Boat Insurance Question

[jigging-matt]

I have a question for anyone that can offer some insight. I am thinking about purchasing a fishing boat. Nothing fancy, just a nice used one to take the family out in and enjoy ourselves. I was wondering about how much insurance runs a years on a boat. I have been looking and beleive I can get something appropriate for around $5000 give or take. So I was wondering about how much insurance would run on this item. Thanks in advance for the help. Need to have all my ducks in a row before I present this to the better half.

[Baitchaser]

I believe that a standard boat policy with liability and property coverage will have a premium around $100-200 a year depending on size of boat and motor.

[MuskieJunkie]

I'd guess $75-100.

I just got my bill for 20k in coverage and its $130.

[Jarrid Houston]

Not much, especially if something happens to the boat unexpectadly...Mine is rolled into other insurance requirements so I am not sure, but I think its around $150 normally??

[ozzie]

I pay $64.50 a year for coverage but I don't have to pay the liability as it is covered under my homeowners cause I have a 50hp motor and I also have $1000 in fishing equipment covered under the policy. pretty cheap

[Jarrod32]

Mine runs about $130 or so per year; boat valued just under $10k and trolling motor and depth finder included on the policy (25 HP motor).

[Esox_Magnum]

Think mines around $175 a year, thats with an extra $10K on gear besides boat/motor/triler

[amateurfishing]

mine is bout $120 with $5000 of coverage total divided 3 ways, 1. trailer $1000 2. 75 HP motor with tilt/trim $2000 & 3. boat $2000

[ozzie]

for some reason I can't edit my earlier post but I forgot to mention that mine is for $5000 in coverage ACV

[pooly_31]

All depends on what type of coverage you want and who your homeowners insurance is through. Some carriers include liability automatically at no charge for outboard boats.

[CaptainMusky]

Like others have mentioned the value of the boat is one thing, but be sure to itemize all your add ons separately. Trolling motor, depth finder, tackle, etc. None of these things would be covered on a traditional policy just insuring your boat.

You will get by under $200 annually for sure based on the value you are looking at. Mine is around $230, but the value of my boat is much higher.

It made me sick a few years ago when someone broke into my locked garage and stole a bunch of tackle out of my boat. Sick because I felt invaded, but also how much money I had wrapped up in it.

Do yourself a favor and take pictures and document EVERYTHING! I didnt, but I had a good memory on what I had. I lost nearly $5000 in musky tackle alone! Man was I [PoorWordUsage]. Granted now I only bought the lures that actually worked. LOL

[amateurfishing]

i have a follow up question regarding insurance.....my boat is 1984...lets say i start upgrading seats/pedestal/bases, (just added brand new fish finder) and did some other upgrades or modern convenienes like radio, eletric winch or whatever cause my boats "guts" are pretty basic. Does adding these items increase value of my boat which i think is bout 2,000 or do most of this stuff go under accessories with tackle, rods, etc? do i increase the value of a 1984 boat by making these changes or is it like adding a deck, fenced in backyard, & storage shed to home property where it wont increase overall value that much but just better value to next owner down the line when making purchase. I would like to add some items to boat over time but not worth it if i cant get money back in return, right?

[BuckmasterG]

I believe that a standard boat policy with liability and property coverage will have a premium around $100-200 a year depending on size of boat and motor.

[GotALunker]

I have a 16' w/ a 25HP and it's covered on my homeowners policy. no extra policy needed.

[Fish Head]

I'm an insurance agent as well. These are really questions to ask your agent. If you have a good agent, he (or she) should be able to help you select the right coverage and answer any questions.

Also, I would agree with BuckMaster that in most cases with full coverage you are better off to have a stand alone boat policy.

[sheephead2]

I just got my cover stolen from my boat by ELY.... BIG LAKE.... I have boat coverage policy. I have 500 deductible the cover is a snap on crestliner cover fits my boat not many others. Insurance said 500 dollar deductible new cover is 650 estimate so I will get 150 only. Then she told me my boat is 10 years old so they MIGHT depreciate the value of cover. Bottom line make sure you know your policy.The insurance lady wanted me to upgrade my policy. .

[Down Deep]

I have a policy issued by Boat US underwritten by AIG for $195.00. It is a $22,000 stated value policy which means if the boat is totaled that's what they pay. It also includes $5000 loss of contents and the usual liability coverage.