Boat insurance?

[muskiedreams]

I am with Boat US. The membership is a separate thing. It costs me about $28 per year which includes an extra fee for the trailering club which is for on the road assistance and towing. There is also a minimal amount of on the water towing coverage which is only for waters where there is a Boat US towboat. So that is just for Great Lakes. There is also a rewards program for West Marine purchases. You get $10 reward for every $200 spent. You also get some great publications, Boat US Magazine and Trailering Magazine. The publications alone are worth the $28. I have had to use the on the road towing a couple times over the years. It includes towing your boat and vehicle if your tow vehicle breaks down on the road.

 

For my 1990 18 ft Grumman aluminum boat the premium was $160 last year. That covers collision, theft and vandalism for boat and trailer ($5k on boat and $600 on trailer) with $50 deductible including boating equipment but not fishing and personal gear (that would be extra). It also includes liability, medical payments ($1k per person and supplemental $25K ea for family members), fuel spill cleanup, $250 Commercial towing and uninsured boater. I have had two accident claims ( one on the road and one on the water) and one theft claim for bowmount over a 19 year period. The claims were handled well. Of course the higher the value of the boat, the higher the premium will be.

Edited March 18, 2015 by muskiedreams

[Sk8man]

Thanks Steve for taking the time to spell things out.

[mudflat]

FYI

 

If you are a member of ELOSTA you can get a discount off your BoatUS membership. 

[High Bidder]

One thing you have to check is what is covered by the insurance on your boat and what is considered equipment. I found out my autopilot , fishfinder, GPS, downriggers, trailer and anything attached to the boat is included in the value of the boat. I pay for an agreed value of my boat and equipment. No matter how old my boat and gear gets it has the same value. You might have to get your boat surveyed and appraised to get an agreed value but it might be worth it.

[briggsy218]

charter lakes is great they also have a vanishing deductible

[Xxx]

Out of all the different Ins. Companies, BoatU.S seems to suit my needs the best, but I'm looking at around $300.00 a year. Will know more of the details soon. Still cheaper than I would have thought.

[Tim Bromund]

FYI

 

If you are a member of ELOSTA you can get a discount off your BoatUS membership. 

 

Same deal with LOTSA.  We have a Boat US Cooperating Group discount for club members.  50% off the BOAT US membership, but not the towing add ons, unfortunately.

[mostlymuskies]

For Charter Captians the best Insurance is through Parsons & Toony Agency in Syracuse, NY they use ACE Insurance Co. I pay $523 a year for 1 Million Liability & $200,000.00 Medical per Person on my vessel, Full Replacement Cost of my 1999 Tracker Targa 2000 21 ft glass boat with Mercury 250 hp & Honda 15 hp, $10,000.00 equipment and $3500.00 for boat trailer.Billed over 6 payments as well.

[Xxx]

For Charter Captians the best Insurance is through Parsons & Toony Agency in Syracuse, NY they use ACE Insurance Co. I pay $523 a year for 1 Million Liability & $200,000.00 Medical per Person on my vessel, Full Replacement Cost of my 1999 Tracker Targa 2000 21 ft glass boat with Mercury 250 hp & Honda 15 hp, $10,000.00 equipment and $3500.00 for boat trailer.Billed over 6 payments as well.

Wow that real good!!!

[mostlymuskies]

Pap, I even had a claim for $3200 damage when a car hit me and damaged trailer and gel cote on transom corner and Insurance cost never went up!

[Senor Snagger]

So I called Boat US to get a Quote. Let me preface this post that I am in the insurance business.

All I can say is that I hope anyone that has this policy actually reads it.

1: $250 per occurrence towing reimbursement. I've been towed 1 time. $250 is very light

2: this is a biggie- you do know your older motor/out drive/outboard is only covered at Actual Cash Value right? As an example, any outboard older than 6 years loses the replacement cost valuation.

3: they will only insure the boat for what I paid for it, which is ridiculous. We all know that you can't replace your boat for what you paid for it. Think about all of the stuff you've added to it. The improvements you've made.

Read your policy folks.

[Xxx]

So I called Boat US to get a Quote. Let me preface this post that I am in the insurance business.

All I can say is that I hope anyone that has this policy actually reads it.

1: $250 per occurrence towing reimbursement. I've been towed 1 time. $250 is very light

2: this is a biggie- you do know your older motor/out drive/outboard is only covered at Actual Cash Value right? As an example, any outboard older than 6 years loses the replacement cost valuation.

3: they will only insure the boat for what I paid for it, which is ridiculous. We all know that you can't replace your boat for what you paid for it. Think about all of the stuff you've added to it. The improvements you've made.

Read your policy folks.

I don't mind that, as long as it gets replaced, and not out of my pocket. I paid $4000 for my boat. 1982, 22ft cuddy, so if it gets smashed on the road, they will pay me the $4000 right? That's the understanding I got from boatU.S. What The guy explained to me is it only replaces what you already have, so that one can't go buy a piece of crap say he paid whatever, $4000 and total it on purpose and get a newer or better boat. The towing service that BoatUS supports is on lakeO, there was another towing service but from what I got, they aren't on lakeO. I Didn't get anything yet as I'm still looking, I'm going to call the place that Larry mentioned and see what they have to offer, so far Progressive is at $230. With no gear and I didn't ask what that would be and BoatUS is $300. Which so far is the best bang for your $$$ next will be the place Larry has. See what happens.

[SylvanTroller]

Pap. What did you go with?

Sent from my iPhone using Lake Ontario United

[Patriot]

I have Great Lakes boat insurance

[big easy]

I just signed with Hagerty classic marine Insurance,(same co. as the classic car one) 300,000 liability,85,000 fuel spill,300,000 uninsured boater,5,000 medical payments per person,25,000 per family member,(all per accident).

7,500 personal effects,and 10,000 agreed value for the hull  The cost was $298.00 per year.

I'm going to have them raise the agreed value to 15,000 however so the price will be a bit more.

 

BTW, my boat is 40 years old,but I did a total restoration from the hull up,all new fiberglass and recored transom and hatches,new floor and decks,and all new equipment,electronics,radar,kicker,I/O , wiriring ,seating,tower, fuel tank,etc.

All they(Hagerty)asked for was pictures,no survey was required.

Edited March 24, 2015 by big easy

[Senor Snagger]

Well I offiically changed my insurance to Markel. They were half the cost of progressive and 20$ cheaper than BoatUs. 

Time to buy a new rod and reel!

[Xxx]

Ttt

[Bozeman Bob]

For Charter Captians the best Insurance is through Parsons & Toony Agency in Syracuse, NY they use ACE Insurance Co. I pay $523 a year for 1 Million Liability & $200,000.00 Medical per Person on my vessel, Full Replacement Cost of my 1999 Tracker Targa 2000 21 ft glass boat with Mercury 250 hp & Honda 15 hp, $10,000.00 equipment and $3500.00 for boat trailer.Billed over 6 payments as well.

I just got a quote from them and it was about the same numbers as yours and they quoted 1483.00 All I wanted was liability and they said you had to buy the whole package. The liability was 261.00 for the year but was part of the bundle.

[SylvanTroller]

I went with Progressive with towing included. No gear just liability. It $100.

[mostlymuskies]

What type of boat and size motor do you have,just curious why your quote is almost 3 times what I'm paying.

[chinook35]

When I went shopping for insurance , I found the difference between actual cash value and replacement value , was astronomical . It  was like 450.00 for actual cash value and 1400.00 for replacement cost insurance . I think you will find actual cash value will be very low if you have a claim . Depreciation takes a big chunk out of your boat value according to the insurance industry.

[Bozeman Bob]

What type of boat and size motor do you have,just curious why your quote is almost 3 times what I'm paying.

The boat was insured for 20,000- Actual Cash Value- and a recent survey was attached. 28 ft, twin inboards, chartered. Had a 500 deductible and trailer was not included. 1212 for boat and 261 for liability, 10 unscheduled personal property = 1483 for the year.

[mostlymuskies]

I asked if it was because my boat is much smaller at 21 ft with a 250 hp outboard.The answer that I got was my Insurance is much lower because I trailer the boat and it not sitting in the water where there is more risk.Also Inboards have more risks as well.

[Firechief48]

I have all my insurance, house, vehicle, 2 boats thru the same company. My Lake O boat, a 23' Baha Fisherman costs me about $300.00 a year for year round coverage in/out of the water. This has one million liability, $100,000.00 personal injury each incident, $12,000.00 replacement and $4,000.00 equipment. $500.00 deductible.

Edited May 10, 2016 by Firechief48

[Xxx]

That could be the ticket there Firechief48, because when we bundled our car ins. along with the home owners, plus being over 50 years of age my truck went from $1300.00 a year to $550.00 a year with a $500.00 deductible and full collision. I'll have to look into this. Thanks for the heads up. Pap.