How Many Boat Owners Have Boat Insurance?

[109jb]

Re: How Many Boat Owners Have Boat Insurance?

focus on the liability coverage first; that's the most important.
On old boats, consider liability only--though they often throw in some boat coverage for practically nothing. With the hurricanes, though, boat coverage is up.
Cut your rates with a high deductible. You wouldn't file a claim for less than $1000 so why pay for it?
Also save money by self-insuring part of the risk--if you have a $8000 boat, insure for $4000-if the math works on the premium difference.

I would not do this. If you get a stated value policy where you say your $8K boat is worth $4K and something happens the insurance company is only liable for $4k as stated in the policy. If they write your boat off as a total loss you get $4K and they get your boat.

Case 1 - Lets say that $8K boat is insured at a stated value of $4K and it gets $3500 worth of damage. This is over 80% of the stated value. They could just cut you a check for $4k and drive your boat away that still has $4500 value accounting for the damage.

Case 2 - Now same $8K boat insured for $8k and it gets the same $3500 in damage. This is only 44% of the policy value. They have to fix it.

Case 3 - Now if you don't have hull insurance and your $8K boat gets $3500 damage you still own a damaged boat with $4500 remaining value. Now you can decide to either fix it, or sell for the salvage value.

I would never under-insure the replacement value of a vehicle for this reason.

 

[rbh]

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.

I sure hope there is an extra zero in there by accident $18.500 ouch

 

[rbh]

Re: How Many Boat Owners Have Boat Insurance?

$400 a year, plus we have to get a survey this year for the insurance company.
we had one done 5 years ago WTH

 

[Home Cookin']

Re: How Many Boat Owners Have Boat Insurance?

for those of you adding the boat to homeowner's, be sure that includes liability insurance, not just casualty to the boat. If not, you are naked.

 

[skargo]

Re: How Many Boat Owners Have Boat Insurance?

I sure hope there is an extra zero in there by accident $18.500 ouch

I think he had an agreed value of 18,500

 

[kamby]

Re: How Many Boat Owners Have Boat Insurance?

With our insurance co, i would need to do a full survey and coast guard inspection on it since the boat is over 15 years old. Our agent flat out told us it isnt worth getting coverage on it. The trailer and boat are covered under auto so as long there attached to the truck when an accident occurs. I look for the state to make it a requirement though... after all we have 9.5% sales tax, Reginal transit tax, high cigarette tax, candy tax, soon to be alcohol tax, and so forth and the state is still hurting for money. Im sure some of ya heard about the 4 lakewood cops that were killed, well now all 4 familes are suing the sheriffs department..

 

[nlain]

Re: How Many Boat Owners Have Boat Insurance?

You might try NBOA, Fl based company, they have good rates.

 

[skargo]

Re: How Many Boat Owners Have Boat Insurance?

With our insurance co, i would need to do a full survey and coast guard inspection on it since the boat is over 15 years old. Our agent flat out told us it isnt worth getting coverage on it. The trailer and boat are covered under auto so as long there attached to the truck when an accident occurs. I look for the state to make it a requirement though... after all we have 9.5% sales tax, Reginal transit tax, high cigarette tax, candy tax, soon to be alcohol tax, and so forth and the state is still hurting for money. Im sure some of ya heard about the 4 lakewood cops that were killed, well now all 4 familes are suing the sheriffs department..

My boat is 32 years old, and BoatUS let's you do a self survey.

The age of a boat is no excuse. Are you a multimillionaire who can afford it when someone sues you?

 

[109jb]

Re: How Many Boat Owners Have Boat Insurance?

I've never heard of having to have a survey of a recreational boat that only carries liability insurance. I've never owned a boat that wasn't at least 20 years old and have never been told I needed a survey for liability only. I only carry only liability coverage on my boats and would be out the value of the boat if something happened, but I'm not going to risk everything else I have too.

 

[kamby]

Re: How Many Boat Owners Have Boat Insurance?

auto insurance is through metlife, agent told me its like 400 for the survey and they set it up. i can get it from progressive or geico. Boatus was kinda pricy if i remember right. I have an older bayliner people tend to steer clear of me, until they need a tow into port. i probably will pick up a policy from progressive it was only 280 bucks for boat, trailer, tackle. etc..

So in the same sense do the people in the small 10-14' tinnys and rowboats need insurance....

 

[rlpolo101]

Re: How Many Boat Owners Have Boat Insurance?

Check with SkiSafe.com. It's a gieco affilate and we pay 175 a year with a 4 month lay up. Our boat is worth about 5,000 if not more with all we did in upgrades and customs. Our deductable is 500, liability 30,000, medical 10.000. We searched for about a month and made sure we got insurance before we even thought about putting our boat in water and we do our boating on inland lakes in east Tennessee. The lake here isn't too busy but you never know, just like a vehicle, you never know. I always think about the other drivers!!!

 

[NYBo]

Re: How Many Boat Owners Have Boat Insurance?

In the interest of honesty, I voted "no". But that's only because I have yet to have my current boat in the water; I will have a liability policy in place before I splash. I just got a $1m umbrella policy, and that may be enough. My insurance agent and I will be discussing the matter, hopefully soon.

 

[dhook]

Re: How Many Boat Owners Have Boat Insurance?

Here's my quote today from allstate which I have house and car insurance with.

Item 1 2005 LARSONBOAT Terr 002
COVERAGE LIMITS
Actual Cash Value 12,000
AA - Liability 300,000
CC - Medical Payments 10,000
TT - Physical Damage 12,000
Deductible 500
TOTAL PREMIUM ABOUT 120.00

Relatively cheap peace of mind.

 

[grego]

Re: How Many Boat Owners Have Boat Insurance?

insure boat, full coverage 107.00 yearly. I did not know that i needed insurance on golf cart, 80.00 per. year. Worth EVERY penny!

 

[109jb]

Re: How Many Boat Owners Have Boat Insurance?

So in the same sense do the people in the small 10-14' tinnys and rowboats need insurance....

Like I said earlier:

"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."

 

[kenmyfam]

Re: How Many Boat Owners Have Boat Insurance?

Insurance is a cheap price to pay for peace of mind. That's all there is to it.

 

[RepoMan207]

Re: How Many Boat Owners Have Boat Insurance?

I have gotten by for all these years (about 12yrs) boating without insurance.

As far as I know Florida does not require boat insurance.

Now that's a funny statement! It's actually kind of disturbing if you think about it .

 

[TilliamWe]

Re: How Many Boat Owners Have Boat Insurance?

diesel, yes boat insurance in FL is VERY expensive. It's one of the prices you pay for LOW property tax rates, NO INCOME TAX, and YEAR ROUND BOATING.
I will not feel sorry for you, no matter what!

 

[diesel5599]

Re: How Many Boat Owners Have Boat Insurance?

diesel, yes boat insurance in FL is VERY expensive. It's one of the prices you pay for LOW property tax rates, NO INCOME TAX, and YEAR ROUND BOATING.
I will not feel sorry for you, no matter what!

Not so sure about the low property tax rates, but yea I must say no income tax and yr round boating is pretty nice. Judging from some of the drivers down here, I can definitely see where ins companies consider FL boaters a risky investment.

 

[TilliamWe]

Re: How Many Boat Owners Have Boat Insurance?

Not so sure about the low property tax rates, ...I can definitely see where ins companies consider FL boaters a risky investment.

Do you pay $2700 a year on a 1500 sq ft house (sold for $121,000 in 2009) on 1/4 acre? if not, you have nothing on Peoria and the rest of Illinois. Now I realize that some fools down there by you would think that 1500 sq ft house on 1/4 an acre would be worth $189,000, but I'll still bet you that your taxes wouldn't be $2700/yr.

Not just the drivers. You guys have tornados/hailstorms/windstorms/more lightning strikes than anywhere in the world, and STILL have hurricanes! In the midwest, we don't have hurricanes.