Boaters Insurance

sixgun86 · Jun 20, 2012

I called my State Farm office today to inquire about Boaters insurance. I was quoted about $11.70 a month for a boat valued at $3000. This covers theft and damage. I.E. Sixes sinks it courtesy a pole in the bay, in the dark. It was a long swim home. Or my new neighbors really liked my motor.

Thoughts? Experiences? Stories from others?

redbug · Jun 20, 2012

my boat was broken into last summer they stole 3k worth of rods and reels they pried my locked rod locker open
my insurance sent me a check for $2300 after my $250 deductible. i didnt came out to bad.
I havealso hd a lower unit replaced on thei dime $800 after my250

Ictalurus · Jun 20, 2012

I checked into insurance, but read flags were raised pretty quick. They wanted to give NADA value for the motor ($80 for my pristine 1998 8 HP Evinrude :shock: ). My main concerns were damage to the boat during travel and storage (house fire), and there were some issues there as well, decided to take my chances.

fool4fish1226 · Jun 20, 2012

Insurance is something we have to have on most of our other investments. I look at it like this insurance is money well spent if you ever need it - but if you don't ever use it then it like having a hobby (fishing, hunting, etc) - it's money spent to make you feel better.

BUT - I do not have insurance on "A little Snookered" but I have it on my big boat 25' shamrock plus sea tow it gives me a piece of mind while I am 25 miles off shore

OHHHHH I voted for SIX for our next county's leader anyone that can get away with buying and selling boat like he does knows something!!!!!! :LOL2:

bcbouy · Jun 20, 2012

mine's covered under the homeowners ins. for replacement value,but the trailer is under auto.

catmansteve · Jun 20, 2012

Funny that this topic came up, as I was considering getting a quote myself; that's very affordable for a $3k rig, my main concern is how picky the insurance man would be about a slightly overpowered boat... Anyone have any experience with that aspect?

rickybobbybend · Jun 20, 2012

Like a good neighbor...I also have State Farm coverage on the tin. I included coverage for personal injury. One should always look at other coverage that might be in place, like an umbrella policy.

Frogman Ladue · Jun 20, 2012

Mine is covered under homeowners' insurance, the trailer by what ever insured vehicle is pulling it. I had a heck of a time trying to find someone to give me a strait answer on boat insurance. I had talked to State Farm, Nationwide, Gieco, Progressive, WestField about what I need in line of insurance on the tinny. I kept on getting this confused look from all of them. I called up my insurace for the home. They sent a guy out to look at the boat. I got a phone call later saying "I'm covered"...I still have no idea what I'm coved for. :?

...and, I don't pay anything for the boat coverage. It's a free rider.

redbug · Jun 20, 2012

catmansteve said:
Funny that this topic came up, as I was considering getting a quote myself; that's very affordable for a $3k rig, my main concern is how picky the insurance man would be about a slightly overpowered boat... Anyone have any experience with that aspect?

fr my boat hey asked what th hp rating was ad what size motor i had i doubt they wouldcoveran over powered boat

bulldog · Jun 21, 2012

I go through Progressive and I can't be happier. My last boat was a 150 horse and was around $35 a month for $10000 coverage. I totalled the last boat and they came out and took a look and had a check in my hand within 2 days. They sold that totalled boat back to me at a fair price and after parting it out I came out about $2000 more than what it was insured for. My new boat has a 60 horse motor and it is insured for $13000. My payment is a few cents over $21 a month. For that cheap to insure, you really should do it. You just never know.

Loggerhead Mike · Jun 21, 2012

Glad you started this topic I've been debating on insuring mine mainly due to theft

sixgun86 · Jun 21, 2012

fool4fish1226 said:
I voted for SIX for our next county's leader

You've made an excellent choice. As your politician I will eliminate boat registration taxes across the board, revoke sales tax on alcohol, and provide a self defense weapon for every able abiding citizen. =D>

Ictalurus said:
I checked into insurance, but read flags were raised pretty quick. They wanted to give NADA value for the motor ($80 for my pristine 1998 8 HP Evinrude :shock: ). My main concerns were damage to the boat during travel and storage (house fire), and there were some issues there as well, decided to take my chances.

That was my concern as well. What does your adjuster value the boat at so I know how much insurance I should buy? I don't want to pay for a 3k policy if my max payout would be half that amount.. No clear answer was given.

Looking at NADA my Motor and Hull are valued at $1500 which IMO prices the motor $1-$300 too low. Hull price is on par.

Ictalurus · Jun 21, 2012

sixgun86That was my concern as well. What does your adjuster value the boat at so I know how much insurance I should buy? I don't want to pay for a 3k policy if my max payout would be half that amount.. No clear answer was given. Looking at NADA my Motor and Hull are valued at $1500 which IMO prices the motor $1-$300 too low. Hull price is on par.[/quote said:
I think it was $500-700 or so (it's an '86 Landau), they didn't think my improvements were as valuable as I do #-o . As Frogman said, it was a heck of a time getting a strait answer, so I can only imagine what would happen if I filed a claim. I could insure the boat for a max policy as stated, but it seemed high for what they value the boat at (relative to my car insurance). I've been in a boat for most of my life, and now it's mainly on 5 MPH max lakes, so I figured any damages I can do should be limited . As i said earlier, my main concerns were traveling (hit by moron) and home storage (house fire) and as frogman and bcbuoy have said, homeowners and auto take care of some of this.

RivRunR · Jun 21, 2012

On my Progressive boat policy there was an option for an "agreed value" which they had to agree to of course, but they agreed to the $15K I put down for my 2000 Lowe + 2010 Suzuki 60. So I've got that comprehensive/collision coverage plus:
$500K Bodily Injury
$100K Property
$100K Uninsured boater
$50K Uninsured property
$2,500 Medical
$300 Towing (boat)
$2,000 Replacement of Personal Effects
$10,000 fishing equipment

with a $500 deductible (which decreases 25% per year), for $ 217 per year, ($18 per month)...which I thought was pretty decent. You have to read the fine print pretty close, most of them don't cover your electronics or your fishing gear.

gillhunter · Jun 21, 2012

We have ours bundled with our car insurance and homeowners insurance. I think whether or not you have or need boat insurance and what kind of policy you have totally depends on your personal finance situation.

sixgun86 · Jun 21, 2012

Email from State Farm I received:

You can get personal boat contents coverage on your policy. No, you do not have to have receipts to get the coverage but it would be a good idea to keep them.

You can get the amount of coverage which is usually the purchase price of the boat, motor, and trailer. Value is determined by a Boat NADA just like an auto loss which our Boat Adjusters have available to them.

You can value the trailer for $250, $500 we do break that out from the boat and motor coverage amount.

Liability from your auto covers your boat while in transit for liability only.

Your boat is covered for theft and damages. It is NOT covered for wear and tear. Basically it is just like an auto but it is boat coverage.

Just let me know if you have any other questions or concerns.

Thanks!

I just signed up for boaters insurance. The policy is up to $2300 on the boat/motor, $200 on my junky trailer, $1000 personal property (ie rods, depth finder, etc) and also got 100k liability, 1k medical. $250 deductible. Paid up for 6months, cost $50. For $8.25 a month if something happens, and the adjuster screws me with NADA it's still not a bad price to pay..

Now only if they truly understood me when I told them I buy a lot of boats.. ha...

"I'm calling to adjust my policy" lololol .

riverrunner5891 · Jun 21, 2012

This happens to be my field of expertise....been writing insurance since 2005. If any of you have questions about what to look for, what coverage is important, etc...I would be happy to answer what I can for you. In my experience, the biggest thing most folks overlook is medical coverage, liability and UNINSURED WATERCRAFT coverage. There are plenty of idiots out there and if one should hit you in your boat without any insurance it would be nice to not only rely on your health coverage (pending you have it) for lost wages, time off work, pain and suffering, etc. Good coverage that replaces your boat/motor/trailer and personal effects isn't extremely cheap, but if the river you run is anything like ours...you are bound to use it at some point!

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