Boat Insurance?

Discussion in 'Boating' started by GoFish_Tony, May 7, 2007.

  1. GoFish_Tony

    GoFish_Tony New Member

    Messages:
    600
    State:
    Big Rock, IL
    My wife asked me last night if I thought we should get boat insurance on my 2000 15' SeaArk Jon Boat. At first I chuckled and said, "no way". But then said, "I don't know, I'll ask the guys on the BOC."

    I bought my boat used this year. Replacement value would be about twice what I paid for it. If the worse was to happen and my boat was stolen, sunk, or damaged beyond repair... replacing it would be out of the question for a while.

    Should I check into insuring it or just forget about it.

    Do any of you carry any kind of insurance on your boat?
    What kind of coverage do you carry if you do.

    I would greatly appreciate hearing your input on this.

    Tony
    _
     
  2. Stubby

    Stubby New Member

    Messages:
    208
    State:
    Kansas, Ar
    Tony, I don't insure mine but used to. Check with your house insurer and maybe they have a rider policy that would be reasionable in cost. I probable should but haven't for several years. I quit insuring after I had one destroyed in a storm, they would only pay 20% because of the conditions of the storm. Flood sunk it..
     

  3. Mr.T

    Mr.T New Member

    Messages:
    2,553
    State:
    MO
    You better carry liability insurance at the very minimum. Whether you add coverage for damage or not is entirely your choice.

    Taking a boat on public waters without liability insurance is horribly irresponsible. Without it, you can easily find yourself in financial ruin after an accident that involves either a passenger in your boat or someone else.

    Insurance is so cheap that it's really a no-brainer. I pay about $175/year for a full coverage policy on my $13k boat. If you're running a $3000 beater, insurance ought to cost next to nothing.
     
  4. jbarnes17

    jbarnes17 New Member

    Messages:
    536
    State:
    Commerce, Oklahoma
    I use progressive direct on my 2007 16ft. jon with a 18 hp 4 stroke tohatsu. I pay about $21.00 a month for full coverage with a $250.00 deductible. Its about $260.00 for a whole year. You can get a free quote online at progressive.com. I thought that was pretty cheap.
     
  5. Mark J

    Mark J New Member

    Messages:
    9,407
    State:
    Four Oaks, NC
    Some insurance companies are better then others when it comes to boats. I know mine covers the boat, the trailer, and the motor seperately but under one blanket policy. And they are extremely boat builder friendly.
    Whatever I build they will insure no questions , no run around with just a picture and pertinent information like serial numbers.
     
  6. brad kilpatrick

    brad kilpatrick New Member

    Messages:
    2,666
    State:
    Kansas City
    full coverage $100 deductable for My 2070 Lowe roughneck W/ 90HP merc. is only $150 a year! Insure the boat Tony its cheap piece of mind!
     
  7. GMC FishHauler

    GMC FishHauler New Member

    Messages:
    1,335
    State:
    Waco, Texas, Un
    i wanna insure mine but do not know if it is worth it since i have only $2k in it. I figure that i probably should but hear horror stories of people getting dropped after one small incident (prop or lower unit damage)
     
  8. SubnetZero

    SubnetZero New Member

    Messages:
    1,619
    State:
    Sherman IL
    I get Mine through American Family Insurance

    Libility $300K per Occurrence
    Medical Expense $5K per person
    Personal Effects $1K
    Additional Equipment $2K per item
    $4K aggregate

    Total Yearly Annual premium = $89.00
     
  9. Catfish_Commando

    Catfish_Commando TF Staff Member

    Messages:
    7,005
    State:
    Georgia
    Definitely ask around locally and see who is boater friendly.

    Practical Example:

    Someone who used to work with me needed to file a claim to repair the back transom that was structurally damaged due to trailering long distances over the interstate. This interstate was in a repair state for a long period of time.

    He called his insurance, sent in two estimates, and the check was in the mail.

    I had a similar issue, called my insurance company, and they sent out a claims adjuster. After several forms, and a long wait, it was decided that I needed an inspection to determine the cause of damage.

    I dropped the claim, like I am sure their intent was, and changed insurance companies.

    A call to the local repair shop will quickly identify the boater friendly companies; I wish I would have done this in the beginning.

    Find out who the repair shops like, and pull the trigger! :smile2:
     
  10. ryang

    ryang Well-Known Member

    Messages:
    5,290
    State:
    Blacklick, Ohio
    Name:
    Gary
    Tony,

    I work for an insurance company and I ran a quote for you. Bear in mind I know nothing of your boat how old you are and all that I took some real liberties LOL. Im not an agent but this would probably be close depending on the numbers used.

    I quoted a 2000 SeaArk MV1542LD - I figured thats a 15ft boat but not sure of what kind you had. I said that the motor was a 25hp and speed of boat was 20.
    Liability is 100CSL - This looks to be Property Damage and Bodily Injury together
    ACV - to replace (actual cash value) - I used 2000 (I didnt know so I guesed)
    Comp - 100 Deductable
    Coll - 100 Ded
    Personal effects I listed $2000
    On water towing - 100
    Coverage fishing equipment - 2500
    I put that you have the safety course - again my liberties

    Your quote would be around 181.42 for the year (about 15 per month)
     
  11. Mark J

    Mark J New Member

    Messages:
    9,407
    State:
    Four Oaks, NC
    Something else I highly advise asking your agent when you are discussing a policy is . If my boat sinks or swamps for whatever reason does this coverage pay for cleanup and salvage.


    I'd rather pay salvage expense out of pocket then eviromental cleanup costs.
    Some of these lakes are a bear about that with daily accruing fines.
    Some resevoirs require the vessel to be salvaged whatever its value.
     
  12. jim

    jim New Member

    Messages:
    2,579
    State:
    Jacksonville NC
    Tony, MR.T gave you great advice.Most folks when thinking of boat insurance are only concerned with boat replacement etc.If you ever go out and for whatever reason, including the boat coming off the trailer or flying out of your truck bed,hurt or kill someone,you are going to wish you had insurance.Its well worth it.:smile2:
     
  13. Arkansascatman777

    Arkansascatman777 New Member

    Messages:
    7,782
    State:
    AR
    Tony this is the regulations for Arkansa. You might check the regulations for your state to see what it says. Liability is all I carry on the pontoon. Through my home owners policy it's a little over $30 a year. This boat could be replaced with a little looking for $5000 or less so I don't carry full coverage but if I had a boat that was valued at $10000 or more then I would carry full coverage. Insurance around here on a boat is usually cheaper through your home owners policy as apposed to just going to an insurance company and getting insurance on just your boat.

    Liability Insurance Requirement

    All personal watercraft and motorboats powered by engines of more than 50 horsepower must be covered by a liability insurance policy issued by an insurance company authorized to do business in Arkansas.
    • The policy must provide at least $50,000 of liability coverage per occurrence.
    • It is illegal for the owner of such vessels to operate or allow others to operate unless the vessel has the required insurance.
    • The insurance requirement does not apply to vessels properly registered in another state.
    Proof of insurance must be carried on board the vessel and be available for inspection by an enforcement officer.
    Registration applications for vessels requiring liability insurance must be accompanied by proof of the insurance policy.
     
  14. Pastor E

    Pastor E New Member

    Messages:
    3,194
    State:
    Beebe AR
    I got mine on my homeowers policy I think I paid about 40 or 50 $ To me a boat is like a auto never leave home without it
     
  15. savage308

    savage308 New Member

    Messages:
    399
    State:
    Victoria, Texas
    I would highly recommend it. Mine is through state farm, i'd have to check on the policy cost. I've got everything but the vehicles insured through them.

    Insurance is a pain in the neck and a money hole. BUT if you ever need it ONCE, it could pay for it's self quickly.
     
  16. Indigo Flats

    Indigo Flats New Member

    Messages:
    382
    State:
    Lancaster,
    Your first paragraph would cause the claim to be denied. Insurance covers ACCIDENTS. An accident would be something sudden and unforeseen. The damage you describe sounds like "wear and tear" to me?
     
  17. Mr.T

    Mr.T New Member

    Messages:
    2,553
    State:
    MO
    I had my 2005 Xpress for less than a year when I got up close and friendly with a bridge pillar last January. Caved in one side about 3" or so right next to the console, just enough to make the hull a complete loss. My insurance company wrote me a check for the cost of a new hull and the labor to re-rig it (almost $13k), then sold me the old hull for $300 "salvage". The money went in my pocket, the boat is ugly but still floats, and I still have my insurance policy.
     
  18. catfishbill33

    catfishbill33 New Member

    Messages:
    356
    State:
    Clarksville, TN
    Tony,
    there is wealth of info here on this site and wotrth listening too.

    I know sometimes money gets tight but its worth having ins for peace of mind.
    None of us are perfect.
     
  19. blackhorse83

    blackhorse83 New Member

    Messages:
    1,008
    State:
    missouri
    I have both of mine insured, State Farm, 135.00, 155.00 for the other. Full coverage, you don't drive a car with out it, don't operate your boat with out it the what if's are just to great.
     
  20. thunderchicken

    thunderchicken New Member

    Messages:
    769
    State:
    Yuma Az
    Insure it! Insurance is not just about repairing or replacing your equipment, it's all about liability too and in this day and time the cost of the premium is more than worth the peace of mind in terms of liability. I think boat insurance is one of the better bargains we have today.

    :cool2: