Boat Insurance ?

T

tom&shan

New member
Whats the general opinion on boat insurance?
Just got our boat and we are wondering what we should pay for insurance and if anyone in the Seattle area has any recommendations. Got a quote from our insurance carrier and it seems kind of high, also included a lot of options I wonder if I need - i.e. underinsured boaters, etc.
Do most folks even have insurance?
 
Tom, I'm sure most folks do have insurance. We do, through Boat US. There has been a lot of talk on the site about this, I'd do a search (at the top) on the word insurance and read what has been said. We pay about $250 a year. One important note is that the insurance company will most likely value your boat far below its value, if its an older boat, particularly a 1990 like you've got. Then, you've got to insure it for more than "blue book", a process called "agreed value".

Do the search, lots of good stuff there.

Congrats on the "new" boat, I'm sure you'll love it. Unless you can stand the loss if it happens, get some insurance.

Charlie
 
I insure mine through State Farm for $272/yr. I value the whole thing at approx. $20k.
I filed a claim on it 15 yrs. ago when a pole barn fell on it with 7' of snow. Repair bill was $4000. Paid w/o problem. Fiberglass work, new windows, new bed cushions and a trailer tougue jack.
 
Insurance is ABSOLUTELY necessary... if you choose to not carry collision or damage on your boat, that's up to you (as long as you can afford to fix or replace the boat). But, without liability, if you injure someone, you could lose everything you own. Many boat policies even have a provision for "spills" should you have a serious oil/gas spill (could be VERY expensive cleanup).

We insure with State Farm and have found them to be competitively priced and offer good coverage (all US waters, up to 100 miles offshore). You can get discounts for safe boater class (they need verification). The classes (like Power Squadron, CG Aux, etc) are worth it, even if it doesn't reduce your insurance costs.

Best wishes,
Jim B.
 
Tom,
I have been wanting to pose the exact same question. I just purchased a 2000 CD 16 Angler and checked with our insurance company (AAA) . . . got a quote of $158/yr for basic coverage, $500 deductible. Does that seem to be in the ballpark, Brats?? :? I paid $17,000 for my '00 16 Angler.
 
alandgin-

I've got pretty broad coverage with Progressive, but only have the CD-22 insured to $20k, for $305 per year.

If I remember correctly, the rates have been discussed here before.

Here's LINK to an earlier discussion about insurance prices and policies.

Joe.
 
I have to agree with those above who say you need liability if nothing else. One has to balance the cost vs the risk and the ability to pay for a loss in deciding on hull insurance.

My cost was inline with the others for a CD 22 when I kept it in Las Vegas and used it on the West Coast.

I suspect that there is probably not a great deal of differnece in cost between a 16 and 22 for the hull--there are certain costs, like the liability, fuel spills, etc which are the same for all boats about the same size, so don't expect a 16 to be half of a 22.
 
Sea Wolf Joe, and all you other great C-Brats -- WOW :o -- what great response! I also checked the thread "ins rates/policy" dating back to Jan '06. . . great info on insurance. Plus, I did the progressivedirect.com thing and got quotes from $219-279 on our '00 16 Angler w/50 Honda. Looks like our $158 quote from our AAA guy, Insurance Advisers, Inc, Richard Hirschfelt, Twin Cities, MN is the lowest. And, it keeps the whole ins pkg with one company. We did have our whole pkg with a local agent, but their prices and service was starting to get out of hand, so went with AAA.

Thanks again, C-Brats - and hopefully, tom&shan don't mind that I hitchhiked on their thread. Will buy you a :beer when we cross paths some day!! :D
 
One thing to keep in mind also is with goups like US Boats, even if you are just a member, they have some very worth while (to me anyway) hauling/towing breakdown stuff.

I know when Terry was returning to NY and had some RV issues while towing...it paid off for sure for him.

Worth a read anyway... and, you can also look into the policy you have on your boat. I tow a lot of miles in a year, and the chances of something going wrong or breaking on the trailer on the road are must as likely as a water gig. Contrats on your purchase and enjoy your boat.

USAA insurance for me...but they bootleg it thru Progressive now, which uses basically your road driving record...and your boats "main locations."

I am sure Bob on Thataway and his fellow Gulf Coasters have a bit higher cost due to the hurricane activities/losses of late, mixed with the already present factor of lightening strikes on electronics...

But... I agree with others.... Ya gotta have it...it is painful, but, worth spending a bit of time on compairing the small prints.

Byrdman
 
insurance?
since most boat owners are not corporations, they assume 100% of responsibility for judgements awarded against them, as a result of presumed or actual negligence.
the captain is responsible for the well being of his passengers, any property damage caused by his actions or inaction, any fire damage to the property of others, including marina's.
my first thought about insurance is, how much liability coverage is available, then i purchase it! i recommend $1,000,000. with the boat policy and then an additional $1,000,000. as an umbrella.
all policies are relatively same in cost, so the premium truly isn't the issue. don't let the value of your boat, determine the size of your policy!
when dealing with physical damage coverage concerning damage to the vessel, ask for comprehensive coverage, this has the greatest definition of coverage and cost only slightly more than actual cash value coverage.
the best policy available for boats, would be a yacht policy. most companies however, only sell the less covered, boat policy.
hope this helps.
best regards to all
pat
 
From a guy that just had a boat cut away from the dock and destoryed on the rocks, I know.(damm vandals).... buy insurance... I did not have insurance on the tug as it is old and lives on a lake....so I thought I would never need insurance... I am just finishing the repairs....and about $6000 in repairs.... luckly I could do most of the work so it was not that bad...but I sure would have had a boat yard do the work. A month of my life wasted working on a boat...just to save 2 or 3 hundred a year.

I have always had full coverabe on my C-Dory...from Progressive and I think it is a good investment... I use the boat and trailer it long distances...so I would never be without it.

Joel
SEA3PO
 
ok - everyone is telling me to make sure I get a Actual Cash Value for the boat. Just got a quote back from boatus and they quoted a Actual Cash Value Not to Exceed : $5000. They also state "is the maximum we could obtain on your boat based on the current market value".

Its a 1990 Angler in great condition. What's the opinion on the value I am being quoted?
 
comprehensive coverage actually deals with perils covered, or exactly what cause of loss is a covered cause. sounds greek to you!!
me too! terms like replacement cost, replacement value and agreed upon value can confuse the best of us.
many policies, including progressive's, have limitations, such as, coverage limited to no farther than 75 miles off shore. they also limit their coverage to 30 day (or less) trips, that is to say, if you are planning a great loop, you would need to limit your outings to no more than 30 days at a time. they also exclude coverage if the vessel is being used as a live aboard. ok, not to confuse the issue, many companies follow progressive's lead, so check with your agent regarding exactly how and when you are going to use your boat. for my cold weather friends, most policies exclude damage caused by freezing, that is to say, should a thru-hull freeze and subsequently burst, thus sinking the mother ship, you will be out of luck. for those who have purchased coverage for freezing, normally the qualification is the active use of a bubbler.
isn't this exciting!
now, what about happy hour! i've worked up a thirst.
come join me, i'm buying!
pat
 
tom&shan":2l5otchj said:
ok - everyone is telling me to make sure I get a Actual Cash Value for the boat. Just got a quote back from boatus and they quoted a Actual Cash Value Not to Exceed : $5000. They also state "is the maximum we could obtain on your boat based on the current market value".

Its a 1990 Angler in great condition. What's the opinion on the value I am being quoted?
Click to expand...

As I mentioned in another thread, you want to look into Boat/US
Yacht policies.

Mike
 
One other angle sometimes figures into the insurance picture:

My marina's contracts (2 slips) with me states that I must carry a minimum $100k/$300k liability policy with the provisio that the marina is named as the co-insured along with the boat owner, and shall not hold the marina liable for any loss......etc.

Joe.
 
hi joe
it's the norm for a marina to be named as additional insured.
unfortunately, as well, common contract language holds the marina harmless.
since their contract is not a negotiable contract, that is, sign it, or leave type arrangement, i doubt if it would hold water, should your loss be caused by their negligence.
i can't more strongly recommend the need for higher limits of liability.
100,000 to 300000 just isn't enough, in the event of a passenger injury or major property damage, all the family jewels are left hanging out. kiss the family farm goodbye!
at our marina this past season, three fatalities occurred and four, 72' plus, houseboats burned down to the waterline. "somebody is going to pay".
now, since no one showed up at happy hour last evening, this is what they missed, 12 free beers, 11 topless waitresses, 10 buffalos wings, 9 free lottery tickets, 8 charts of open water, 7 cans of carpet cleaner, 6 20' dock lines, 5 colored fenders, 4 unbreakable wine glasses, 3 fine bottles of wine, 2 15lb anchors and 1 free season of dockage.
there, you have it.
best to all
pat
 
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