boat insurance

[knoppers]

was woundering if my rate for my boat is good or bad since its due in april.

I have a 97 skeeter 1850 with 175 yami, plus 9.9 kicker and gear, full coverage with a 250 deductable for all items, meaning 250 for boat, 250 for motor, etc. is 291.00 a year.

am I getting ripped off? what do ya'all pay?

[wildirishrose]

Post deleted by wildirishrose

[CatManLee]

Same here. State Farm bases my yearly insurance payment on the value of my boat. In my case, I told them what "I" valued the boat at, and thats what they put down for a coverage price. The more I say it's worth, the more I pay.

My boat is valued at $4,000.00 and I think I pay something like $120.00 a year? It's plenty worth it to me, just to know it's there just in case, ya know.

[delmuts]

i have about the same deal qith state farm as the other guys. i placed the value of my 1990 ranger at 10,000, and also have 2000 coverage for rods reels.i think i pay around $250 something. when comparing; also note that some companies( not all) give you a discount if you have taken a boating safety course too.

[Riverratpete]

Pay $256.00/year boat valued at $18,000.00 full coverage, also on water towing, trailer, fuel spill, etc except no personal effects coverage. ie, rods, tackle. this is through BoatUS.

[PRWoody]

One thing to look out for is the policy language for

settlement after a claim. Most companies may have

the following language, $20,000 of coverage or actual

cash value. Then futher in the policy the settlement

will be for the lesser of the two. If you have such

a policy LOOK OUT, you are not going to be happy when

the insurance company makes the settlement. They will

pay only the ACV of the boat or damages. Thus, the

insurance company will depreciate the claim. You will

be paying more than your deductible to get your boat

repaired. To the best of my knowledge there are only

two insurance company that pay replacement cost to the

state amount of insurance, Boat USA and State Farm.

[blakjack23]

Well it looks like my insurance guy is going to get a call. I just wanted to get my boat insured quick last year so I just went with my car insurance company...Allstate. Compared to what you guys are paying I am getting screwed. My boat is valued around $6500.

Policy Type BOAT

Total Premium for this Policy

$ 368.41

[OnTheWater]

Blakjack-

I'm in the same boat as you are(no pun intended. I recently bought a boat for around $7500, and I'm paying $377/year to Allstate.

-Qustion to those who pay less than $250/year:

For example, are you guys paying around $200/year on just the boat alone(ACV premium)? Or is that your total payment for everything included (boat, motor, trailer, liability, emergency service, etc)? Because my premium for the boat alone(no motor, trailer, liability) is $210 alone. Then tack on a hundred for liability, and another $80 bucks for the motor and trailer premiums. So what's the deal, am I gettin ripped off; first timer here.

[musky hunter]

Your rate is in line, depends if you get homeowners discounts, etc. But more importantly than saving a few bucks on premiums, is the coverage going to be there when you need it? I lost my boat in a rear end collision a year and a half ago, 100% the other drivers fault. Regardless of what I valued the boat at, they offered blue book values unless you can prove differently. I had my choice of two insurance companies to file with, my own American Family boat insurance, or State Farm, the auto insurance of the driver who hit me. State Farm had a higher blue book. And American Family wouldn't even pay me what I insured it for, said it depreciated in two years. (Bull, the boat had many improvements including an $1,100 engine rebuild and complete recarpeting). I could not find a dealer anywhere that would sell me a comparable boat for what they offered so I had to hold out. Finally, I found a dealer who had a near identical boat listed on the internet for almost the value I had in my boat, I submitted that to State Farm. They accepted that as the boat value but it was like pulling teeth and it ruined my whole season since I was boatless untill last spring. So when shopping for insurance, find out what they actually would pay if you suffered a total loss, and is it replacement value or actual cash value. Will they depreciate the boat on you? Then ask about all the extras you put on the boat, like the rod holders, electronics, boat buckles, custom cover, etc. to find out what your real coverage really is. You might be shocked to find out that you may not be getting what you think your're paying for. I'm in the process of reviewing my boat insurance right now, and I'm very well asking these questions, because if it happens again, I want the right coverage.

[castmaster]

i have mine insured with american family. i pay 224 a year for a 1999 pro-v with a 75 hp honda. i have $250 deductibles on all and also have extra riders for $5000 worth of electronics(locators, batteries, trolling motor etc) and $5000 for fishing items(rods and reels, tackle etc).

that coverage includes tow service if i break down on the way to the lake. also its full coverage-comp, collision, theft etc

american family pays out actual cash value. i have been told that alot of these places that let you declare a value for insurance purposes WONT pay out that value if a claim is made, they will only pay the actual value. so some of you may be paying higher premiums for coverage you'll never benefit from.

i know preogressive has a replacement program which will pay for a brand new boat of a same model and features instead of paying out a depreciated value for a used boat. they are also alot higher priced for that coverage!

[Down Deep]

I have a 1999 Lund Pro V with a 150 HP Yamaha. My company is AIG through Boat US and I just received my bill for $224.00 Deduct $250 and $300K liability plus all kinds of other add ons like fuel spill and towing. Boat US requires a membership for $19.00 per year.

[Random guy]

I have had three watercraft claims in three years and one of those was a total (long story) Progressive has my Stratos at $627 a year with low deductables and extended gear coverage. I cant complain, bad record, exspensive boat and good customer service for 50 some odd bucks a month. Cheap when you get yourself in trouble.

[castmaster]

Jon,

i am guessing you have progressives full replacement coverage?

[bucks-n-ducks]

One thing I always tell people is that MOST companies will deny a claim if it happens during a tourament. I would advise all the people insured with allstate, progressive and state farm to call their agents and ask them "Am I covered if my boat gets damage while I'm fishing a tourament". If you have progressive and your agent tell you "yes you are", I would get it in writing from him or her, becuase I sell for progressive and they have an exclusion stating that they will not cover any losses occurred while fishing in a tourament, that goes for liability claims also.

Just for comparision a 06 1775 lund classic, with a 90 e-tec and trailer with #250 deducts and $5000 of personal effects with $100,000/$300,000 liability for $257 a year. Total boat/motor/trailer package was worth 18,000 I believe.

Bucks-n-ducks

[OnTheWater]

Bucks-n-ducks: Thanks for the input. I'm going to review my policy this weekend, and check on the tournament issue. That quote comparison also makes me think that I'm really gettin the shaft with allstate.

[castmaster]

just about all companies will deny a claim if something happens during a tournament UNLESS you specify on your policy the boat will be used for "commercial" purposes. same goes for guiding.

its no different than your auto not being covered while doing delivery work such as pizzas or papers.

these companies arent going to let you insure commercial items at non commercial rates!!

[bucks-n-ducks]

yes castmaster, I'm pretty sure that every company will deny a claim that happened it a tourament, unless you have an endorsment to your policy for tourament fishing/guiding. Anglers Advantage has a specific endorsment for guides/tourament anglers. I would have thought it would cost quite a bit, but it is very reasonably priced!

Another thing to consider if you are guiding or tourament fishing, as far as insurance goes the liability issue really concerns me! Say for instance you are in a tourament and at the docks somethings happens and you hit a boat causing $10,000 worth of damage, if you don't have an endorsment for tourament fishing, that claim would be denied in a heartbeat, and you would end up paying the $10,000 out of your pocket. Another thing probably more important is the liability issue, say in that same accident you have happened to hurt someone....NOT GOOD!!!

I would encourage everyone fishing any touraments, even small local touraments to have the proper coverage in case of a loss. Please call you agent and check on the coverage limits you have.

[Note from admin-- Please use the contact us button at the bottom of the page if you would like to advertise.]

Bucks-n-ducks

[WigglinMyWorm]

I've got a older boat only worth $1200-$1500....What would be the benefits (if any) of having boat insurance. $600 bucks a year plus deductible= price of my boat.....does it cover any of the items in it?

[bucks-n-ducks]

Mr. Wigglinmyworm,

IF your boat would be worth 1200-1500, the major thing I would be concerned about is liability.

I'll use the same example I use for snowmobiles. Even though a old snowmobile is worth a couple hundred bucks, alot of people will say, that they don't want it insured, at least put liability on it! If that old snowmobile would happen to come out of a ditch and hit a car with 4 people in it, the owner of the snowmobile would be in serious trouble finacially if there was no insurance.

Same with a boat, what would happen if you would happen to hit a pontoon with 10 people on it, seriously injuring one of them, I would hope there would be some liability on your boat. In this case your 1500 boat would be the least of your worries.

And yes I know, the old line "It won't happen to me", but yes it just might happen to you, and if it does I hope everyone has the appriopate insurance in place!

Bucks-n-ducks

[MNice]

Check with your company, my liability is covered with my homeowners. Note, 14' lund with a 15HP, my guy said on lower HP boats I'm OK.

[who are those guy]

The reason insurance companies will not use stated amount for valuation is that certian folks will state a value at $15000 for a $5000 vehicle- crash it and take the cash. The only true stated amounts are for classic cars which dont really carry a true ACV. There are two ways to value vehicles - third party appraisers (nada) and market comparisions. No insurance company uses kelly blue book as it is inaccurate. Its a used car salesman value.

Custom parts & Equipment - most policies have a stated cap of CPE for payout. All of your gadgets that did not come the manufacturer are CPE. If you even had the dealer upgrade your fish finder its considered CPE. Check your policy for the cap and adjust if necessary.

Any thing that is not bolted or attached to the boat is not considered in valuation for total loss. You will have to go thru your Homeowners insurance for rods, tackle, lifejackets, and such.

The tournament exclusion in policies is geared around folks that fish for a living. The boat becomes a business use which adds risk which the customer must pay for to get that type of coverage (like car racing). The occasional user which may get in a tourny for fun maybe once a summer is covered. If your in a monthly tourney like grandmaster walleye - it may get dicey - check with your insurance company (not your agent).

[bucks-n-ducks]

who are those guy:

I would put all of the CPE on a boat policy, I advise all my clients to put everything that has to do with boating, under a boat policy. If you have to look for coverage under your homeowners, you are going to have to pay two deductibles, and if claim frequency is a concern, I wouldn't want a client to lose his homeowners insurance over a claim that came about because of a boating accident.

I disagree with the use of a one weekend tourament, if the insurance company finds out it was used during a tourament, most if not all companies will deny that claim. It doesn't matter if it is the PWT or a 25-boat local tourament, it is still a tourament.

Bucks-n-ducks