Boat Insurance?

[RCSConstruction]

Hi everyone.
I warned you about the questions...
I brought the boat home and called my insurance company. I got a descent deal (350 per year) and lowered my auto insurance at the same time.
I have two questions.
I opted for the accidental spill @ 5,000 per year policy limit. What does a typical spill cost?
I also got the emergency services @ 500 per policy year. How much does a tow cost?
I upped all my liabilty to 500,000 and uninsured motorist as well. It has personal property,trailer,electrical,etcc.. all that other stuff.
Did I miss anything?
Are the limits for the spill to small? The tow?
They asked the value of the boat and I gave them what Nada and the local market averaged but they say the underwriters will put what value they see fit after I bring it in tomorrow for inspection.
Anything to watch out for? I know when our car was totalled they were screwing us by 2500.00 but we fought and finally got full value.
Thanks!!

 

[Drowned Rat]

Re: Boat Insurance?

Hi there RCS. Well I can speak to your first two questions. $5000 is going to be low, but it's something. The price to clean up a fuel spill depends on who and how many find out about it. On the other hand, not too many even have spill insurance so... The towing insurance is very low. I did that for a living for a while and we would barely look at a boat for $500. $500 will get you a short tow, say under an hour all together and that includes how long it takes the tow boat to get to you and how long it takes them to get back to where they were when you called. If you should find yourself grounded or, heaven forbid, upset, the prices start at $1000 and go way up from there. I would recommend buying a towing service membership in your area if there is one. Cheap and worth the piece of mind.

 

[bucky7680]

Re: Boat Insurance?

RCS the only places that you can get a tow in our neck of the woods are Lake Havasu or the Pacific. $500 might get you by on Havasu but it won't do much on the Pacific. Although with your size boat you shouldn't go to far into the Pacific. I have worked in enviromental clean up and $5000 is what it costs to just show up. Call Lake Havasu Seatow and ask them how much a typical tow costs. 928-727-6945

Hey Rat you anywhere near Meadview?

 

[Drowned Rat]

Re: Boat Insurance?

Hi Bucky, I live in Phoenix, but I'm very familiar with Meadview. I go through there at least 10 times a year on the way up from South Cove. Is that your launch of choice for Lake Mead?

 

[soaknseated]

Re: Boat Insurance?

what about medical payments insurance to cover you and other people in yoru boat incase of an accident. Sure you have liability but that only covers other people if you are liable. Med pay pays everyone in your boat including you the driver for medical payments no matter who is at fault.

If possible try to buy an agreed value policy instead of an actual cash value or state value policy. that way you know that if a loss occurs you are getting the exact amount of money you and the company agreed on, not what they have decided to offer after the fact.

 

[RCSConstruction]

Re: Boat Insurance?

I got the medical insurance for the passengers.( they say it maxed out at 10,000 per person?) I got everything I could and raised the minimums. I know how this lawsuit crazy world works. I may have people sign waivers just to get onboard!!!haha
Thanks for the info D.Rat& bucky I will do exactly as you say.
Any other comments anybody?
Thank you

 

[Reel Poor]

Re: Boat Insurance?

If you want to raise your policy minimums without raising you annual payment ask them about carring a higher deductable, say 1000 or 1500 dollars.

 

[bucky7680]

Re: Boat Insurance?

Rat sent you a PM.

 

[Solittle]

Re: Boat Insurance?

A money saver would be to get an umbrella policy for liability. That would cover all perils not only when you are in your boat. They are relatively cheap and the cost is more than off set by allowing you to reduce the liability (and hence the cost) on your individual policies.

I was carrying $500,000.00 in auto liability coverage and by buying a $1,000,000.00 umbrella (which included marine coverage)I was able to reduce the individual liability to $350,000.00 for less premium. Sounds weird - getting more coverage for less $$$ but it was true for me. Check with your agent.