Is insurance a goo0d idea???

[fcearl]

You folks have helped me out so far, thanks in advance. I'm new to boating, unfortunately my boat isn't. My Mercury motor isn't exactly new either. My trailer is new just not used for five years.
The boat, is a 1973 Monark, old, but in beautiful condition. All lower rivets are new in the last year. The motor is a 1987 7.5 H.P., in excellent condition. I had it checked out at my local marine shop, and he tuned it up, and winterized it etc. I bought the trailer brand new about five years ago, just drove it home, about 15 miles. I also have a Minn Kota trolling motor. Here's my question. I've been sick for six years, disabled for five. This boat is as much therapy as anything else for me. I also would be hard pressed to replace any of this little package in the event of accidental loss. Given the age of all this, would insurance be worth while? I'm really looking forward to fishing again, and having a boat I can also row would be really beneficial. I've insured everything from motorcycles to tractor trailers, I just haven't insured an old boat. I think its nice, but what would an insurance company give me in the event of an accident? Hope you can help, thanks.....

 

[Another retired guy]

Re: Is insurance a goo0d idea???

The most important reason for having insurance is the liability. With no insurance, what happens if you have an accident involving injury to other people

 

[pikefisherman]

Re: Is insurance a goo0d idea???

I would check your auto insurance,I was rear ended a couple of years ago and was told the auto insurance did not cover my boat,I was luckey not too mutch damage to the boat motor and trailer but some damage did happen. I have replacment insurance now.Less than 150.00 per year.But I pull my boat all over the place.It covers other persons in the boat and other boats also.

 

[Home Cookin']

Re: Is insurance a goo0d idea???

check your homeowner's policy. many cover small boats. but you have to read YOUR policy.

Then read YOUR policy to see how the deductible works.

Then check YOUR auto policy to see if your trailer is covered. Probably not. Might be covered under your home owners.

some homeowners policies would cover the trolling motor and outboard; some exclude boat tackle.

Keep in mind that no matter how much you love it, no matter how good shape it is, it's a boat of very little value to an insurance adjuster. You don't say the length, but I'm guessing your whole rig is $1200. Certainly not worth paying $150 a year to insure.

 

[nlain]

Re: Is insurance a goo0d idea???

CYA, You need insurance, if for no other reason to protect you, your family and the property you own in the event something may happen that is deemed your fault. You need to cover the tow vehicle and the towed load on the highway, then you need to cover yourself, boat, family on the water in case something happens that is deemed your fault or an accidental sinking of your boat and the environmental cleanup that you will have to pay for if you have no insurance. One other consideration if towing insurance for the boat should you breakdown on the water, boat towing is very expensive. You can spend about $100.00 +/- so you do not have to pay, $400, $500, $600 for a tow. Do not take my word for it, check out the things I have said and see where you stand, you will go looking for a insurance agency or 2 or 3. Not trying to scare, just trying to help you understand that it is in your best interest.

 

[Pez Vela]

Re: Is insurance a goo0d idea???

The proof is in the pudding. Submit an online request for an insurance quote and go from there. I think you'll find that many insurers will not issue new policies for older boats, so the value issue becomes moot. I'd prefer to see you invest the insurance premium dollars in therapy (regular maintenance and some nice new tackle, depending upon how you look at it). Get out there and have fun.

 

[Another retired guy]

Re: Is insurance a goo0d idea???

My homeowners policy covers boats valued up to $5000, and only costs me an additional $30 per year. And don't forget the liability coverage!!!! If you would have trouble replacing the boat etc. imagine how much trouble it will be to cover a personal injury lawsuit

 

[cyclops2]

Re: Is insurance a goo0d idea???

My home owners covers all lawsuit types of costs. Thats what I sweat. No extra premium . Limit is the full policy limit.

1988 fishing boat, motor & trailer.........no value by insurance co. I can live with that. boat limit is 16' & motor hp limit is 30. done

 

[Another retired guy]

Re: Is insurance a goo0d idea???

My home owners covers all lawsuit types of costs. Thats what I sweat. No extra premium . Limit is the full policy limit.

1988 fishing boat, motor & trailer.........no value by insurance co. I can live with that. boat limit is 16' & motor hp limit is 30. done

Not sure if this was in response to my previous post? but just to clarify - my homeowners liability coverage on watercraft ONLY applies if the watercraft is listed on the policy. So, in my case, I had to advise them I had the boat in order to have liability coverage, and the premium went up by $30 a year. No escaping it! No premium - no coverage.

 

[fcearl]

Re: Is insurance a goo0d idea???

Thanks for the info. I think I kind of knew what the answer was, but it never hurts to ask. I have checked both my auto, as well as home owners insurance. No real easy answer there, I really don't think there ever is an easy answer with insurance. I guess the most help in this, is the type of insurance to carry. Since the night I returned home from "Bike Week" in New Hampshire and found an empty cellar hole next to my burnt out car, I've always had tons of insurance. I'll carry liability, but as for the rest, lets just hope the boats just half way thru its life span, that would give me 39 more years of use.......

 

[UncleWillie]

Re: Is insurance a goo0d idea???

... I have checked both my auto, as well as home owners insurance. No real easy answer there...

You tried to read the policy? Or you called your agent and he has no answers?
It it's the first case, you need to call your agent!
If it's the second case you need a new agent!

Liability is a big deal.
If you sink the boat all by yourself and the fuel in the tank comes bubbling to the surface.
You are liable for the cost of the fuel clean up and the environmental damage!
My $135 yearly policy covers the boat replacement and $750,000 in liability/spill mediation.
You may feel loosing the boat is acceptable until you loose the house at the same time!

 

[26aftcab454]

Re: Is insurance a goo0d idea???

my $0.02 Don't worry it will be fine. Unless you have $$$$ to loose. In that case you'll need liabiaty at least. And that is cheap.

 

[Home Cookin']

Re: Is insurance a goo0d idea???

Guys. It's a 1973 Monarch with a 7.5. Come on back down to reality. It's not the Valdez and it won't require a tugboat to get back to shore. it won't carry a cub scout troup and it won't hurt 3 people while pulling a tube; it won't sink a 75' luxury yacht if it T-bones it in the fog.

Reading a homeowner's policy is not easy, and many agents are mistaken (and if the agent tells you apples but the policy says oranges, it's oranges. You lose.) For example, a HO policy I had said it excluded (did not cover) boats. But the definition of "Boat" was something over 15' or over 50 hp. So a 13' canoe was not a boat, and neither was a 14' with an 18. But the 17' with a 70 was a Boat. So I had to buy a policy for the 17 but not for the other two because those boats weren't Boats and therefore my liability was covered. On that policy I didn't have to list them because they weren't Boats. Clear? Hardly. Other policies are different, read YOURS.

But the point is, the meat is in the exclusions, because you start with the presumption of coverage. So you seldom find in a policy that your X possession is covered or your liability if you so Y. Look for "Z isn't covered" then look to see if you are concerned about a Z.

 

[cyclops2]

Re: Is insurance a goo0d idea???

My home owners policy is very good. It also COMPLETLY covers ALL types of Radio Controlled model airplanes. AS LONG AS NO HUMANS ARE IN IT........Sweet

Some companies ARE better than others.

 

[colbyt]

Re: Is insurance a goo0d idea???

State Farm covers 21 foot and under provided it has a 25HP or less motor as a part of the home owners coverage. Towing is covered under the auto part. Like HomeCookin said, I just don't think I can do a million's worth of coverage with a small tin boat.

 

[cyclops2]

Re: Is insurance a goo0d idea???

Which company is better ?

16' long with a 30 hp motor.
or
21' long with a 25 hp motor.



How about 100' long & 25 hp...........Much better policy

 

[jkust]

Re: Is insurance a goo0d idea???

Easy answer with a couple of knock out questions given your boat sounds like it isn't valuable. Do you have assets to protect? Do you like judgements that will follow you forever? Do you like lawyers? If you answered no, yes, yes, then go ahead and forget about the insurance. While my boat isn't covered by my homeowners and I realize property damage isn't the isse here but it if were small enough to be, I don't want to pay the 2500$ deductible versus the zero dollar boat insurance deductible.

 

[MH Hawker]

Re: Is insurance a goo0d idea???

in a word, YES.

 

[SWD]

Re: Is insurance a goo0d idea???

Two years ago we purchased a 12ft fishing boat with a 6hp outboard. Didnt have insurance on it. Now we have a 19ft cuddy with a 200hp i/o. As soon as we purchased it I licensed the trailer and put the boat onto my homeowners policy. Took $1,000,000 in liability coverage. It only cost me $100 per year. Peace of mind is priceless!

 

[sktn77a]

Re: Is insurance a goo0d idea???

Liability is a big deal.
If you sink the boat all by yourself and the fuel in the tank come bubbling to the surface.
You are liable for the cost of the fuel clean up and the environmental damage!

This is not an insignificant consideration. You pollute (no matter if it's "accident", "act of god", "vandalism"), you pay!

Get liability coverage.