boat insurance....... any advice?

[milligan]

Hi

Do you guys have any pointers/ advice as far as boat insurance goes?

The boat is worth about $10,000 and we plan to use it in California and Baja.
Thanks

 

[Chaparralboater]

Re: boat insurance....... any advice?

depends. I bought my boat for 3k. It would cost me 800 a year to have full coverage. My financial status says its not a huge loss to just have liability rather than pay 800 a year INCASE I sink my boat. If it breaks or sinks I have to deal with it. It could be 20 years till something happends like that. If it does then I lost 3k.. I was 50/50 on it for a while but 35 bucks for the year and it covers everyone on the water but my boat plus 1,000 incase I get hurt.

 

[Canman38]

Re: boat insurance....... any advice?

I am considering insurance, but my boat is worth maybe $3500. Not a big deal, but the thing I would worry about if it were to sink is an "enviromental mess". I mean, I could imagine it would be a mess for a recovery and 30 gallon or so of fuel going where its not supposed to. Also the other thing I thought about is maybe an incident with a boat worth 50 times what mine is. Then what?

 

[45Auto]

Re: boat insurance....... any advice?

The biggest thing you need to worry about is someone getting hurt on your boat, or you hurting someone with your boat.

A single hospital bill and/or court/lawyer costs will EASILY make the most expensive boat you can imagine seem cheap in comparison ....

Shop around a LOT when looking for insurance. I got quotes of $300, $1,200 and $2,100 per year for the exact same coverage. The $1,200 was through the company where I have 5 cars insured, and the $2,100 was with the company where I have my homeowners insurance.

 

[milligan]

Re: boat insurance....... any advice?

yes, this is what I'd like to know about, not only theft or damage of our boat
(even while towing on roads) But possible dammage to other people or property

 

[Pez Vela]

Re: boat insurance....... any advice?

You'll need two separate boat insurance policies. One, written by a Mexican insurer for Baja, and another policy for your U.S. coverage. If you were unaware, it is a crime to have an accident in Mexico, and I highly recommend that your Mexican policy have "legal costs" coverage which will cover the criminal fines that attach to any accident. This goes for your auto while driving in Mexico, as well as your boat. Mexico does not recognize your U.S. policies (auto or boat), so that's why you'll need a combo Mexican policy for your boat and auto.

 

[milligan]

Re: boat insurance....... any advice?

yes we have the truck insured down there, so you reckon its best to add the boat to our car insurance?

 

[26aftcab454]

Re: boat insurance....... any advice?

my boat was valued at $11K + liability coverage thru Boat US and pay $380 year.

 

[milligan]

Re: boat insurance....... any advice?

Great thanks that sounds good, I'll look into it

 

[rwidman]

Re: boat insurance....... any advice?

The choice to insure your boat is up to you based on the value of the boat and the insurance cost.

Only a fool would consider owning and operating a boat without liability, property damage, and environmental spill coverage.

You could be the cause of a million dollar lawsuit while operating your thousand dollar boat. Kill a breadwinner, cause the loss of a limb, or cause a gasoline or oil spill that the EPA gets involved in.

Without enough insurance, you can lose everything you have or will ever have.

I have insurance with my auto insurance company. $300K and a $1M excess liability policy.

 

[Pez Vela]

Re: boat insurance....... any advice?

yes we have the truck insured down there, so you reckon its best to add the boat to our car insurance?

Sounds like you know the drill ... yes, just get the boat added to the car policy.

 

[milligan]

Re: boat insurance....... any advice?

Thanks. Yes I never considered not having insurance, and don't actually own the boat yet, but wanted to get it insured before picking it up.
Will call my auto insurance company and see what they can offer.
This has been very helpful. Will insure it for Baja in Oct, as we wont be going down until then
Thanks everyone

 

[bjennings79]

Re: boat insurance....... any advice?

Might check with Ski Safe. I got my policy with them through my auto insurer, Geico.

 

[dockwrecker]

Re: boat insurance....... any advice?

The Mexico rider is the kicker. US insurance isn't bad at all, I pay 258 a year for 20K total loss with a 300/500k liability through Allstate. (tied to my homeowners') I thought you could buy short term ins. for use in Mexico waters as a supplimental. Maybe worth a look.

 

[Home Cookin']

Re: boat insurance....... any advice?

look at your homeowner's policy for what it covers, and doesn't. They are all different so you have to get it out and read it.

I believe ni having an umbrella policy for liability. You have to be sure your boat insurance liability coverage is high enough to reach the umbrella. Read the policies. Also check the policies for international restrictions.

Focus on the liability coverage; that is the most important. Your property coverage is secondary.

 

[Brewman61]

Re: boat insurance....... any advice?

Good advice, Homecookin. +1 to everything in your post.

 

[Bobnfl]

Re: boat insurance....... any advice?

My boat is worth around 10k. I went on line and searched and ended up with progressive. full coverage cost me around $150/yr.
Good fishing Bob

 

[jmarty10]

Re: boat insurance....... any advice?

1. at a minimum you need liability insurance.

2. I am truly surpised at what some of you guys pay for insurance. I dont know if I'm under insured or you guys are getting bad rates. Ive seen other strings about this topic also and the insurance premiums seem high. I pay $150 per year through progressive and have a $300 deductible. Same limits as my vehicles. Maybe its becasue I only boat 6 months out of the year?

 

[Brewman61]

Re: boat insurance....... any advice?

Trying to second guess insurance rates and why the vary so much is about as easy as herding cats. There are so many variables involved, it makes my head spin, and I work in the industry.

I pay Progressive about $110 or so per year to cover my 2003 Crownline BR. That gives me 100/300 liability coverage, colision and comprehensive for no deductible, and I opted for the coverage that pays out based on the agreed upon "acquired" value of the boat- not the current book value.
I also insure my autos and motorcycle with Progressive, so I'm getting a discount for multiple policies.
Our boating season is shorter here in MN, but that may be only one out of hundreds of things that impact insurance rates. My rate has actually dropped by a modest amount each year for the past several.

It's always a good idea to comparison shop to see if you're rates are in line with the competition.

 

[bowler]

Re: boat insurance....... any advice?

No brainer!!!!

No point comparing prices as I live in Ireland but I do think not having insurance is a false economy. I pay ?26 per month (approx $40) for ?3,000,000 public liabilty, ?1,000,000 cover for towing skiers etc, full underwater coverage, cover for freeze damage etc.

You'll wish you had it when something goes wrong. My boat is worth about ?5000 ($8000 - boats are expensive here).

D.