Boat insurance going up 17-18% a year normal?

[agallant80]

Re: Boat insurance going up 17-18% a year normal?

One thing that I noticed when I got a boatus quote yesterday was there was nothing said about salvage.

 

[W_Guy]

Re: Boat insurance going up 17-18% a year normal?

From what I"m reading, I guess my policy with Haggerty is about the norm. Agreed value of $5000 on the boat and $1000 on the motor. $231. annual premium. The trailer is covered on my auto policy. It's an antique boat and doesn't get used much so it should fall under some sort of "classic" policy like my old cars, but one of those with agreed valve of $20,000. costs me about $140/year. So, in comparison, I"m getting screwed!

 

[Captain Caveman]

Re: Boat insurance going up 17-18% a year normal?

As Home Cookin' said, you really should look at the $100k liability. If you cause an accident or someone gets hurt on your boat, lawyers will sue for well over that amount and you'll be paying that out of pocket. Part of what you need to consider is your boating style. If you are pulling tubes and skiers, going fast in crowded lakes, taking guests out often, boating in rough conditions, you should strongly consider high amounts. If you're Walter Matthau in Grumpy Old Men, putting along with a 5hp in remote bays looking for walleye....your risk is much, much lower.

So you need to consider your boating habits, conditions, and even the types of people and boats that you encounter. Hitting someone on a small lake in the midwest want be as big of a lawsuit concern as hitting someone's cabin cruiser near Manhattan.

Things to think about.

 

[Boathooked]

Re: Boat insurance going up 17-18% a year normal?

Progressive is by far the cheapest I found on an agreed value policy. Geico was cheap as well.

Not for me, they were three times as much as Geico.

 

[Home Cookin']

Re: Boat insurance going up 17-18% a year normal?

Pulling other people's children behind a motor boat is a high-risk venture (ever pull them faster than the 20 mph limit onthe label? Do a whip turn? For shame!) A spinal injury is a big one. protect yourself.

It doesn't matter how close as friends you are, either, when something really bad happens.

Also, let's say a kid cuts his foot on your prop and ends up with major reconstructive surgery, or complications from infection. That bill will be over $100,000 and the insurance company that pays it (other than yours, obviously) or hospital that covers it for the uninsured can then go after you for the tab, if there was any degree of negligence on your part. Your own insurance might defend the overage, might not; it might just put in your policy limits and let you handle the rest.

BTW lawyers don't sue people. Injured people or people who have a loss sue people.

 

[idonthaveaname]

Re: Boat insurance going up 17-18% a year normal?

I shopped around and got the best price from Charter Lakes at $389.

$15,000 hull value
$500 Trailer value
$500 deductible
Boat Liability Coverage 300k
$854K Fuel spill coverage *(Appears to be the standard)
$25,000 medical payment coverage *(low for my liking)
$300,000 Uninsured boater coverage

Boat US was ridiculous and didn't want to ensure me at first because I had not been with them. I contacted all the others and Charter was by far the least expensive and it includes towing for the trailer and the boat (at sea).

 

[idonthaveaname]

Re: Boat insurance going up 17-18% a year normal?

BTW lawyers don't sue people. Injured people or people who have a loss sue people.

op2:

 

[gtochris]

Re: Boat insurance going up 17-18% a year normal?

Update:
I called Boat U.S. and they looked things over and came back with a much better price, went from $235 to $187 with all the same coverage so I'm a happy camper.