Boat Insurance?

[hostage]

In the state of NY, surprisingly boat insurance is not mandatory. I am wondering what type of coverage I should get. I use Gieco for my vehicle, though I hear boatus is good. I got a 2000 19ft Maxum cuddy last year w/ a 4.3L for $7500. I since then fixed some things up on it, added a Bimini, replaced depthfinder, replaced missing swim ladder, and had all the bellows, gimble bearing, seals, and impeller replaced. If i want to insure it, what type of coverage, should I get and how much should I have it insured for. IMHO I got the boat at a great price and fixed it up as well as added some other stuff. To find a comparable replacement would be around $10k from a dealer, at least I am thinking. What do you guys think?

Thanks,

Hostage

 

[JimS123]

Re: Boat Insurance?

I wouldn't ever go without insurance. I'm in NY too, and I have 45 years of experience with various insurance companies.

Geico, Nationwwide, Progressive, Allstate - forget it. Find an independant agent that carries Traveler's. You should get a "complete" policy for about $200. Get the boat appraised and go with an agreed value policy. That'll cover damage to the boat, liability, medical payments, uninsured boater, etc, etc.

A second choice would be BoatUS, if you can't find an agent close enough.

 

[seaboo]

Re: Boat Insurance?

In North Carolina it isn't mandatory either. For me, my priority was a liability policy (I can afford to replace my boat, but not someone else's or pay for someones injury). I wound up with a full coverage on the boat and trailer for just as cheep. Replacement coverage will probably be fair market value price (no matter how nice YOUR boat is), still I guess it's fair. Check with everyone and compair prices vs coverage. For me the best of both was to combine it (homeowners, cars, boat....Multi discount) with my current insurance company, plus I have an actually agent that knows me and works with me. I actually cancel the liability portion of my policy during the off season, it makes for a trip to see the agent at the beginning of the season, but saves some $ while it is sitting on a trailer in the driveway for the winter.

 

[robert graham]

Re: Boat Insurance?

I just tacked my boat insurance onto my Homeowner's policy, can't recall exactly how much it costs, but it must be pretty cheap, or I'd recall it better! We hit a submerged log in my son's boat once, cracked his transom, insurance took care of about $1500 repair. Theft, storm damage, fire, accidents on water or highway, lots of things can happen! Good Luck!

 

[Summer Fun]

Re: Boat Insurance?

I went with State Farm this year. No servey required.

$460 a year with $18k agreed value. I only paid $13k for it.

If I hit any underwater objects they'll repair it with a $200 deductible.

That includes the outdrives also.

 

[lncoop]

Re: Boat Insurance?

I just tacked my boat insurance onto my Homeowner's policy, can't recall exactly how much it costs, but it must be pretty cheap, or I'd recall it better! We hit a submerged log in my son's boat once, cracked his transom, insurance took care of about $1500 repair. Theft, storm damage, fire, accidents on water or highway, lots of things can happen! Good Luck!

Amen to that. You'll get all sorts of advice about saving fifty bucks a year and you'll have to decide whether it's worth the trouble. The Coops have Farmer's for homeowner's, auto, life, boat, and umbrella coverage. Can't tell you exactly what the boat coverage costs without looking at my policy because they hit my checking a/c automatically for all of it at once, but it's in the $200 annually range for lots of coverage. The multi-coverage discount will be a factor, so at least get a quote from your agent. You're wise to get insurance whether it's required or not. While you're at it look into umbrella coverage if you don't already have it. Money well spent for anyone who engages in a potentially risky activity like boating. One never knows what might happen.

 

[ezmobee]

Re: Boat Insurance?

Alright I'm gonna come clean. I've had a boat for 6+ years and I've never had insurance. First of all, I never really thought about it. Second of all, I used to do my boating 90% of the time on a fairly desolate lake so the chances of my having an accident involving another party were pretty slim. Well I now boat fairly often at a more crowded lake as well as take the boat on vacation. Apart from any major mishap, I'd been thinking that perhaps accidentally smacking into someone at the dock or ramp or while navigating down narrow canals at the shore filled with expensive boats is a very real possibility. So this thread made me finally go see what USAA has for boat insurance. They go through Progressive. Just got a quote with ridiculously more coverage than I really need and it's only $125 a year. No brainer. Soon as I'm back home and have access to my HIN, I'll buy the policy. That's light money for good piece of mind.

 

[BTMCB]

Re: Boat Insurance?

I am one who firmly believes that insurance coverage, especially liability, is a must have regardless of whether the law or my state requires it. I placed my policy with the same company that insures the house,cars and provides the umbrella policy. That way, my "umbrella" also covers the boat. I bought my boat new so I elected to buy "agreed value" on the hull coverage. I put the value at the purchase price. No survey was required; I just sent them a copy of the Purchase Agreement. As I recall, the premium for the boat coverage (hull, liability, med pay, etc.) is under 300.00 a year. IMHO, that is not a lot of money for the piece of mind it provides.

 

[jmarty10]

Re: Boat Insurance?

I have used progressive for the last 3 years. I have full coverage including liability which is a must. I pay $175 per year and have a $200 deductible. Make sure that impeller is changed frequently though because they dont cover mechanical breakdowns like frying your engine becasue the impeller wasnt taken care of.

 

[gtochris]

Re: Boat Insurance?

Boat U.S.
It's under $200 a year and I set the replacement value at what I paid for things (probably should have set it higher). Anyways, not going to risk loosing my house over anything that happens on my boat!

 

[lncoop]

Re: Boat Insurance?

Boat U.S.
It's under $200 a year and I set the replacement value at what I paid for things (probably should have set it higher). Anyways, not going to risk loosing my house over anything that happens on my boat!

Good on your for having the coverage, but actually you do risk losing your house in a catastrophic lawsuit if you don't have an umbrella policy.

 

[DJ]

Re: Boat Insurance?

"Boat Insurance"?

You BET.

Not for me, so much, as some other knucklehead. I went with $1M-liability.

Since my boat is "older" (Classic Boston Whaler) none of the major boat insurance companies would even talk to me.

I went with State Farm. They were happy to insure me. They made me a deal on: home, car, boat that I could not pass up.

Great Agent and service. No complaints.

 

[Home Cookin']

Re: Boat Insurance?

with old and small boats, focus on the liability coverage. That is your primary objective.

Most policies include tow coverage--they reimburse you up to $XXX for a tow. For many boaters, but not all, that makes it unneccessary to pay for a SeaTow or similar membership, since those companies will tow you even you aren't a member.

Umbrella coverage is important. I have $2million on top of my car/boat/home owner's liability. But hear this: you have to verify that your underlying coverage is high enough to "reach" the umbrella or the umbrella does not apply. Be very careful about this and make no assumptions.

Every insurance policy is different so never listen to another person's version of his coverage and assume yours is similar. Not only will yours be different, the other guy is probably wrong. This is tricky stuff and unbelievable what happens when there is a serious claim--the insurance company is NOT on your side. Be defensive.

 

[hostage]

Re: Boat Insurance?

Speaking about being on my side, I called nationwide who all does my home owners insurance policy. With the discount, they quoted $430 0_0. I think my old man insured his brand new regal for a lot less than that. This doesn't even include medical....no thanks. I'll give progressive, boatus, and gieco a call.

 

[lakegeorge]

Re: Boat Insurance?

summer fun, why $460 per year for $18,000 coverage, that's way to much, shop around.

 

[biglurr54]

Re: Boat Insurance?

I just went through the whole insurence thing myself. I have a 1988 Crestliner that I completely restored. Im only 24 so money is tight. I grew up ini a house that was very big on covering your behind with insurence. I have had the boat for two years with out any insurence so i figured i have tempted fate enough. I shoped around and got quotes of $180 from gieco which was discounted due to my auto plans. then i called travelers who does my renters insurence to renew that and asked about a rider for my boat. $40 a year for liability! I figured worst case senerio is I lose the boat. I only paid $500 for the boat orignally. i can recoupe the cost of the boat in 3 1/2 years with out an accident. That doesnt account for all my work and all the supplies that went into the boat. But if its all a total loss then I get a new project to work on! That kind of excites me. Another thing to check is your auto policy to see if they cover the boat when its being towed and in some cases the truck while its towing the boat. Not all policies do.

 

[hostage]

Re: Boat Insurance?

Gieco was much better. I got more coverage for 1/3 of the price. They said they would guarantee the covered the agreed amount for $10k ($500 deduct) for my boat and $1k ($100 deduct) for my trailer. He said if 5 years from now if my boat was destroyed they would pay the full amount agreed upon at the start of the policy, not what they think the value at the time. I like that part. They also said it would include $854,400 if my boat was the next Exxon Valdez. For medical payments $1k/person/accident. Uninsured Boat insurance $100k and $100k/$100k for Liability. I opted out of "road side assistance". They also have Personal effects for $100 w/ $5 deductable. Total is $167.00. I did forgot to mention to the previous insurance company I went to a 6 week long sailing camp when I was in middle school. I think I will go with them, duno if I can get much better.

 

[Ob1415]

Re: Boat Insurance?

Got mine through American Modern. Agreed value of $30K (boat and trailer) on 2011 Glastron GT 205, with $250 deductible for only $278 per year. I always comparison shop before I buy anything, and this was the best price and the best coverage HANDS DOWN. It was brokered through an online agency, United Marine.

 

[catchnrelease]

Re: Boat Insurance?

I'll tell you. When I lived in Florida I was glad I insured my boat when I did. (State farm). Making repais on the gas tank my cuddy cabin caught fire and it engulfed the entire boat in less than 5 minutes. Well to my surprize the insurance paid the full price of what I had paid for the boat.

I got Towing insurance too and had to use it also. It saved me 700 bucks one day I had to be towed to shore.

 

[hostage]

Re: Boat Insurance?

I do have an ore if I brake down had to paddle my Catalina 22 when the wind died and after someone stole our outboard. I could flag someone down call my mechanic or marina. Though I will try to be prepared to prevent such a problem. If my gf had a boat she would find some way to lock the keys in the boat. Question is how likely would someone still a 19ft cuddy?