Boat Insurance costs?

[kensom]

I just got my insurance renewal from that insurance company that Flo advertises for all day everyday on what seems like every channel.....I guess I know where most of my premium dollars go.....anyway is $200 too much or average for a 2002 Alumacraft Trophy 175 w/115 Yamaha and trailer? Seems like a bunch to me as I think it was about $100 a few years ago. What are you guys paying....

[MCP]

Just paid 162.00 today for a 2012 Crestliner Fish Hawk 1650 with a 90hp Merc. Same company as my auto insurance (not Flo. Checked around a little and that was in the ballpark of the other companies. Seemed a bit high but after checking it was about the same with other insurance companies.

[Craigums]

I pay $300/yr for a 98 Ranger w/ 150 HP. That includes a $2500 rider on equipment

[3andadog]

I paid $202 for a 2006 1800 fisherman w/04 yam 150

[Brad B]

$240 for the year. insured through farmers insurance. premium was based off of the purchase price plus insurance to cover up to $2000 in electronics and other equipment above and beyond just the boat, motor and trailer. I believe my policy is a replacement cost policy but I could be wrong(I need to ask the agaent to be sure).

by the way my boat is a 2011 Alumacraft Fisherman 160CS with a 2011 40HP 4 stroke yamaha and a 2011 shorelander roller trailer.

[JohnMickish]

I pay about $450 a year for a an agreed value of $53k for the boat, 7k for the trailer and 5k worth of personal stuff. That includes roadside towing if I get a flat or damage an axle, it includes the great lakes and on water towing if broke down as well. Believe it or not, many insurance companies exclude navigable waters and the great lakes. My policy also covers slip fees and trailer rental/storage if the trailer is stolen from the landing. It happens, are you covered?

Boat insurance is a funny deal and if you've never had to make a major claim you are probably underinsured.

You have actual cash value and agreed value. The two are not the same. If you have an ACV policy and you total or lose the boat, you get what they think the boat is worth. We all know boats are worth more in May than they are in September. Also, know what is in your policy as far as personal stuff goes. My policy is things that are bolted to the boat are part of the boat, ie; electronics, kicker and trolling motor. Personal stuff is just that, my personal stuff, ie; rods and tackle.

Last year my buddy has his boat stolen while we where on a trip and we both learned a lot from that. He had an agreed value policy so things worked out well.

I have another buddy where his policy has the trolling motor and electronics under his personal property rider. It was written up this way to save costs on his premium, but think about how little 5k will go once you add in a trolling motor and electronics, plus rods and reels, then add in your buddies equipment and your probably underinsured. When I fish with this guy I do not leave my stuff in his boat because he is to underinsured to cover my equipment in case of theft.

Ask your insurance guy these simple questions:

1, if my boat is stolen/totaled, what is the payout

2, if my boat is stolen/totaled, what is included in the boat payout

3, if my boat is stolen/totaled, what is included in my personal equipment

4, if my trailer is stolen at the landing what is covered.

If he doesn't know the answer you are probably underinsured and insuring thru the wrong guy.

Now if you happen to do ANY guiding for money or fish in any tournaments where there is an entry fee, that is another can of worms. I'm not talking pro type events, even the small $25 entry fee events can nullify your policy.

[MikeG3Boat]

I pay about $300/year which I believe is full replacement, and it even has a rider for doing stupid things like buzzing thru lake of the woods or voyagers national forest and you rip your lower unit off I'm covered. I have a 2006 G3 185FS w/ 150hy yamaha.

[Todd S.]

As a person who earns their living in the insurance industry I can only tell you their is much more to the policy than the cost. Most policy's in MN are ACV-actual cash value based. Boat, motor, and trailer are figured out based on purchase price if bought new or blue/nada book if used. Beyond that are 2 endorsements that as mentioned prior are equally important. Additional boating equipement endorsement(basically anything bolted/fastened to the boat, trolling motors, locators/gps, anchor systems, upgraded trailer, etc.), this is a specific dollar amount that you should specify to your agent. Personal effects endorsement(rods, reels, life jackets, ski's, ropes, etc) basically anything that is portable, again this a specific dollar amount that you should specify.

[CaptainMusky]

I pay around $260. I have everything itemized as to what is on there and now have a digital inventory of everything. Learned my lesson when I had some jackhole steal my stuff.

The insurance company treated me fairly and I was able to replace everything I had, but still not the easiest thing to do remembering EVERYTHING you had. Now I have pictures, with the serial numbers of the large ticket items.

$5000 doesnt go very far, gps/locators, map chips, mounts, trolling motors, rod holders, life jackets, tackle, anchors, ropes, etc

One musky box could be $2000 in itself.

I remember my dad getting his tackle stolen from his boat the night before fishing opener probably 20 years ago. Way before we really "knew" what we had. It was a nightmare and I will tell you, our jaws dropped once we realized how much money we really had wrapped up in this sport. It doesnt seem that significant because to acquire things over time, but man that was an insane number.

[JohnMickish]

I pay about $300/year which I believe is full replacement, and it even has a rider for doing stupid things like buzzing thru lake of the woods or voyagers national forest and you rip your lower unit off I'm covered. I have a 2006 G3 185FS w/ 150hy yamaha.

Ask your agent "full replacement based on what"? Will they replace it with a brand new one or try and find a cheap 06' model? They will find an 06' model that is not going to be an apples to apples replacement.

[harvey lee]

I pay $204 annually for my boat insurance and contents and graphs. Totaly insured, approx $34,000. I have an agreed value with my agent.

That includes all my tackle and rods and anything else in the boat.

I do not believe anything could happen that I would not be covered totally.

I had approx 350 crankbaits stolen from me last year to the tune of $3,200 which included the 3 crank boxes and they covered it all but the $100 deductable. Not happy the stuff was stolen but I was very happy how State Farm handled it all. Had a check withing 10 days and everything was replaced.

Best tip I could give anyone, Have photo's and info like year purchased and what you paid for it as you will more than likely need to prove you had what you said was stolen if you were that unlucky. I update those photo's every spring. Keep all the sales slips also if you can.

[Fish Head]

John,

Replacement cost is nice to have, no question about it. But let's not make it sound like actual cash value (ACV) is such a bad thing. It just means you are insured for the actual value at the time of loss. Other than just a few exceptions, almost every auto policy in Minnesota is ACV.

With replacement cost, if your ranger is totaled, you get a brand new Ranger, and that's great. However it's not like people who have an ACV policy have bad coverage. I have ACV (like most people) and I'm fine with that. I have a 2005 boat. If it is totaled out and I get the value of my 2005 boat, I think that's fair. I don't expect the insurance company to buy me a 2013 boat because my 20005 was stolen.

However I do have replacement cost on the $3500 personal property coverage that's on my boat policy. That's because I can always go buy another used boat, but I can't always buy another used shad rap.

My lower unit was totaled out when I hit a rock a few years back and my claim was settled the next day. I got a brand new lower unit and all I had to pay was my deductible.

[JohnMickish]

I didn't mean it like that, sorry if it came off that way. I just put that out there because not everybody may know what coverage they have, or what it really means.

Sorry if there was a misunderstanding.

[bturck]

Also remember, if you are fishing with your buddy and YOUR items are stolen from HIS boat you will need to file your own claim. That will most likely be from property policy, homeowners, renters, condo etc, his policy is not going to cover items that he does not own. Example: you borrow your buddies boat and its stolen while you have it in your possession, you couldn't file the loss under your boat policy, it would have to be filed under his, hopefully he has one. Something that we tell our clients also, if you are paying for an ACV policy check with your marine dealer every few years to get a feel for the current value. Lets say you start out insuring at $10,000 and your boat is stolen 5 years later, the ACV is not going to be $10,000. Even though you have continued to pay premium based on that amount the loss will most likely settle for less and you are not paid the difference between the settlement and policy limits. As mentioned in other posts, talk to your agent, ask direct questions, if he doesn't know the answer he should find out for you if he's worth what you pay him.......hopefully no one needs to file a claim and can just haul in some lunkers......fish on

[ozzie]

bturck- great info as always!! I was going to mention the same thing that YOUR stuff is NOT covered through you buddies boat policy no matter what the case may be.

[delcecchi]

Also can do stated value, I believe.

[WalleyeGod]

+1 on maintaining records. Pics, receipts, etc. You can't always remember all the stuff even if you had the coverage amount needed. Added proof for the adjuster/company in the form of pictures and receipts makes it easier for everyone. Homeowners policy (personal property) as well. Records and more records is always better.

Tight lines,

WG

[Tom7227]

For all you folks that have pictures and lists with serial numbers and listed purchase price and whatever else - where do you hide that stuff from the Mrs.?

[bturck]

Safety deposit box, with only one signature card

[Fish Head]

+1 on maintaining records. Pics, receipts, etc. You can't always remember all the stuff even if you had the coverage amount needed. Added proof for the adjuster/company in the form of pictures and receipts makes it easier for everyone. Homeowners policy (personal property) as well. Records and more records is always better.

WG

Taking some pictures is a huge tool for remembering what you had in the event of a loss. If you don't remember to list it as stolen, you don't get paid for it! I can't imagine any insurance company denying your claim because you don't have proof. That almost NEVER happens.

[bturck]

We've had many clients over the years take photos and then bring those to our office. We put them in their files in case they were ever needed. Now with new cell phone technology much easier to record and inventory items. The more readily you can provide info to an adjuster the quicker you can expect your claim to be settled.