Boat insurance

[Robbravo1]

In the process of purchasing a 34 luhrs with twin diesels . I've gotten quotes from boatus and geico . They mention nothing about engines being covered is this something you need to add in or are they included with the policy ?

 

[oldjeep]

Re: Boat insurance

Covered in what way?

 

[TilliamWe]

Re: Boat insurance

Inboard and I/O powered boats are all one unit. Meaning the engines & outdrives are part of of the boat and included in the ACV coverage. (ACV = actual cash value) Outboards and trolling motors would be insured as a separate item.

Now to oldjeep's question, what coverage are you looking for? If you are looking for mechanical coverage of some sort, that's not what insurance is for.

 

[Thalasso]

Re: Boat insurance

Inboard and I/O powered boats are all one unit. Meaning the engines & outdrives are part of of the boat and included in the ACV coverage. (ACV = actual cash value) Outboards and trolling motors would be insured as a separate item.

Now to oldjeep's question, what coverage are you looking for? If you are looking for mechanical coverage of some sort, that's not what insurance is for.

I don't think that is correct.
There is a deductible for your boat as well as the drives as well as electronics.True it's included in ACV. My ins. is agreed value. My drives are I/O's and have a deductible.

 

[09zkrankin]

Re: Boat insurance

i know the policys i have had quoted i have had to list insured values for the boat, trailer, and power. the deductible was the same across the board, whether someone stole my trailer or i totaled the entire boat, but power and trailer were specificaly listed

 

[UncleWillie]

Re: Boat insurance

...I've gotten quotes from BoatUS and Geico . They mention nothing about engines being covered is this something you need to add in or are they included with the policy ?

This is a question you should be posing to your insurance agent.

Selecting Insurance is similar to selecting a Surgeon.
The least expensive one may not be in your best interest. :eek-new:

 

[TilliamWe]

Re: Boat insurance

I don't think that is correct.
There is a deductible for your boat as well as the drives as well as electronics.True it's included in ACV. My ins. is agreed value. My drives are I/O's and have a deductible.

Your thinking is based on what YOU have, not what I have known for 10+ years in the business.

Every insurance policy I have seen (about 7 different ones) includes the inboard engines and drive with the hull. Seriously, what value do you put on a used engine and drive, without the boat? Is the transom plate part of the drive or the hull? Who puts values on hulls only, that don't have outboards attached to them? Your policy creates a lot more confusion than there needs to be.

Since there are some companies that write weird policies, then Willie is correct, the only way to know is the person selling or writing the policy. Or you can read the policy? If you have a copy of it

 

[JoLin]

Re: Boat insurance

Every insurance policy I have seen (about 7 different ones) includes the inboard engines and drive with the hull. Seriously, what value do you put on a used engine and drive, without the boat?

Right. My BoatUS Four Winns policy includes the boat and everything in it (engines, drives, electronics, galley equipment, etc) in the value of the boat. They're listed collectively as coverage for 'Boat and Boating Equipment'. The BoatUS policy for my 16' outboard boat does the same. In both cases, there's a 'blanket' deductible for the 'boat and boating equipment', and a separate deductible for personal effects.

In the policy on the 16', my trailer is valued separately and has its own deductible.

My .02

 

[Slip Away]

Re: Boat insurance

Call "Flo" she will take care of you.

 

[Friscoboater]

Re: Boat insurance

We have boaters choice and they cover it all if it is a I/O or inboard.

 

[Thalasso]

Re: Boat insurance

Your thinking is based on what YOU have, not what I have known for 10+ years in the business.

Every insurance policy I have seen (about 7 different ones) includes the inboard engines and drive with the hull. Seriously, what value do you put on a used engine and drive, without the boat? Is the transom plate part of the drive or the hull? Who puts values on hulls only, that don't have outboards attached to them? Your policy creates a lot more confusion than there needs to be.

Since there are some companies that write weird policies, then Willie is correct, the only way to know is the person selling or writing the policy. Or you can read the policy? If you have a copy of it

True. The engines drives and hull would be considered as one in a total loss.The drives will have a separate deductible. There is a deductible on each.The transom plate(gimble housing) would be part of the drives.My ins is with NBOA

 

[skyking897]

Re: Boat insurance

I've been shopping for insurance also and have called around for quotes. Allstate was about $300 cheaper than my current policy. I mentioned this to a friend who reminded me about the marina fire here a few years ago. He went on to say several of the boats were insured with Allstate and their policy reduces the hull insurance and contents to 20% of insured value when in storage. Needless to say those boats have not been replaced through their insurance policy. What I'm trying to say is, ask for a copy of the policy and read it. I questioned the Allstate agent about this and he played dumb about it so I asked for a copy of their policy and looked thru it while in his office. Kind of dry reading, but very enlightening. Found several other items I'm not too keen on. Don't just trust the agent, ask to see it in writing.

 

[Robbravo1]

Re: Boat insurance

I've been shopping for insurance also and have called around for quotes. Allstate was about $300 cheaper than my current policy. I mentioned this to a friend who reminded me about the marina fire here a few years ago. He went on to say several of the boats were insured with Allstate and their policy reduces the hull insurance and contents to 20% of insured value when in storage. Needless to say those boats have not been replaced through their insurance policy. What I'm trying to say is, ask for a copy of the policy and read it. I questioned the Allstate agent about this and he played dumb about it so I asked for a copy of their policy and looked thru it while in his office. Kind of dry reading, but very enlightening. Found several other items I'm not too keen on. Don't just trust the agent, ask to see it in writing.

Geico quoted 550 also spoke with an agent but they weren't very knowledgeable about what exactly what was covered . I guess there's a lot of fine print in these policies ......

 

[mike165]

Re: Boat insurance

I pay $400 AUD for a $30,000AUD cover on a 07 Bayliner 215 covers everything inc the trailer

 

[TilliamWe]

Re: Boat insurance

Geico quoted 550 also spoke with an agent but they weren't very knowledgeable about what exactly what was covered . I guess there's a lot of fine print in these policies ......

Not fine print at all. You just have to actually read it, which noone does. Kinda like that owner's manual to any new electric tool or appliance.

 

[crabby captain john]

Re: Boat insurance

There is a company in Wilmington that does nothing but boat insurance. One of the owners is a lawyer but only business is boat insurance. Call them and write down the questions they ask, then ask others for the same coverage. Some will have deer in the headlights look, others will not be able to offer the same coverage, and a very few will also be able to help. Ask for Adam at Wells Marine Insurance at 910 208 9120. If you want your boat covered and know it will be they are the only ones to get info from.