Boat Insurance - Who and How Much??

[Dave in Mpls]

Since we're on the subject, I'm curious what everyone is paying for boat insurance and for what coverage.

I'm currently paying $236 for $15,700 of insurance with a $100 deductible. This includes $13,500 for B/M/T, $1200 for trolling motors and $1000 for portable equipment.

As you can see, I am grossly under-insured! I put together a quick spreadsheet at work today with all the extras in the boat other than trolling motors, and came up with $3500, and I'm sure I missed a few things. This doesn't take into account rods/reels/ and lures. If someone helped themselves to my rig fully loaded, I'd be hosed!!

The above rates are through General Casualty, who carries my homeowners.

Regards

[Dodge1]

I'm paying $199, for $14,500.00 worth of coverage, including the reinstated $5,000.00 supplemental rider for all my fishing tackle.

If you’ve been following my posts, you need to contact your insurance company to ascertain what items are covered by your homeowners insurance and what items are covered by your homeowners insurance. Then get it in writing, to avoid the same fiasco I just went through.

A note to others who read this post. If you have your boat owners insurance and homeowners insurance with different companies you could be in trouble, if you don’t have written proof of which policy would cover a particular loss.

[rickn]

I've got insurance thru american family, same as house and cars, it's about 20 bucks a month, for about 7000 in coverage,on the boat,(1990 lund,) but a good chunk of that premium is for liability, do you guys have that in your prices, or do you pay that somewhere else. Looks like I could double my coverage and half my premiums from what you are quoting. Maybe I need to look elsewhere for the boat?

[water_wolf]

I have my home, car and boat thru Nationwide. I currently pay 194.00 per year for $ 19,000.00 in coverage on Boat & Motor(s) and $ 2,400.00 in coverage for portable equipment. Also Liability coverage of $ 300,000.00 watercraft liability for each occurance: property and bodily injury. and $1,000.00 coverage medical payments to others. This coverage BTW is on a 2000 Lund Fisherman 1700 with 90HP Johnson and 6HP Evinrude.

After reading Dodge1's post on another thread my question tommorrow morning to my agent will be exactly what is covered under portable equipment.


Rich Ferguson

[Gilligan]

Just upgraded my policy for new boat..$100 ded. $24,000, $2000 on gear, 300,000 liability, discounts for navigational aids(GPS, sonar) add on to be covered on Great Lakes... $339.

I was just going to post a message asking if this seemed in line with other boat policies, compared to yours it looks close.

[Gilligan]

My agent (Erie Insurance) told me that the only instance where my boat insurance dosent cover is if something happens to it sitting in driveway/garage where it would revert to homeowners.

[Stotch]

Am reviewing the costs of all the different insurances. Car, house, boat, etc. Each policy has it's own liability coverage, therefore it's own costs.

What are the chances of each separate policy having the liability issue being used at the same time. Eg. the boat in an accident at the same time a neighbors kid breaks a leg at your house and in the same time frame your car is in a wreck.

Is there such a thing as paying once for a seperate liability clause which kicks in to cover the times when only your boat is affected, or only when your car is dented, or only when something happens at your house.

If so, then what is it called and if available wouldn't it keep the cost of the different items being insured a lot cheaper. Only paying once for the liability clause and only using it when it is absolutely needed.

Thanks for your reply.

Stotch



Tight Lines !
Bent Rods !
Sore Hands !

[eye_guide]

Wow,

After reading the amounts you guys are saying you pay for insurance I think I had better call my agent.

I called last week and insured my new 2025 and the motors and trailer for $30,500. I then added $3,500 for accessories and have $300K for liability and a $250 deductable. He quoted me $160. I questioned this alot as I didn't believe I could get it for that much a year but he insisted that it was correct and I got a good deal because we had the house and two cars with the company.

After reading this though I'm a little worried he might have misquoted me and I'm now grossly underinsured. I'll be on the phone in the morning and if by some chance this is the right amount I will be sure to let you all know who the carrier is.

[Dodge1]

That does seem to be more then a tad low. What are they charging you for your automobile insurance coverage?

[mossboss]

Insurance is different from state to state but with the company I write for here in MN it goes something like this. Value the boat and motor $, then determine how much boat epuipment coverage you will need. The trailer is considered boat epuipment so no need to include it in the package price. One thing to keep in mind is that rods, tackle, cameras, etc are not boat epuipment. They can be taken from the boat and used for shorefishing, therefore they become personal property covered under your homeowners. Just remember, things like rods or tackle falling overboard may not be covered by your homwowners and also remember that you are subject to your homeowners deductible, which mine is $500. I recomend to my clients that they schedule there personal epuipment with a endorsement that covers it for most losses and waives the deductible.

Liability for 50 hp motors or less, is automaticly extended from your homeowners. Anything higher needs to be added on the boatowners.

Looks like there are alot of different rates and coverages out there. Like the others have said, sit down with your agent and make sure what is what. Have a great year.

[bob oh]

Eye guide, are you using the boat for commercial trips??

[BRS1]

Dave,

I just got the new policy through AAA New Mexico for the new rig. Total value for everything was around $45k and it runs me $286 a year with a $500 deductible.

She mentioned the liability and uninsured boater coverage also, but I haven't read the policy yet.

BRS1

[KevinA]

Are you folks buying Actual Cash Value policies or an Agreed Hull Value? There's a BIG difference in what you'll get if you have a major problem(which is why you're carrying insurance). If you're not sure I would suggest you look into it. I'd also avoid insuring boats with insurance companies that have little experience in boats overall. Typically people find out they made an error after a major event....which is a bit late. Most any company will write a policy on anything...you can be sure they're covered, but are you?

[Boating Bob]

I believe that you require seperate insurance coverage for towing on your auto policy. Then you CAN save alot on costs by not insuring your boat during the "off season" (not on the water)when it is in your garage/storage/or covered in your yard. Then it is covered on your home owners anyway. Check your home owners and towing coverages for whats covered or not covered and adjust accordingly. An agent tryed to hose me with 12 months of Snowmobile insurance once. I told him I only needed 3 months worth for January through the end of March, and that after that, it was covered under my homeowners insurance for anything that happened to it in my garage. He double checked with his supervisor and got back to me saying that the supervisor had remarked that I was very wise to do that and would save a bundle of cash.

[rickn]

I checked with my agent, and she said that in the event of a total loss, I would get hull value, what it would cost to replace with a like unit, boat, motor, and trailer all one unit, or repair on any one of these, plus 1000.oo per item, not to exceed 3000.oo total on content, and it's 136.00 per year. That's with am. fam.

[Larry]

Guys, Please contact your agents with all your questions. I am an agent with American Family in WI.& IL. I will advise you from my co's views only. If you have Am Fam for your boat policy and fish tournaments like mwc,pwt, rcl, wwa YOU HAVE NO COVARAGE!!!!! Contact your agent and ask him to put it in writing you are covered The Exclusion comes from American Family Definition of Business Use. If you fish 6 txs with entry fees equal to or exceeding 250 per person per tournament, its considered Business use ! As for people thinking you have coverage for snowmobiles, boats & Campers when stored in your Garage the answer is NO I tell all my customers that if they have any property thats needs to be Licenced or registered with the DNR or DMV you need to insure it individualy, unless $500.0 coverage is adequate for you. Also make sure you have a repair cost end. to cover any damage to your boat. As far as what is a good price Am Fam has a very competative price for its coverage, but due to the exclusion of business use I had to cancel my policy which covered my bmt for $40,000 plus $5000 personal property with a 250 ded that cost 536.0 a year. I am now Insured with the NPAA program for up to 35,000 bm 4,000 on trailer plus 3000 personal prop for app $700.00 yr with a 500 ded on some items and 250 on others. both with 500,000 Liabillity. What is most Important is that you Talk with Your Agent make the Agent aware of what you do. Most of my colleagues are golfers and have no clue as the value of our boats or the cost of an X16 lowrence. Many of your agents will have to ask someone if they have your boat insured correctly. Lastly make sure If any Agent says it is covered, stop by there office and have them put it in writing. Then your claim will be handeled as an Errors & Ommision claim, expect to get canceled, for if the Co Knew about what was ommitted they would not have of placed your insurance to begin with. - Larry

[eyebuster]

Man I want your ins. company if that is correct, I have the same coverage on the same boat and just got the prem. for this year..$310.
That after checking with 7 different companies last spring.... be careful....

[FJH1]

Larry, if you get a chance, drop me an e-mail or give me a call (847-465-8200 work). I'm in northern Illinois and I'd like to get a quote from you.

Best Regards,

FJH

[eye_guide]

Nope, I've got another boat to take my clients out in. I carry a little different insurance on that one.