Boaters Insurance

[floatfan]

Re: Boaters Insurance

FWIW I looked into it and my insurance company wouldnt even talk to me about insuring a 30+ year
old boat.

They'd insured it for liability (damage to another) without question.

By the way, that is some beautiful scenery! What I'd give to take the boat on some water with a backdrop like that in your first picture!

 

[wired247]

Re: Boaters Insurance

They'd insured it for liability (damage to another) without question.

Not USAA.

 

[floatfan]

Re: Boaters Insurance

Not USAA.

Weird. That's no different than them saying they wouldn't write liability on your 1981 pickup. Progressive, Foremost, etc all will do liability.

I carry $100,000 liability & $5,000 med pay on both my 95 Maxum & 1981 Alumacraft river boat. Peace of mind just in case.

 

[tpenfield]

Re: Boaters Insurance

Keep in mind that having insurance (particularly liability coverage) is for your benefit, not the benefit of others. If you were to be found liable in some sort of accident and the other parties were awarded a settlement, where would that money come from? (your savings, retirement, house, future earnings, etc.)

I know when I first got my boat, I had to shop around to find an insurance company that would cover me to the extent that I wanted to be covered; and also include it in my umbrella policy. It was not easy, but having the coverage is worth it.

 

[pootnic]

Re: Boaters Insurance

Wired..I don't think your a "douche".
I don't carry boat insurance either and I bet 90% of the inland boaters in my province don't carry it either.
Not saying it's right....I'm just saying.
Similar to you,most time fish by myself or with family and seldom are there any other boats in my area.

 

[H20Rat]

Re: Boaters Insurance

FWIW I looked into it and my insurance company wouldnt even talk to me about insuring a 30+ year
old boat.

That leads me to believe you were talking full coverage, or they assumed full coverage. I agree, full coverage on that boat would be pointless. The value simply isn't there. What most people here are talking about is liability. That is for what you do if you run into someone, or if someone UNRELATED to you is hurt on your boat. (related/immediate family are usually not covered under liability, and if they are, its only for a relatively small amount of the PIP coverage (personal injury protection)

I admit, I've had boats that didn't have liability. They were also on lakes that were near-private, and only family was on the boat. Also depends what type of boat and speed you are talking about, as well as what your neighbors have.

 

[spoilsofwar]

Re: Boaters Insurance

Not USAA.

Probably because USAA does not sell boat insurance at all.

They refer their members (I am one as well) to Progressive.

 

[lncoop]

Re: Boaters Insurance

Probably because USAA does not sell boat insurance at all.

They refer their members (I am one as well) to Progressive.

Yes, I think most boat insurance is farmed out. I know Farmer's has my home, auto and life policies but my boat coverage actually comes from Foremost even though I signed up through my Farmer's agent. For purposes of extended liability they are the same.

 

[drrpm]

Re: Boaters Insurance

My view on insurance is that it is there to cover risks bigger than you want to cover yourself. Liability can be a crapshoot where you potentially put everything you own on the line and the insurance is not that expensive, so that's an easy call. If you don't have much anyway then you're not risking as much and lots of people go that route too.

As the above poster said, USAA refers their members to Progressive. I had my boat insured before it left the marina.

 

[scrit9mm]

Re: Boaters Insurance

Wired, it may be a regional thing. Everyone I know that has a boat has insurance on it with the exception of small (10-12ft)fishing boats. It appears you have considered the cost if something does go ugly.

Good lookin boat! not to mention the scenery!

 

[Rumley]

Re: Boaters Insurance

I have insurance and I won't boat without it. I will say it is a hassle to get insurance on an older boat. My first was a 18' caravelle 1975. No company would touch me without a marine survey. Boat wouldn't have passed a survey most likely but got someone to do one sight unseen with pictures. All but one insurance company would not insure me with that survey or because I was under 25 years old. Was extremely frustrating but I did find 1 that would. Cost me 475 for the year but I was docking at a marina and required it. Previous to that I was unaware that it existed. Now with my new (to me) boat a 21' with a proper marine survey (250) my insurance is in the ballpark of 180/yr. very cheap to have the piece of mind that if I wreck my out drive on a rock, someone gets hurt due to my boat or it comes untied at the dock (I now dock on an island and a friends camp where no one may be out for weeks at a time) everything will be covered. To me it's the best under 200$ I spend every year to do with boating. Just my opinion though...

 

[DonHof]

Re: Boaters Insurance

I have a small tinny, got insurance before I even picked it up at the dealer.

Don

 

[shrew]

Re: Boaters Insurance

I'm just asking if insurance on older boats is something that is commonly done. It was recently pointed out to me that I was a douche for even considering not insuring my boat but I really couldnt find anyone that had insurance on theirs other than guys I don't know on the internet. No one I know or have talked to has boaters insurance that isnt mandated to do so by their finance company.

you admitted the area you boat is very unpopulated and you never see other boats. How many people did you honestly ask in your area? How many 'guys on the internet that you don't know" responded? How many responded on the internet that said they carry it and suggest you do to?

These are rhetorical questions, I don't need the answers. Ask yourself and honestly answer which you think is a better representation of a random sample.

Carry it, don't carry it. It's up to you. You asked.....people told. You don't need to defend your choice.

 

[bruceb58]

Re: Boaters Insurance

Probably because USAA does not sell boat insurance at all.

I have boat insurance through USAA and its not through Progressive.

USAA may not insure a 30 year old boat but they will write up a liability only policy for you. Here is a scenario...you are running along minding your own business and a jet ski out of nowhere rams you and the person on the jet ski becomes a vegetable. You know you are 100% not at fault but the family hires a lawyer and sues you anyway. If you have insurance, the insurance company will defend you and pay any damages even if you are found 99% not at fault. You want to pay even just 1% of a multi million dollar award and hire an attorney?

If you don't have any assets, rent your house...maybe you have nothing to lose anyway so that is why you choose not to have insurance. If you have any assets at all, its a no brainer to have it for how little it cost. Again, I am talking the liability portion here...not the loss of the boat. Self insuring the boat is not an issue at all.

 

[UncleWillie]

Re: Boaters Insurance

... people riding in it are family and they probably aren't going to sue me and I know they have health insurance...

Re. and I know they have health insurance... You Hope!
Unless they are all on Your Health insurance policy.


Re. and they probably aren't going to sue me ...

They may not sue you, but if the damages are major, their insurace company may want to try and recoup some of their losses at your expense.
People with boats are percieved to be people with money.
They will not try to get blood from a Turnip.
But if you have deep pockets they just may try to put their hand in.

Something to consider.

 

[spoilsofwar]

Re: Boaters Insurance

I have boat insurance through USAA and its not through Progressive.

Interesting, if you request a marine insurance quote from them via the website, you get sent to Progressive's site... Although there is still a USAA logo alongside the Progressive one.

I do my banking, car insurance, rental insurance, and (now) my boat loan through USAA, and although they were happy to ask me if I wanted to be referred to Progressive for my boat insurance policy, the customer service rep made it clear to me that it was Progressive insurance "for" USAA customers, not their own.

Regardless, the progressive rates seem competitive.

 

[Harritwo]

Re: Boaters Insurance

I carry USAA Via Progressive for fire, theft, and liability. It is $160 year, My other boat i had a hard time getting insurance due to the age for Fire, theft, But Allstate did insure for liability. THen I have Iboats for towing up to $50 and trailer assist for $50.00. Not enough for towing, but it helps. Keep looking, Liability is for your benefit only.

 

[Thalasso]

Re: Boaters Insurance

The question is, how wealthy are you to cover a claim involving personal injury, fuel spill, property damage etc. No ins. means you will be the first person the lawyers come after.Liability ins is peice of mind.
Fuel spill because of an accident ( your fault or not ) the E.P.A will have a field day with you.

 

[bruceb58]

Re: Boaters Insurance

Interesting, if you request a marine insurance quote from them via the website, you get sent to Progressive's site... Although there is still a USAA logo alongside the Progressive one.

I have had boat insurance with them for over 20 years and my father for many more years before that. Maybe its only new policies.

 

[cribber]

Re: Boaters Insurance

Probably because USAA does not sell boat insurance at all.

They refer their members (I am one as well) to Progressive.

Yup I'm a USAA member with Auto and Home through them... so when I called them for boat insurance they sent me to Flo. I just had my deductible complete erased from my policy after 4 years of no claims. Insure your boat for what you can offord. I have a total purchase price replacement cost policy on my boat with $300K liability all for under $200 a year.