boat insurance?

Hi guys
I am wondering whether I should get an insurance for my boat or not. It is not the most expensive boat (Lowe 2003 14ft aluminum) but I have a new 9.9hp outboard on it.
I don't know much about boat insurances. What would you recommend?

I looked into it one time, not worth it IMO. Only covered NADA value of stuff.

check with your insurance company.
it may/may not be covered under your homeowners policy.
X2 with Ictalurus - not worth it for separate coverage unless you
have one of the big $10,000.00 fishing machines.


Same with my 1996 Jeep Cherokee. . . . minimum coverage.
if it gets wrecked, I will scrap it and go get another one. (yeah, I like Jeeps).

what happens if someone steals the boat or outboard or if you have a boat accident and damage another boat or injure people?

answer3 said:

what happens if someone steals the boat or outboard or if you have a boat accident and damage another boat or injure people?

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I'd have to eat the cost of the outboard, however ins would only cover NADA value, which seems low and is not much more than the years worth of premiums.

Accidents and damage, I'd take the chance w/ your 14' Lowe and 9.9 on the back :LOL2:

I have boat insurance through State Farm. I am covered for a maximum value of $2800 (boat, motor, trailer) and pay less than $80 for a year.

Here is a response I got from the rep. working with me on some scenarios that could play out since I also have homeowners and auto with the same company.

From the rep:
Your home does actually automatically extend coverage for your boat for liability so long as the engine is not greater than 25 HP. However, you will not have coverage for your personal property nor the boat motor nor it’s trailer.

There are a few scenarios that might play out in terms of how we can pay out while you are towing the boat or in the water.

1.) The liability coverage of your automobile policy will cover for damages caused when your boat is hitched to the auto. So for example it sways to the side and hits property of others then your auto insurance policy will cover those losses.

2.) If your boat is stolen in any location then your boat owners insurance policy will cover you up to the maximum amount of coverage for your boat policy.

3.) You are on the water and you damage your boat from running into a rock or stump we can fix your boat subject to your $100 deductible. Or maybe you injure someone while using your boat you would have $300,000 of liability coverage.

nguye569 said:

I am covered for a maximum value of $2800 (boat, motor, trailer) and pay less than $80 for a year.

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Would they pay out maximum value if your suffered a total loss, or is that what the policy is for?

Edited to add the NADA value of your rig (1542 seaark w/ 25 merc) is $2,080.

Ictalurus said:

nguye569 said:

I am covered for a maximum value of $2800 (boat, motor, trailer) and pay less than $80 for a year.

Click to expand...

Would they pay out maximum value if your suffered a total loss, or is that what the policy is for?

Edited to add the NADA value of your rig (1542 seaark w/ 25 merc) is $2,080.

Click to expand...

I just double checked by insurance info, i'm covered for $2,800 limit for boat, motor, and boat equipment plus $400 for trailer at $75 per year. My interpretation is that's the most they would pay out if I had a total loss. My deductible is $100.

Based on their defn of boat equipment, my $2,080 NADA value plus power tilt/trim, 2 batteries, trolling motor and other misc items would bring me pretty fairly close to the policy limit.


"boat" includes permanently attached equipment
"boat equipment" means:

a. anchors, oars, electric trolling notors;
b. extra fuel tanks, extra batteries;
c. tarpaulins, detachable canopies;
d. tools;
e. seat cushions, life preservers;
f. cook stoves, deck chairs;
g. skis and their tow ropes;
h. items similar to items a. through g. listed above;
i. dinghies (tenders) and their outboard motors owned by you to service
your watercraft; and
j. citizen band radios while in or on your watercraft;
"Boat equipment" does not include sports equipment such as fishing gear.

nguye,

Nice, you have a sweet set up.

Have mine through BoatUS

The majority of the reason is that the private lake that I mostly fish at requires it for incident coverage that may involve you damaging someone else's boat. Pay $26 for the membership and my annual renewal is $74. I want to say that is for $4000 of personal property coverage, but not 100% on that.

I pay $100/year through progressive for a boat policy. Attached to car and on the road I'm covered by my auto policy. Otherwise not. There is also the question of liability.

The insurance isn't so much for you to get your boat covered but the liability of what you do to someone else's property.

Theft from your driveway is covered by your home owners insurance providing you notify them that you have it. Most of the time, with a little tinny, it doesn't cause your premiums to go up.

If you injure/kill someone or damage someone's property, without insurance, your screwed

I have a renters insurance, it is covering in the same way homeowners insurance does?

answer3 said:

I have a renters insurance, it is covering in the same way homeowners insurance does?

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you should check with your insurance agent to a clear answer on whether your coverage extends.. renters insurance generally does not jave same provisions as homeowners from my understanding

Join BoatUS then insure your boat on an agreed upon value policy. Their coverage is great and liability insurance is a must have, plus they have enviornmental coverage for things like fuel spill. Both of my boats are covered and the cost is cheap. My pontoon is covered for $6800.00 boat motor and trailer annual premium $164.00
My other boat 22' pilot house with a 225 Suzuki 4 stroke is covered for $38,000 plus $12,000.00 for electronics and personal equipment just under $700.00 annual. I also have trailer road service and unlimited towing as part of my membership fee of $115.00 a year.

Heaven forbid someone has an accident while you are boating. One liability claim could cost you everything you own.
$100.00 for a small policy would give you $1000.00 worth in peace of mind.

I checked into boat us for loss and liability coverage
And found their rates excessive.

I went through Geico for a policy with Seaworthy Insurance for my jet boat. It's covered for $11,000, at a premium of about 160 dollars a year.

Bob Luellen at Worldwide Marine Underwriters is, by every account I've seen, the best man to have in your corner when it comes time to file a claim. Never heard anything negative about the man or the way he does business. It likely helps that he is a tournament fisherman who spends quite a bit of time on the water himself. He wrote my policy and it costs me $225 a year to cover my 2013 Xpress XP18CC, motor, TM, and electronics, and $5k worth of gear, more than I'll ever have on my boat. Agreed value policy is the only way to go on a boat. No NADA BS! Given I have around $21k worth of coverage on my rig, and am paying down my boat every time I send in a payment, I'm to the point now (halfway through the note) where if I take a total loss I actually could end up in a bigger boat if I wanted to start a new note on one. .

Anyone shopping insurance needs to google Bob, check out the number of positive stories on various forums, then call the man. He is also a great guy to just talk to on the phone. Has knowledge of boating is obvious within the first minute of speaking with him.