for better coverage than I could find anywhere else. For that I have a $70,000 agreed value policy $300,000 liability, and $800,000 for enviormental. This is on a 2000 Monterey 322cr.

 

[seaboo]

Re: How Many Boat Owners Have Boat Insurance?

You have to ask yourself, how much do you have to lose? If you can self insure then it is a waste of money but very few people are that rich.

Self insure the value of the boat, other personal liability, and other property damage = Donald Trump type rich.

Check with your Homeowners insurance company. Mine added it for the cheapest rate I could fine.

To me it is CHEAP piece of mind.

 

[26aftcab454]

Re: How Many Boat Owners Have Boat Insurance?

check with boat u.s. I only pay about $400 per year for better coverage than I could find anywhere else. For that I have a $70,000 agreed value policy $300,000 liability, and $800,000 for enviormental. This is on a 2000 Monterey 322cr.

Boat US was by far the best deal for me.
my boat is worth $14,000 and has the same liability coverage for $354. yr

 

[Friscoboater]

Re: How Many Boat Owners Have Boat Insurance?

I insured my old boat. Mostly for the liability reasons.

 

[NelsonQ]

Re: How Many Boat Owners Have Boat Insurance?

Definitely would have it. Its not mandatory here in Ontario, but from a liability and/or loss, its cheap. I pay $500 for full replacement on a $35K boat (full replacement value for the first 15 years, not depreciated as most home owner policies are after the initial 4-6 years. That also includes $2M liability.

Worth the peace of mind.

 

[JimMH]

Re: How Many Boat Owners Have Boat Insurance?

Wouldn't go out on the water without it!

 

[109jb]

Re: How Many Boat Owners Have Boat Insurance?

IMO anyone who doesn't have at least liability insurance is foolish. Even if you are the safest boater in the world, always travel at no wake speed and stay 100 yards away from other boats it only takes one passenger to slip, trip, or fall getting in or out of your boat and you can be ruined depending on the injuries.

 

[rthomas]

Re: How Many Boat Owners Have Boat Insurance?

wouldnt dream of not having it, besides my marina requires 300k in liability and its only $270 a year through progressive- good investment

 

[diesel5599]

Re: How Many Boat Owners Have Boat Insurance?

Well I definitely can't afford to self insure, I did a quote using Boat US and they are way cheaper than Progressive. I can get full coverage with a $250 deductible for only $579/yr. Guess its a no brainer now.

 

[diesel5599]

Re: How Many Boat Owners Have Boat Insurance?

IMO anyone who doesn't have at least liability insurance is foolish. Even if you are the safest boater in the world, always travel at no wake speed and stay 100 yards away from other boats it only takes one passenger to slip, trip, or fall getting in or out of your boat and you can be ruined depending on the injuries.

Very good point, that never crossed my mind, and for some reason I always seem to end up with passengers with no health insurance.

 

[madurodave]

Re: How Many Boat Owners Have Boat Insurance?

Of course. 250/yr 250 deductable

 

[Bucks45]

Re: How Many Boat Owners Have Boat Insurance?

Mine is also through the company that I have my home and auto insurance. $170 a year for full coverage. That's $6000 on my boat and $1500 on the trailer. Plus medical and liability. Too cheap not to do it!