Boat insurance premium

[Pherris]

Well it's time for me to renew my annual boat insurance. I just received my bill for 2013 and after reviewing it wanted to get opinions on premiums. Here is what I have.

2010 Ranger Z521 with a 250 Optimax Pro XS.

Coverage I have:

Agreed Value replacement value $55K

Commercial towing coverage up to 2 X per year $250

Boating Liability "Protection / Indemnity" 300k per incident

Fuel and other spill liability 854k per incident. ( I assume this is required)

Medical Payments. Limit per person per accident $10k supplemental family member $25k

Boat trailer agreed value $5k

Uninsured boater $300k

Total annual premium $962.50

No-loss credit -$192.50

Net $770

I do use the boat in tournaments occasionally and have been told by some companies they will not offer coverage because of that.

It is about 30% higher this year then it was last year. Just wondered what others think or companies I could check with. I see no need to name the current company just won't ck with them if they are recommended. :-)

Good Fishing!!

[TR21HP]

That does seem high. I have a similiar boat with about the same coverage for half the price through progressive.

[JohnMickish]

Here is what I have.

2012 Ranger 620/250 Verado Pro

My coverage is pretty similar to yours (I don't have my policy in front of me right now)

On water and highway towing, fuel, and all that. Great lakes and tournament coverage.

Replacement value at 55K plus another 7K for the trailer, 62K total.

My policy is right at $450 for the year.

World Wide Marine Insurance is the company. Bob Luellen is the guy. He probably insures 75% of the freshwater tournament boats in the country. PM me and I can give you the contact info.

Last year my buddy had his 621 stolen over by Green Bay, it was insured by Bob. It was handles very, very well and fast. Bob was fishing the same tournament and he even took us out to dinner and explained how it was all going to work.

[Down Deep]

Why don't you take a look at Boat US. I saved over 50% with the club insurance which is underwritten by AIG. Fuel spill and towing comes with the $24.00 required membership. I'm insuring a rig valued at 25K with the same basic coverage for approximately $200.00 plus the $24.00 membership. Been insured with them for over 10 years.

[Pherris]

A big thanks to MNfishguy. I got the same coverage I had for about 45% less. If you are running anything big or fishing tournaments you should really give this guy a call. No pressure no hassles just good old fashion customer service. Something that I find lacking these days. Very refreshing!

Down Deep. That was the company I was with. No issues with them other then price.

Thanks for the replies. Good Fishing!!

[JohnMickish]

I told ya! This guy only does boats. He knows boats and he is a fisherman. They can keep the rates so low because we all know how few of insurance claims there are agaist boats compaired to cars. The percentage is was lower and they don't have to cover their auto losses by jacking up their boat rates.

Bob is the man!

[g_anoka]

The only advice I would add is don't be afraid to shop around. This fall when we received are renewals for this year from our now former insurance company, there was a significant increase in premiums. After checking with the competetion we recieved a much better rate for our home, cars, and the TOYS.

[BoxMN]

FWIW - I took a Coast Guard Aux class years ago (for volunteer water patrol with Henn. Co. Sher.) and it now saves me 15% on our boat insurance for three boats. It adds up.

The good thing is, even though I thought I thought I was good boater when I took the class, I learned quite a bit. So even without the discount, the class is worth it, but saving $$ even in little chunks adds up . Good luck.

[Kyhl]

They are still doing those classes? I may have to do that again.

I took that class 30 years ago. It's probably time for a refresher.