Boat insurance question.

[cecho]

I've got some questions about boat insurance. I don't see much of a need to insure my boat itself, but what about the people on the boat? I have personal liability insurance that comes with my home owners/renters insurance. If someone gets hurt while fishing or water skiing on my boat and sues me does insurance like that ever cover that or do I need specific boat insurance? I know my auto insurance covers towing, does the fact I am towing a boat usually make any difference?

These are questions I plan on asking my insurance providers, but I want to know what the general consensus is on this as well.

 

[oldjeep]

Re: Boat insurance question.

You should carry at least a liability policy on your boat. Someone getting hurt on your boat has nothing to do with your homeowners insurance.

In general your auto policy does not extend to what you are towing.

Boat insurance is cheap - buy some

 

[Dawg'sLife93]

Re: Boat insurance question.

As sue happy as this country is, you would be a damn fool not to have insurance. What if you screw up and hit a 150-200k dollar boat, do you have the cash to pay for 50k in damages? I sure as hell don't. I have a agreed value 10k dollar policy with all kinds of extras for about 400 a year.

 

[tpenfield]

Re: Boat insurance question.

Boat insurance would be good for you . . . most of what you need has little to do with the boat, more what can happen while using the boat.

 

[cecho]

Re: Boat insurance question.

I'll be getting liability insurance, but I don't see any reason to get insurance on a hull worth less than $10K. Not having to worry about scraping up the hull or destroying the outdrive by hitting a submerged tree is one of the reasons for getting an old boat. (Not that I do any of these things. ) Any idea how much I should go for on the Medical Payments Limit? It someone breaks a leg while slipping and falling in the boat, or pulls a shoulder joint while skiing or gets a fish hook in the eye while fishing, I want to be covered.

I did check with my auto policy and they do in fact cover the trailer and boat for liability. If the boat falls off while going to the lake and causes a crash then I'm covered.

 

[JoLin]

Re: Boat insurance question.

Boat insurance is pretty darned cheap and, well, $10K is $10K. BoatUS will give you a free quote. Load up a policy online and see what it would cost you out of pocket. They'll also sell you trailer towing insurance (covers trailer breakdown and flat bed towing of trailer and boat up to 100 miles) for under $20.00.

My 27' costs me $350. My 16' Sylvan with trailer runs a bit under $200. Price it out with a carrier before you decide.

My .02

 

[cecho]

Re: Boat insurance question.

Priced it out. $7000 agreed hull coverage plus $1000 on trailer and tow coverage in case of breakdown form Geico for $250. I went ahead and got the policy. It was only about $100 more per year than straight liability.

 

[BRICH1260]

Re: Boat insurance question.

I think you `ll sleep better at night by getting a Full coverage policy. You just never know what might happen.

 

[Home Cookin']

Re: Boat insurance question.

You are thinking correctly, that your priority is liability insurance. but when you start shopping, you will probably find that the property coverage is included, practically speaking. I'd be surprised if you can buy just liability, but anyway, since the market is for the "package" it will probably be cheaper than special lines.

I agree that it doesn't make sense to pay a lot to insure an old boat, and you are not going to file a claim for a bump or even a stolen 10 year old fish finder. But if the whole boat sinks or burns, a check would be nice. get a high deductible.

Med pay doesn't really pay for liability. If someone gets a hook in the eye, you are not liable in the first place. med pay gives them a little something so they won't sue (people talk as if there is strict liability and a boat owner has to write a check for any injury. It is not the least bit true. But it's a smart way to plan). Again, if it's rolled into the package, may as well get it.

Be sure your clean-up costs are covered; nowadays a sinking even at a **** can be very expensive. It should be part of the package. The risk of trying to get special lines just for liability is that you may leave out something important.

Also a package will probably give you towing so you don't might not have to pay extra in annual installments to Seatow.

 

[cecho]

Re: Boat insurance question.

Thanks for the info. My insurance provider pretty much told me what Home Cookin' said about the medical. Clean up costs are included up to around $850,000 or something ridiculous. Towing of the boat on the lake and of the trailer if I get a breakdown is also included.

 

[KD4UPL]

Re: Boat insurance question.

When my wife ran the boat aground, broke off the skeg, and shewed the prop all up our insurance covered it (minus the deductible). My policy was only $160 per year for 7 years. It recently went up to about $200. It's well worth it in my opinion. If you can't afford the insurance you probably can't afford the gas for the boat.

 

[lncoop]

Re: Boat insurance question.

Good decision IMO, cecho. Something else you might consider since you plan to pull skiers, tubers, etc. is umbrella coverage. God forbid you ever find you need it, but if you do you'll sure be glad you had it, and if nothing else in the process of considering it you may find you're actually underinsured. I did.

 

[Home Cookin']

Re: Boat insurance question.

Umbrella is also important if you are likely to take out a scout troup, youth group or even a pack of yuor children's friends. And the low limit coverage they sell doesn't really protect you.

 

[cecho]

Re: Boat insurance question.

I'll check into umbrella coverage, but I've read that the state I live in has injury and death liability limit caps of somewhere around $250K. I'll need to check into that too.

 

[airshot]

Re: Boat insurance question.

My full coverage ins is less than 150 per year thru my home owner policy. I would be a damn fool to not carry it, covers most anything.

 

[kerns bbo]

Re: Boat insurance question.

I was also able to get coverage for personal items in the boat in case of loss or theft on top of the normal insurance. $16/year for each thousand that I wanted covered with a $200 deductible. I figure that if it is stolen, sunk, or some other event at least I will be able to recoup some of the other costs.

 

[dubshot]

Question, will boat insurance cover a blown power head. Oil pump quit with no alarm.

 

[oldjeep]

Not unless you hit something that caused the failure. Boat insurance isn't mechanical failure insurance. If it was, it would be a lot more expensive.

 

[WIMUSKY]

dubshot welcome to the forum...... If you notice, this Topic is 2 years old. Any Topic over 90days is considered dead. You need to start your own Topic. And as jeep said, no, boat insurance will not cover it. That's what warranties are for......

 

[cptrick3]

As someone who had (between a personal catastrophe coverage and auto policy) pay our 1.1 million dollars in liability coverage I think you know how I feel about insurance.