Insurance

[cjc1999]

I am considering purchasing a Bayliner 175, my first new boat, and am wondering what I can expect to pay in annual premiums and what extent of coverage I would need with a new boat. I am about to close on a house and so I am trying to budget expenses in an effort to determine feasibility, any help would be greatly appreciated. Thanks.

 

[rickdb1boat]

Re: Insurance

Not much. Maybe a couple hundred, depending on who you have for insurance and what they valu the boat and trailer at and the coverage you get...<br /><br />EDIT: Didn't notice it was going to be a NEW boat, so it may be higher. Just give them a call..

 

[wvit100]

Re: Insurance

Depends on how much coverage you get. A boating accident, if it's your fault, can be very expensive with people hurt or killed and damage to the boat. I've got full coverage just like on my car with 100,000/300,000 limits and a 1,000,000 umbrella on everything including the house. All together it's about 380 a year for the boat's part of it. It also depends on the horsepower of the boat.

 

[gsbodine]

Re: Insurance

the premiums tend to vary widely (or wildly, for that matter) between companies and coverage. you didn't mention at all what kind of coverage you want. call around for sure, it can save you hundreds. you may want to check with the company who carries your homeowners and add it as a rider or you can check with progressive, boatus, usaa, geico, or many others.

 

[18rabbit]

Re: Insurance

I think wvit100 is on the right track. We were recently told a $1,000,000 umbrella policy may be too little, $1.5-million minimum, $2-million preferred. Regardless of the insurance you get, that umbrella policy can save your skin (an your home)…and they don’t cost that much on top of homeowner’s insurance. The broad liability portion of the rider may adequately cover the use of your boat, but not the towing. It’s worth looking into.<br /><br />Personally, I would not insure the trailer. In California anything that is attached to the vehicle (the trailer and its cargo) is automatically covered by the towing vehicles insurance and at the same level. I guess you can think of it as every insured auto in the state is paying for trailer insurance, whether they want it or not. May be the same in your area. Only time the trailer is not insured is when it is not hook up to the pulling vehicle…for me, that’s at home, but then the trailer and boat covered by the homeowner’s policy.<br /><br />Then there is boat towing insurance…just the thing you will need if (when!) your beloved aquatic vessel malfunctions on the high-seas. It’s how you get back without swimming. This insurance is worthy of it’s own thread here…just to accommodate the stories about the insurer’s rip-offs!!!<br /><br />Like Ol' Norse said, you need to shop around because the cost of the same coverage will vary widely (or wildly).

 

[RatFish]

Re: Insurance

I have a Boatsman Policy with INAMAR Marine Insurance. My premium is $308 a year for 2004 Bayliner 205, 5.0L (220HP).

 

[Mark42]

Re: Insurance

I found the best coverage and price was from my auto/home insurance co. State Farm. Way better coverage than the boat only people, and much less, by as much as 33% on some quotes.

 

[DustyJacket]

Re: Insurance

My 180-Sport costs me $108 per year at USAA.<br />(At least until I ripped the garage door opener off the ceiling with the Bimini top. Then we'll see what they did with my rate.

 

[wajajaja]

Re: Insurance

89 BAYLINER CUDDY, LIABILITY ONLY, MAX COVERAGE =58 PER YEAR STATE FARM.