Insurance Assistance/Advice

Im in NY and now have a boat. its a walk around cuddy fishing boat. 20' I.O.

I now have it registered and have a dock space so now I need to look into insurance....

what am I looking to need/get in NY. is there a min liability like with auto and cycle???

Having never had to buy this before I would love some guidance on what is a generally sufficient amount of coverage. Now I know it varies on people perception but Im just trying to get some general guidelines for when I call my agent so Im not going in totally blind on this.

Again im a peoples republic of NY resident. Will travel to other ny lakes vs my local lake....

Thanks!

Re: Insurance Assistance/Advice

I call my agent so Im not going in totally blind on this.

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Ayuh,... Call yer agent,...

Boat insurance isn't required like auto, 'n cycles in Ny...

Re: Insurance Assistance/Advice

At a minimum you need liability insurance. I dont think there is a requirement to have liability insurance on a boat like a car, but I'm not sure about NY. My comprehensive policy on my 18' i/o is $175 per year with a $250 deductible through progressive. Your homeowners insurance may offer a policy on your boat so you can quote around. But definitely make sure you have liability insurance with a similar coverage amount as your auto. A friend on board could get hurt, you could hit another boat or property and that all is very costly. Good luck

Re: Insurance Assistance/Advice

what are your limits? Liability

Re: Insurance Assistance/Advice

It's hard to tell someone else what their liability limits should be. I'd say that anything under 50K is getting a bit thin. Get quotes for different levels of coverage, it doesn't always cost a lot to increase. Personally, I have 100/300 liability on every vehicle I insure, plus a large umbrella policy, which requires the 100/300 level. On a dollar basis, liability is a bargain compared to collision/comp.
If you are docking your boat in a slip, consider comprehensive coverage- that covers you for damage due to storms, vandalism, theft, etc...... , unless you are comfortable paying potential expenses for that stuff out of pocket.
You may have to buy comprhensive bundled with collision.
Lot depends on how insurance is written in your state.

Re: Insurance Assistance/Advice

tractorboy said:

I now have it registered and have a dock space so now I need to look into insurance....

what am I looking to need/get in NY. is there a min liability like with auto and cycle???


Thanks!

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If you're renting dock space at a marina, I would start with what their minimum requirement is for liability. My marina requires a policy with $300K in liability. If my boat catches fire or breaks loose and damages another boat, then there are MANY boats out there worth more than $300K, so it's not hard to ring up the tab on a liability claim.

I would first verify whether the marina requires liability (Many do) and how much their minimum is. that is your best place to start.

Re: Insurance Assistance/Advice

Maybe a boat docked is different for a trailered boat like mine, but I just tacked my boat onto my homeowner's policy. I think they call it a "boat rider/addition" or some kinda' insurance term. Your homeowner's agent may give you some advice/guidance on your boat. Good Luck!

Re: Insurance Assistance/Advice

As others have said, no requirement for NYS. Last year I went w/o it and was fine. This year I am thinking of paying $160 for everything.

Also what part of NY are you from?

Re: Insurance Assistance/Advice

I think my liability is around the 100/300 area, I need to look again. I upped my limits last year when I got my new(er) boat. As my agent said, "just remember, if somebody gets hurt on your boat, or if I hurt someone, a trip to the hostpital can ad up really really quick. But by all means insure the boat for what it would cost you to replace it, not what blue book value calls out. I found this out last summer, 4th of July when my boat got totalled by a semi truck. Young kid snuck in front of me and hit the brakes, I hit the brakes and hit the kid, semi truck locked up all 18, hit me and I hit the kid again. Long story short the kid fled the seen and the truck driver was not at fault which leaves my insurance to pay for my boat.
4 years earlier when I baught the boat, , got a deal at $5500, 1750 Lund Tyee I.O w/3.0L, I asked them how they determine the value of a boat cuz NADA and Kelly's vallues were really low. The agent said they typically don't go by NADA or Kelly rather, they go by what the price of a given boat is selling for in a particular area, my case, Minnesota.
Knowing I got a deal on the boat at $5500, at the time that boat would have fetched around $7500, , that's what I insured it for and I'm glad I did!! Boat got totalled, I got a check for $7500. Unfortunately to replace the boat last year I needed another 2K, , seems like the prices of used Lunds went up.

Re: Insurance Assistance/Advice

hostage said:

As others have said, no requirement for NYS. Last year I went w/o it and was fine. This year I am thinking of paying $160 for everything.

Also what part of NY are you from?

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Right in rochester with you hostage....Im docking at Conesus lake this year. I will have to check with marina to see if they require anything. Im just thinking running around with nothing is a larger chance than I want to take so...wanted to do SOMETHING....
Thank you all...

Re: Insurance Assistance/Advice

robert graham said:

Maybe a boat docked is different for a trailered boat like mine, but I just tacked my boat onto my homeowner's policy. I think they call it a "boat rider/addition" or some kinda' insurance term. Your homeowner's agent may give you some advice/guidance on your boat. Good Luck!

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My home owners insurance gives me boat coverage too, but really the last thing I would want to do is make a home insurance claim on my boat. I would much rather have a seperate policy on the boat. I'm not a fan of leaving my boat in the water unattended, so mine's garaged unless I'm using it so the insurance thing isn't a huge issue but still something I want to look further into.

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I think people who get the minimums are usually just as irresponsible as the ones who don't get it at all. Maybe if you were the only boat on the lake and didn't have any friends.
For a boat that size, and kept at a marina, and used in busy waters, get at least 300,000 and better, 500,000. Best is to get an umbrella for 1-2 million, and be sure your underlying liability coverage is high enough that your umprella applies.

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It really depends on your current future financial situation. I would suggest a 300k CSL (combined single limit). Liability insurance for a boat is generally very cheap mine just liability for the old ski boat is 90 a year through progressive with a 300k CSL meaning the most the insurance company will pay is 300K max for everything. Instead of many policies that are 100/300/100 If your boat catches fire and damages the marina, or burns down the 200k yacht next to you then 100k is not going to cut it. I am a big fan of CSL policies.

Former insurance agent not licensed in 4 years take it for what you will

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Just like there is a method to figure out how much medication you should take, there is a method to figure out how much liability insurance you need. Unfortunately, in this day of 15 minutes can save you 15 percent and Progressive's name your price insurance, it has become an industry of order takers. Just like I would not go to a doctor that takes a medication request over the phone, I would not trust an insurance adviser that does not find out your household income and net worth to compare with your state laws. My advise is to find an adviser that will do this rather than just use the SWAG method(Some Wild *** Guess).