Boat Insurance - Striper Talk Striped Bass Fishing, Surfcasting, Boating

JohnR · 03-11-2003, 11:59 AM

How do you insure your boat & do you like the company?

Thanks,

John

kenny · 03-11-2003, 12:24 PM

I went to the local guy that insures the houseand cars.About 400.00 a year.

179 · 03-11-2003, 12:38 PM

John,
I use Geico for my autos, they have a branch called Travelers which insures boats. I can tell you my boat is insured at $34K my deductables are reasonable, and the cost is approx $400.00 a year. I have asked about this company on THT and all said they were very good in their customer service.

Make sure you ad extra coverage for all your equipment, not only the boat itself.

Good Luck.

Whoops forgot to mention the policy also covers up to $500.00 in towing expenses. It's out of pocket then refunded though........!

Bigcat · 03-11-2003, 01:29 PM

The last 2 seasons I have had Travelers great to deal with, I wacked my lower unit and wiped it out .
Travelers paid off very quick with no B/S at all, as a matter of fact I have had the check in my hand for over a month and the boat is not out of the shop yet

I was paying around 400.00 my agent has just droped Travelers or vice versa?
I just mailed a application for a Zurich should have a quote next week.

Goose · 03-11-2003, 01:41 PM

considering boat US, anyone use them

Mr. Sandman · 03-11-2003, 01:50 PM

I have used several different companies in the past...with my last boat (36 egg) I used boat US for few years. Since I never made a claim (on any insurance policy) I can't comment on if they were any good or not...they cashed my check though!

For my seacraft, my local agent does a lot of boats here and he pointed me in the direction of this company called America Modern Home Insurance Co. boat moters trailers medical and lots of liability runs me 642. Also includes towing and non-owned watercraft liability. So I got it through them. He claims they are good and he said they have payed promptly (for others) and offer good bang for the $. I would talk to your local agent and see what he suggests..

Did you buy a boat?

Team Rock On · 03-11-2003, 02:01 PM

If you are getting an older boat the insurance will probably want a survey to establish value. Some companies will only insure the boat for what you paid for it. If you make a claim, many times the company will not renew your policy. Boat US will give you a quote online, plus they are reasonable and have a few bennies as well. We actually had a claim and weren't offered a renewal a few years back. Boat US gave us a policy for less $$ than we had paid the previous insurer. Shop around as prices can vary 200%, especially on "special" boats, ie older, faster, commercially registered etc.

JohnR · 03-11-2003, 02:05 PM

Real Close - just waiting a survey

PM on the way Sandman...

Mr. Sandman · 03-11-2003, 02:11 PM

I agree, prices do vary....also be careful how you answer the "speed" question. some companies have a higher rates for boats that exceed 45mph and some kick in at 51mph (when I read the fine print on a couple of them) I have been told that some compaines will not insure boats that go above a certain speed.

I doubt that they will cover the boat for more then you paid for it. If you really fix it up and put a lot into it you may have to get it appraised.

You local insurance agent should know which is the right company to go with for your specific case.

Team Rock On · 03-11-2003, 02:26 PM

Also make sure you know what the coverage period is. Some companies only give you in the water coverage for a set period such as May 1 to Oct. 31. Also you need to know the boundries of coverage. You might decide you want to head down to Virginia to try and win a boat some day. We were planning to fish in NC last year but the coverage we had only went as far south as Virginia.

Mr. Sandman--Did you ever have to pull the salon doors on your Egg out? I'm still trying to figure it out! Theres got to be an easier way than taking the valence down and removing the upper track

Got Stripers · 03-11-2003, 02:27 PM

Good to hear about Travelers, especially with my attraction to rocks and things, think my policy is around $367.

mrmacey · 03-11-2003, 04:17 PM

200.00 cheaper than last year i was told dont ever put it through your homeowners in case theres a claim on boat itll make your homeowners skyrocket!! if you want a quote heres e mail
www.frankbradford.com 179 what year is your boat!!

MakoMike · 03-11-2003, 04:23 PM

Guys,
I use Al Mott in Huntington NY. He has a policy that cover mechanical damage like no other. Ask him about it before you make up you mind, it could save you thousands, especially if you have a bigger boat.

Mr. Sandman · 03-11-2003, 04:31 PM

I don't own any jet-skis but it looks like they are becoming an insurance nightmare. The fine print and exclusions around those things looks nasty. There must have been a lot of claims involving jet-skis in the past, you can tell from the tone of writing that insurance companies don't care too much for them.
Bungy-jumping looks more insurable then jet skis!

B-assman · 03-11-2003, 04:35 PM

I just signed up with Boat US - they offer a no frills plan and a frills plan. Basic difference is market value of the boat (figuring depreciation) vs. replacement value. For my scout 185 the cost was $436 vs $554. They provide the quote online - pretty user friendly.

Mr. Sandman · 03-11-2003, 04:42 PM

Clever plate! Assman.. I mean B-Assman.

Jon G · 03-11-2003, 08:22 PM

John I tried to get insurance locally and two places told me they will not insure a boat over ten years old. Boat US had no problem giving me a quote of about $300 per year for the same stuff that B-Assman has. I'm more worried about the liability than anything else. Way to many @#$#$holes

on the water around here not to be covered. Good luck on your survey

mikecc · 03-11-2003, 09:20 PM

2 things to consider if up my way.

Does the policy cover props and lower units.

And are you covered while fishing and travailing thru woods hole.
Some policies will not cover you in woods hole

JohnR · 03-11-2003, 09:25 PM

Quote:

Originally posted by mikecc
2 things to consider if up my way.

Does the policy cover props and lower units.

And are you covered while fishing and travailing thru woods hole.
Some policies will not cover you in woods hole

Props I can live without, lower unit is important AND SO IS WH!!!!

179 · 03-12-2003, 07:55 AM

mrmacey,
It's a 2002 model........

mrmacey · 03-12-2003, 08:01 AM

mines a 2001 value 19 or so!! 300 liability 5 med payments 2500 for trailer 2 0/0 deductible there chargeing 565.00 i need the big liability cause of house is this too much for my boat i need to research this more!!

Mr. Sandman · 03-12-2003, 08:05 AM

Woods hole? Having been thru there a few times in my life, I can't see why that is any worse then several other places...Every policy is different read the fine print.

I think too many people expect insurance policies to cover every dent and ding life brings them. IMO a prop loss you will probably eat in the deductible anyway..a lower unit or a major wipe out your wet appendages and you should be covered...however do that a couple times and you can expect to really pay for it in increased premiums if you can still get coverage.

Again, IMO (everyone has different views on this) the most important insurance you can own is Liability. I like plenty of it too. Imagine if your boat is stolen, and some ahole does serious property damage or hurts someone else....guess how gets sued? The costs could easily wipe out everything you own and everything you have worked for your entire life. There are so many scenarios that cannot be foreseen you have to protect your self against them. We live in a very litigious society and million dollar + awards are handed out every day for the littlest of things. I bet if you look at your boat/car insurance it caps out at 300 or 500K. Don't worry about a prop loss...that is the cost of boating...accidents do happen learn to navigate better to minimize them. BUT its the actions of others you can't control, you have to protect whatever assets you have, homes, savings, ect.
Get your boat $500 (give or take) insurance...but also look into getting an umbrella policy that covers anything beyond what you have on your home, car, boat, ect. It is pretty cheap and you can get a ton of coverage. 200 or so will get you 1 mil of coverage and 3-400 will get you 2 mil.
I can tell you now...that if there is a death involved and your boat, car or property is also involved...your looking at millions of potential loss....far beyond the 300K in you policy. They will take everything you friggin own and anything you will ever own, forgetabout the prop replacement, think about protecting yourself from the unthinkable.

I hate paying taxes and insurance payments too but some things are unavoidable, I think of insurance as catastrophic coverage...not replacements for little things.

One more time…this is my opinion, you should talk to your insurance expert. If you don’t have one, find one, they do know more about this then we do. There is more to life then saving 50 bucks on a policy via a mail order company.

mrmacey · 03-12-2003, 08:13 AM

im more concerned with liability if you own anything you had better be concerned with that i can pay 75.00 for prop but i cant replace my house!! i definatly need to research this more thanks sandman

Van · 03-12-2003, 08:25 AM

I've done real well with Prudential.

Had one claim when I smacked a rock with the OB, a second claim for a tow. No problems quick settlement and fair.

My policy is around 350$...

JohnR · 03-12-2003, 08:27 AM

I guess what I was trying to say was that I'm less concerned with claiming props and more interested in having proper insurance...

Van · 03-12-2003, 08:38 AM

Hmmmm.

Now you guys got me thinkin. I think I will check inot the liability limits on mine too.

schoolie monster · 03-12-2003, 10:18 AM

I think the standard liability coverage is $300k or $500k... without question pay the extra money to go $500k as I don't remember a big difference.

My policy with Travelers is $345/year and I went for the lowest deductible, $500k liability. BoatUS was a little cheaper, but I went thru my agent that insures the house and cars. I like to build solid customer relations.

MakoMike · 03-12-2003, 01:51 PM

Guys,
If you're really worried about liability Ins. look into an umbrella policy to cover everything you own. House, car, boat ect. a 3 million ploicy is only a couple of bucks a month if you have the right limits on all your other insurance.

fishsmith · 03-14-2003, 11:06 AM

Here's an online boating course for $15 that can save you 10% on your insurance :
http://www.boatsafe.com/shipstore/boatingcourse.htm