Boat Insurance

[Will Fish]

I put a deposit down on a new to me used boat. 1987 Tiara 2700 Open w/ new 350 Crusader MPI 330hp inboards. The boat is loaded with equipment. Sonar, (2) GPS/chartplotters, Radar, Auto Pilot, 4-Man lift Raft, outriggers, fighting chair, AC, Fridge, 2-burner electric stove, etc. I need to insure the boat, but not sure how much to insure for. I know I need the NY State minimums at the least, but my question is more on the boat itself. Do I insure for the boat's value? According to the NADA the avg is around $20k, but that does not reflect the newer MPI Crusaders (225hours). I can do an agreed value and add "personal equipment".

I received one quote for $1,600/yr which covered $35k + $10k in equipment w/ $500 deductible. This also included TowBoatUS $3000/incident.

I have no idea if this is good coverage or a good rate. My 21' I am insured for $8500 w/ $3k in equipment and the premium is only $340/year.

Any advice or opinions are greatly appreciated.

 

[ThomW]

For what is is worth, I have my 25' tri-toon insured for $10,500.00 and I pay a premium of $124/year. That is with a deductible of $500 and includes towing within 150 miles of shore. I am located in NY, not sure what state you are in. What companies have you looked into so far?

 

[mbhoag]

I insured my 2001 Proline 19 Sport for $15,000 agreed value, towing, extra coverage for fishing gear, 3 fishfinders, etc for $189.00 with BoatUS. I used to use Progressive for my other boat, but was not happy with the coverage & pricing I had so I switched to BoatUS.

Both prices you listed ($1600 for $35K and $340 for $8500) seem awfully high in my opinion.

What company are those quotes from, and who else have you looked at for prices?

 

[jkust]

You set the number for the agreed value. Coverage cannot be compared from region to region, person to person and of course deductible level matters as well. You may have great credit and someone else may not, you may be in a southern state and someone else may be in the north, you may have a great driving record and someone else may not....so many underwriting variables. You just need to keep doing what you are doing and comparing quotes that you receive.

 

[Will Fish]

Premium is what it is. I'm in NY in the LI Sound. My question is more of the amount of coverage should I take out. boat US gave me a quote of $1550 for agreed value of $35k plus equipment. Or $900 for "Actual Cash Value". Not sure if the extra $600 a year is worth adding?

 

[wahlejim]

Talk to your homeowners insurance company. Those quotes are outrageous! Get competitive quotes.

 

[Will Fish]

Talk to your homeowners insurance company. Those quotes are outrageous! Get competitive quotes.

1450 from state farm which I have for homeowners. Cheapest so far, but does not include towing.

 

[shrew]

Note that the policy is also dictated by WHERE you are boating. 'Inland Lakes and Rivers' (Lakes, Ponds and Rivers) policies are NOT the same as "Coastal Waters" (Ocean). My premium went from a few hundred dollars to $1,400 when the boat was moved from an Inland Lakes and Rivers to a Coastal Policy.

Also, prices will vary based on whether you are talking about Comprehensive or Liability Only insurance. It is irrelevant to discuss prices unless these two factors are mentioned in the discussion.

I have:

Comprehensive (Agreed Upon Value: ​$30,000
Fishing Equipment. $5,000
Replacement/Personal Items: $5,000
Liability: $300,000
Towing/incident: ​$2,500

*Coverage: Coastal Waters

Premium: $1,440/yr

 

[Will Fish]

Note that the policy is also dictated by WHERE you are boating. 'Inland Lakes and Rivers' (Lakes, Ponds and Rivers) policies are NOT the same as "Coastal Waters" (Ocean). My premium went from a few hundred dollars to $1,400 when the boat was moved from an Inland Lakes and Rivers to a Coastal Policy.

Also, prices will vary based on whether you are talking about Comprehensive or Liability Only insurance. It is irrelevant to discuss prices unless these two factors are mentioned in the discussion.

I have:

Comprehensive (Agreed Upon Value: ​$30,000
Fishing Equipment. $5,000
Replacement/Personal Items: $5,000
Liability: $300,000
Towing/incident: ​$2,500

*Coverage: Coastal Waters

Premium: $1,440/yr

The plan is similar to yours. Here is the breakdown for Geico:

Agreed value : 35000
Liability: 300,000
Fuel and other spill liability: 939,800 (I'm told this is a NY requirement)
Medical payment: $1000 pp
Uninsured boater: 300,000
Towing: 3000 per incident
Personal effects: 10,000 (includes electronics)

Premium: $1,606

Although this was the most expensive premium, it was the highest any of coverage

This includes coastal inland waters of us and Canada. Not sure if there is a distance offshore that limits the coverage or not. I would have to ask. If primarily be inshore with the occasional trip to the tuba grounds on the right day

 

[Old Ironmaker]

I insured my 95' StarCraft Superfisherman 190 for what I paid for it, 13K CDN. When I add anything of real value, electronics for example I call my agent and he adds that to it's value. It's an additional $200.00 a year on my Homeowners policy. I don't pay $1500.00 for my new truck that was 50K.

 

[mbhoag]

Premium is what it is. I'm in NY in the LI Sound.

Well, being in NY and on LI sound probably has a lot to do with the rate....
I am a former Long Islander myself, so I know anything there cost 10X as much as anyplace else....
Out of curiosity, where is your home port on LI? (I grew up in Westhampton Beach, and my dad kept his sailboat in Northport)

 

[shrew]

Well, being in NY and on LI sound probably has a lot to do with the rate....
I am a former Long Islander myself, so I know anything there cost 10X as much as anyplace else....
Out of curiosity, where is your home port on LI? (I grew up in Westhampton Beach, and my dad kept his sailboat in Northport)

Not really relevant. My policy covers from Maine to New Jersey. I would be the same if if my coverage area was the mid-atlantic states. It only increases as the coverage area increases (e.g. Maine to Florida).

I doubt your going to find a Coastal Waters Comprehensive policy for the few hundred dollars being quoted here. I think you'll find that smaller boats with less systems and Inland Water navigation drop the premiums considerably.

 

[jkust]

Not really relevant. My policy covers from Maine to New Jersey. I would be the same if if my coverage area was the mid-atlantic states. It only increases as the coverage area increases (e.g. Maine to Florida).

I doubt your going to find a Coastal Waters Comprehensive policy for the few hundred dollars being quoted here. I think you'll find that smaller boats with less systems and Inland Water navigation drop the premiums considerably.

Interesting...the only question asked whenever I've shopped for boat insurance is what zip code the boat will mostly get used in. I actually don't know what would happen if I took it say to a coastal body of water off the top of my head. Someone mentioned adding it to your homeowners and I seem to recall that some states won't cover a boat on the HO policy if the engine has above a certain HP. In my state, I can get a boat policy from a HO insurance company but not on that same policy unless the HP is very low....I only recall enough to know that there is something there at least in my state and that i'd have to look into it. I've discovered that each insurance company excels at certain things and not others. I have several homes and not a one of the different insurance companies has a clue about boats or power sports as they always quote 3 times higher than Progressive. I only have several different HO insurance companies because each specializes with one focusing on high value homes (main house), another on lake homes and another on rental homes. Not only do the laws vary from state to state, every insurance company varies a lot. I have a large portfolio of insurance policies which is a pain to have to manage as nobody can do it all. I always laugh at the bundle commercials I see all the time. For instance Progressive while excellent at power sports and boats adds a 1% of the value of the house deductible onto wind hail claims which is a huge deductible where as many others haven't done so in my state as of yet.

 

[BRICH1260]

1450 from state farm which I have for homeowners. Cheapest so far, but does not include towing.

The State Farm policy does include up to $500. for towing of the boat or the trailer and boat included. At least in my state, IN.