Insurance: do you have it, should you get it?

[Thajeffski]

Re: Insurance: do you have it, should you get it?

I went with progressive just now. Now I can drop it in and put it at the slip with piece of mind! 150 a year......done.

Policy Coverages



Bodily Injury & Property Damage:
$20,000 person/$40,000 accident/$10,000 property damage

Uninsured Boater:
No coverage

Medical Payments:
No coverage

Fishing Equipment:
No coverage

Vehicle Coverages for 2003 Bayliner 185 Runabout :

Comprehensive:
$500 Deductible (Agreed Value)

Collision:
$250 Deductible (Agreed Value)

On-Water Towing:
No coverage

Coastal Navigation:
75 nautical miles

Replacement Cost Personal Effects:
No coverage

Roadside Assistance:
No coverage



Now my question is, when do I claim a new 4 blade SS prop??

 

[redone4x4]

Re: Insurance: do you have it, should you get it?

boat us just quoted me $112/year......im gonna call them tomorrow, this was via email. I wonder if there are any catches to it, sounds too cheap from what I used to pay. The quoted price would be fantastic though.

edit: uhoh, the email says they wont cover the hull because it has not been insured recently...hmm...so thats for liability only. i want full coverage. time to start shopping around i guess.

 

[Action]

Re: Insurance: do you have it, should you get it?

Yes 100%, it was very inexpensive to add the boat to the house, car, cottage ins policy, no brainer, not worth risking.

 

[skargo]

Re: Insurance: do you have it, should you get it?

Here's what I get for $230 a year, I wish I could get a higher agreed value, but for a 31 year old boat, they did the best out of the companies I shopped.
This, in addition to the tow service is cheap peace of mind.
Policy Coverage/Deductible/Premium
Boat & Boating Equipment : $4,000.00
Investigative Services : 5% of the above
*Boat & Boating Equipment Deductible : $420.00
Boating Liability per Accident : $100,000.00
Fuel Spill Liability : $800,000.00
Boat Trailer : $1,200.00
Boat Trailer Deductible : $50.00
Uninsured Boater per Accident: $100,000.00
Medical Payments per person : $1,000.00
Personal Effects per Accident : $0.00
Freeze State - Ice and Freezing Endorsment - Yes
Current Annual Premium : $230.00

 

[Thajeffski]

Re: Insurance: do you have it, should you get it?

I dont understand why we need medical payments......

Wouldnt that be covered under "liability per accident" ?

 

[wajajaja02]

Re: Insurance: do you have it, should you get it?

last year my wife fell getting out of my boat, fractured her wrist, or ulna and radius at the wrist to be exact we had to travel to NYC for surgery to repair the damage, pins and screws, six months of pt, and not work, 36k of doctors bills.
Health insurance, and employers disability covered, in family, imagine if it was a "friend"
because I buy from my home insurer it cost 58 a year, and now it come under my blanket umbrella that bumps the coverage up to 1 million. along with the autos, home liability, and all the other toys that i insure.

 

[Home Cookin']

Re: Insurance: do you have it, should you get it?

Jeffski, that is about the most worthless coverage I have seen, unless you are just running a dinghy with a 4 hp. You need liability coverage and uninsured coverage and you effectively have none.

Waja, your basic medical insurance will cover an injury such as a fall regardless of boat or land. Your medical insurance ("medpay") is to pay another person's medical bills who you might injure.

For example, what if your wake causes two boats to bump together, and a person on one gets a hand caught between them or falls on a cleat. They call EMT who comes from right far away to your lake, patches them up; they go for a follow-up with a doctor. Everything pretty much OK. Could easily cost you $4000. And listen up: as a practical matter it doesn't make any difference whether you should be held responsible for their injury, so let's not start that debate; if someone calls 911 even though it wasn't necessary, the ball is rolling.

 

[Blue Crabber]

Re: Insurance: do you have it, should you get it?

I'd like to hear from the 4 who voted waste of money, if they have the balls.

It is up to 8 now and i would like to hear thier side of the story as well. Not judging, just curious.

However, that being said. We do have insurance and wil always have full coverage insurance on our boat. It is just not worth the risk to me. I am very careful and attentive whenever in the boat. However, accidents do happen and can change a life in a matter of seconds. The insurance is cheap!

 

[skargo]

Re: Insurance: do you have it, should you get it?

It is up to 8 now and i would like to hear thier side of the story as well. Not judging, just curious.

However, that being said. We do have insurance and wil always have full coverage insurance on our boat. It is just not worth the risk to me. I am very careful and attentive whenever in the boat. However, accidents do happen and can change a life in a matter of seconds. The insurance is cheap!

Well said!

 

[MrBigStuff]

Re: Insurance: do you have it, should you get it?

I'd love to hear from the people who are saying, "I just bought insurance and now I have peace of mind".

Just exactly how much insurance gives you peace of mind?

I see a number of people trotting out the nightmare scenarios. Young kid's arm stripped to the bone? Just how much insurance do you think will be require to INSULATE you from financial damage in THAT scenario?

I got news for ya- if you get sued for $1M and lose, if your insurance level is $100k per person for injury, your ins co is gonna sign a check for their liability limit and walk away leaving you on the hook for the remainder. How did that INSULATE you and give you peace of mind? You think the lawyers are going to agree to settle for policy limits and let you off the hook? You can have reasonable insurance and still lose everything. Having insurance is no guarantee of insulation from loss unless you have some astronomical umbrella policy.

I saw one example posted with $20k/person with a $40k cap. Have you been to the hospital (or know someone who has) recently? $20k isn't squat. And don't think that if all you have is $20k in assets, that's all you have to lose. You can go negative...

Sorry if this bursts anyone's 'peace of mind' bubble. How is having the minimum level of insurance all that much better than having none from YOUR perspective?

 

[dingbat]

Re: Insurance: do you have it, should you get it?

Here's what I get for $230 a year, I wish I could get a higher agreed value, but for a 31 year old boat, they did the best out of the companies I shopped.
This, in addition to the tow service is cheap peace of mind.
Policy Coverage/Deductible/Premium
Boat & Boating Equipment : $4,000.00
Investigative Services : 5% of the above
*Boat & Boating Equipment Deductible : $420.00
Boating Liability per Accident : $100,000.00
Fuel Spill Liability : $800,000.00
Boat Trailer : $1,200.00
Boat Trailer Deductible : $50.00
Uninsured Boater per Accident: $100,000.00
Medical Payments per person : $1,000.00
Personal Effects per Accident : $0.00
Freeze State - Ice and Freezing Endorsment - Yes
Current Annual Premium : $230.00

I hope you left off a 0 in your medical coverage becouse $1,000 is not going to cover the cost a band-aid at the emergency room.

 

[CaptNCamille]

Re: Insurance: do you have it, should you get it?

Guys, I have to agree with many of the above posters, as an attorney let me advise you, get as much liability insurance that you can reasonably afford. There are a hell of a lot of sharks out there!

 

[joecooool]

Re: Insurance: do you have it, should you get it?

I have it for two reasons.

I had to pay for a Sea Tow once.

Hurricanes like to visit our island.

 

[Thajeffski]

Re: Insurance: do you have it, should you get it?

The only reason I got insurance was to insure the boat if it sinks or gets stolen.....that's all I care about.

 

[wajajaja02]

Re: Insurance: do you have it, should you get it?

home cookin, couldn't agree more, that's why I have liability insurance to cover both my passengers and liability for damage i or my boat does, nothing for the boat its self, I can eat the 10k it might be worth.
I read that a twisted knee,or torn ligament and the right lawyer can be a 300k settlement. now figure anyone boarding your boat who doesn't step quick enough on or off the dock and falls. Your friend just became your dependant,

 

[Thajeffski]

Re: Insurance: do you have it, should you get it?

home cookin, couldn't agree more, that's why I have liability insurance to cover both my passengers and liability for damage i or my boat does, nothing for the boat its self, I can eat the 10k it might be worth.
I read that a twisted knee,or torn ligament and the right lawyer can be a 300k settlement. now figure anyone boarding your boat who doesn't step quick enough on or off the dock and falls. Your friend just became your dependant,

I do not invite people out who would do that.

 

[wajajaja02]

Re: Insurance: do you have it, should you get it?

Some time s*** happens, and the only way the injured,be it a friend or even a child can get the care they really need is to sue even a parent, and the insurance company to provide the funds needed. if insurance was in force.

 

[redone4x4]

Re: Insurance: do you have it, should you get it?

speaking of ins.....BoatUS will only insure me for liability since there was a "lapse" in my boat insurance. I wasnt using it, it was secured and so i let the ins. go for a few seasons on it. Oh well, anyone find a smokin deal on insurance out there? i am looking for an inexpensive full coverage company.

 

[wca_tim]

Re: Insurance: do you have it, should you get it?

I carry a liability policy on the boat - $500k I think, and have an umbrella liability policy that I understand would kick in after that.

 

[Sikiguya]

Re: Insurance: do you have it, should you get it?

FYI...flight for life is $20K...