How Many Boat Owners Have Boat Insurance?

[diesel5599]

Re: How Many Boat Owners Have Boat Insurance?

I have a multi-policy through Progressive (boat, motorcycle, auto, renter's) but my boat portion is only $220/year with $250 deductible! Check closely what comprehensive/collision is really going to do for you! Get liability for your boat and health for the passengers in your boat and in the other, and look at boat replacement for when you AREN'T at fault. This will cut down on the rates marginally.

If you're someone who races around with a speedboat, or you boat in a high traffic area where it's being done, then get the Collision portion........check which portions of insurance YOU want to carry and start from there.

Well for me the boat is worth about $50K to replace so liability only wasn't an option. Also comprehensive covers uninsured or underinsured situations where you are not at fault but the other person does not have insurance or not enough insurance to cover your loss. BoatUS did not let me pick much except coverage levels, deductible, and full coverage or just liability. The only thing I wished they did let me do was reduce my annual rate by letting me agree to not use it during the winter months. From about Nov - March its going to be sitting on a trailer.

 

[ClassyGlassy]

Re: How Many Boat Owners Have Boat Insurance?

I have the option through Progressive to add each individual part to make my custom plan. I too have uninsured/underinsured. Progressive also allows me to cancel my policy with no penalty for those winter months here in Colorado if I wanted with a complete reimbursement of all unused months as they require me to pay for an entire year upfront. Then I just start my insurance again when it's time to go. If you have other policies this works great as they don't "forget" who you are when you start the policy up again. I elect to just keep my insurance going throughout the year incase someone decides to run into it while it's on the trailer, one of the kids hurt themselves while playing on it, etc..........you just never know!

 

[monk-monk]

Re: How Many Boat Owners Have Boat Insurance?

Interesting conversation...but here's a few thoughts; everyone that has posted replies is only describing the their coverage...Let's hear from someone who has had to use their boaters insurance (one person did)...BUT the question is this...with the insurance industry as it stands, insurance claims for liability damage seems to only equal a raise in your insurance premiums...OVER a long period of time! Weigh a liability claim for damage and the increase in your insurance premiums (not just for the boat, BUT for evey item you have insured with that company)...and thats what will happen, the insurance will go up on everything you have insured with that company...Insurance is for disasters...easier to just pay for accidenal liabilty out of your own pocket...OR you can just pay the insurance companys outrageous premiums for having one accident...Lets hear from those that have had to make claims for liability accidents...

 

[JoLin]

Re: How Many Boat Owners Have Boat Insurance?

monk-monk

Start a new thread. I'd like to see the responses, too. I chose BoatUS because I've heard good things about them but haven't had to file a claim yet.

As for myself, I've got a pretty deluxe policy covering liability, agreed value on the boat, on-board equipment and trailer ($24,500 total), freeze damage and upgraded medial reimbursement ($5K per person per incident). $429 annually and well worth it IMO. Even a small incident would cost far more than that out of pocket.

My only beef (minor) is that I buy towing insurance from the same organization in a separate policy, and there's some overlap between that and the major policy. Would like to see them let me lump the 2 together in a single policy.

 

[wilsontowing]

Re: How Many Boat Owners Have Boat Insurance?

I only have $4,000 boat as well but to get that insured full coverage for $6,000.00 and $1,500.00 for the trailer is only $60.00 a year, so why wouldn't I, especially for being my first boat, if i smash into a dock or run aground its only a $250.00 de-ductable. I couldn't even buy the material to fix it my self for that. and it covers 100,000.00 for other boats and 10,000.00 medical

 

[Begester]

Re: How Many Boat Owners Have Boat Insurance?

I use SeaSafe, try them...according to my insurance agent (who doesnt insure boats) they are very reputable. Mine is about $300 a year for good coverage, including medical for my passengers.

As for the "IF" question, I think its been covered very well. Its not me that I worry about...its the drunk idiots on the lake with no insurance that I worry about!

 

[jabroni1m]

Re: How Many Boat Owners Have Boat Insurance?

So when getting insurance quotes I get quoted actual cash value and agreed value. Which do I pick? And if my boat only cost me 6500, can I put an agreed value of 10k? Cause I got a good deal and to get a comparable boat it would actually cost me 10K? or is that illegal? Other than cost, what would keep me from putting 20k on a 10k boat? Not saying I want to pay that extra premium but just wondering. I just bought the boat and haven't put it on the water just yet, so I need insurance fast.

 

[skargo]

Re: How Many Boat Owners Have Boat Insurance?

So when getting insurance quotes I get quoted actual cash value and agreed value. Which do I pick? And if my boat only cost me 6500, can I put an agreed value of 10k? Cause I got a good deal and to get a comparable boat it would actually cost me 10K? or is that illegal? Other than cost, what would keep me from putting 20k on a 10k boat? Not saying I want to pay that extra premium but just wondering. I just bought the boat and haven't put it on the water just yet, so I need insurance fast.

I was in the same boat(hehehe) BoatUS would only give me an agreed cash value of a certain amount. More than what I paid, but I too got an exceptional deal. It would take more than I have it insured for to replace it. Only bad thing but I just hope it doesn't get totaled, I'd be adding money to find a replacement. Guess that's one downfall to owning an older boat like mine, despite it's condition.

With my muscle cars I got agreed values of much more than I paid for them, no problem. I'm sure it reflects in my premium though.

 

[ClassyGlassy]

Re: How Many Boat Owners Have Boat Insurance?

I was able to get an agreed cash value based on my time involved with restoring my boat to the estimated replacement cash value. My time was worth the average marine service per hour cost! This means cleaning of upholstery/hull/engine/trailer etc...as well as time involved to replace items. I had to sign paperwork stating that I did all of the work to get it to it's current condition. My insurance did all of this over the phone and with pictures, no on-sight estimates. I was able to get this done probably because I live in Colorado and I'm sure the boat insurance industry here is very small compared to coastal areas and inland areas of Large bodies of water.

 

[dave11]

Re: How Many Boat Owners Have Boat Insurance?

My boats are all insured. They are toys, and I just don't want to worry.

 

[diesel5599]

Re: How Many Boat Owners Have Boat Insurance?

So when getting insurance quotes I get quoted actual cash value and agreed value. Which do I pick? And if my boat only cost me 6500, can I put an agreed value of 10k? Cause I got a good deal and to get a comparable boat it would actually cost me 10K? or is that illegal? Other than cost, what would keep me from putting 20k on a 10k boat? Not saying I want to pay that extra premium but just wondering. I just bought the boat and haven't put it on the water just yet, so I need insurance fast.

I wondered that too, and I did get coverage that exceeds what I paid for my boat, but it was still below what was considered the high NADA value for my boat. I figure a good rule of thumb is to buy a boat as far below NADA as possible (obvious) then insure it right at or slightly higher than the NADA list value. BoatUS didn't have any problems with my agreed value request.

I also got the trailer covered at $5,000 which is obviously more than a typical 25' trailer will cost. Another thing I kept in mind was the fact that my deductable essentially is subtracted from the agreed value in the event of a total loss. So that $50K of coverage is actually only $49,500 in the event of a total loss.

 

[northernmerc]

Re: How Many Boat Owners Have Boat Insurance?

One thing that surprises me about a number of the responses above is the low level of liability insurance carried. $100,000 just won't do it in many cases. Who would only sue for $100,000 if loss of life or serious injury is involved?

$15,000 insurance on the SeaRay costs $225 per year. Two million liability is $79 extra. I run the Lund fishing boat and sailboat without insurance, but maybe should look at extending the liability to those as well.

 

[MRCLEAN92626]

Re: How Many Boat Owners Have Boat Insurance?

All of my vehicles are insured. $170/yr for a boat sounds about right. I think we pay a little less, but it's a '96 so that could be the reason. My Waverunner actually costs a couple dollars more per year. Weird. I even keep my green-stickered Yamaha YZ 250 covered. Would hate to run into a $100,000 sandrail in the dunes, and not be able to cover the damages! Insurance is just piece of mind knowing that it'll all work out.

 

[bbguy5]

Re: How Many Boat Owners Have Boat Insurance?

Sorry to dig up an older thread. I just bought a boat and wanted to put My insurance rate out there:

Boat - 89 Thompson Cutlass 170
Insurance - 160/year through state farm w/ discount for BoatUS online safety course certification.

Includes - $2600 boat value (got the boat for $185.10 and all it needs is a head gasket)
Includes Trailer $500 value
Personal Property $1,000
Liability $300,000
Medical $2,000

My entire family is on the same policies for group discount
Total Lines of insurance:
3 homeowners
5 cars
2 motorcycles
2 jewelery policies
and 1 Boat!
(again this is for my entire family (5 people)).

 

[Sharp Shooter]

Re: How Many Boat Owners Have Boat Insurance?

I would love to get insurance but there are no companies that insure boats like mine.

 

[spudshaft]

Re: How Many Boat Owners Have Boat Insurance?

Shop around. I have "full" coverage for about $250 a year. My boat isn't worth all that much, but it would still be pretty awful if it were stolen, or worse yet, I ran into somebody.

 

[JasonBo]

Re: How Many Boat Owners Have Boat Insurance?

have had mine since day 1

 

[MAXXIE]

Re: How Many Boat Owners Have Boat Insurance?

Just chiming in, I have insurance on my boat. It's not required here, but I wanted it anyway. I forget how much it was, it was just tacked onto my home owners insurance. I think it was around $100 for the year, something like that.

 

[Rumley]

Re: How Many Boat Owners Have Boat Insurance?

Insurance isn't always as easy to find or as cheap as everyone is saying.
I have a 1975 19 ft caravelle cuddy that I restored with a friend. I had a survey completed when it was complete that passed with flying colors. When I was looking at insurance in the spring I was 24 yrs old. I called all 9 companies within 250km of me and only one would insure me at 569$ with an agreed upon value of 5000 including trailer. Every other company said they would not touch me because I was under 25 years old. For the record I have a spotless driving record not even a parking ticket since I turned 16 and got my license on my birthday. Had it not been that my marina required me to have insurance I probably wouldn't have got it due to the hassle.

I just wanted to post this because some posters were saying you would have to be a complete idiot not to have insurance, but sometimes there are other instances where it is not available (had this company not been able to get it for me then I would have been up a creek without a paddle)

and it almost feels like a waste when each year I am paying 12% of the value of the boat to the policy, and not to mention the 1000$ deductible if something was to happen.
Although I am not keeping it at the marina this year I will pay the premium again just in case something were to happen and hopefully being 25 now will drop my policy significantly

 

[veritas honus]

Re: How Many Boat Owners Have Boat Insurance?

diesel5599,

Progressive is outrageous. I called them recently and they wanted more than double what BoutUS wanted, and more than triple what State Farm wanted. Not only that, but the coverage was inferior to BoatUS. They're advertisements are great, but they are Royal BS. When I told my wife about the quotes, she told me "People today believe what they see on television. They don't shop around for the best deal." BoatUS was the best I've found overall. Safe and happy boating!!!