Insurance: do you have it, should you get it?

[Jstep]

Re: Insurance: do you have it, should you get it?

I already had insurance on my 16' tinny and 21' cuddy, but after reading this thread, I added a $1m umbrella. Thanks for starting this thread!

 

[aspeck]

Re: Insurance: do you have it, should you get it?

In these days of heighten awareness of environmental issues, have an accident involving a fuel spill and the EPA gets involved that insurance premium will seem like a bargain.

FWIW: DNR was sitting at the fuel docks the other day watching everyone fuel up. If you put a sheen on the water you got a $50 ticket.

Not all insurance coverages will pay for environmental spills/accidents. And not all are up to par on liability coverage either. You better know WHAT your policy covers, or you could feel good about paying your $100 - $400 per year until you need it and it doesn't cover ... it is not that you have insurance, it is tha you have insurance that will cover what you need it to cover.

 

[skargo]

Re: Insurance: do you have it, should you get it?

Not all insurance coverages will pay for environmental spills/accidents. And not all are up to par on liability coverage either. You better know WHAT your policy covers, or you could feel good about paying your $100 - $400 per year until you need it and it doesn't cover ... it is not that you have insurance, it is tha you have insurance that will cover what you need it to cover.

Great post. I am amazed at people who have no clue what their policies cover, or worse, don't cover.

That being said, my coverage pays for $800K in environmental cleanup.

 

[Thad]

Re: Insurance: do you have it, should you get it?

Great post. I am amazed at people who have no clue what their policies cover, or worse, don't cover.

That being said, my coverage pays for $800K in environmental cleanup.

It is a great point. This has been going on so long I don't remember all I have put in it. So if this is reduntant, forgive me.

I meet with my agent every year to review ALL of my policies. Things change with what I have and my coverage needs change as well. The insurance industry is notorious for changing the "rules" now and then.
I think it is a good idea to make reviews annually. For the most part, I make very few or little changes. But there have been times when large changes have had to be made. Most importantly, ASK your agent questions. What if's. Am I covered in the case of...

I have had questions that even my agent did not know the answer to and had to look up and get back to me with an answer. And those are the ones that are MOST important.

Bottom line, aspeck is right. Check what you are covered for.
Write your concerns down and take it with you, do not rely on memory. Too many times, one can forget until they are already on their way home.

 

[wajajaja02]

Re: Insurance: do you have it, should you get it?

this guy just lost his new boat, spill 200 gallons of gas in the river, broke his passengers neck , ribs, arm and punctured a lung, and the coast guard salvaged his boat for him,,,NO INSURANCE.

http://www.seacoastonline.com/articles/20090910-NEWS-909109978

 

[AKHeritage]

Re: Insurance: do you have it, should you get it?

I currently do not have a boat but I am looking into getting one. It will not see the water until it is insured. I learned my lesson the hard way when I was a younger kid. Rear ended someone in my truck luckily we had just started from a stop light so we were not going that fast and no one got hurt but it still cost me over $5000 out of pocket in damages between mine and his car. Now I have insurance on everything. I have two four wheelers and I carry full coverage on them just like my cars. By the way I have USAA being military are there any other good companies for boat insurance one would suggest?

 

[skargo]

Re: Insurance: do you have it, should you get it?

this guy just lost his new boat, spill 200 gallons of gas in the river, broke his passengers neck , ribs, arm and punctured a lung, and the coast guard salvaged his boat for him,,,NO INSURANCE.

http://www.seacoastonline.com/articles/20090910-NEWS-909109978

It was a woman driving, and she may or may not have taken the safe boating course, required there.

 

[wajajaja02]

Re: Insurance: do you have it, should you get it?

that did just about every thing wrong,except call the police before leaving for the hospital, he could of caused his friend to be a paraplegic from the broken neck,or worst, or loose the use of his arm from nerve damage, the puncture lung could of turned into a pnuemorthorax, and suffocated the victim en route to the hospital, if he didn't get lost en route or go to a hospital that was a trauma center. that's just dealing with the injured, now you guys can fill in all the things he should have done at the dock to save his boat, like getting it out of the water.

 

[scbackpacker]

Re: Insurance: do you have it, should you get it?

Yes I do. I had to have it since I have a small loan on the boat. I would still have it even if I didn't have to. It's a little peace of mind just in case something bad happens. You never know.

 

[rspar]

Re: Insurance: do you have it, should you get it?

Haven't had my boat in the water yet but checked on insurance today Full coverage 300K, uninsured boater, 30k on trailer, there's some other things I can't remember 130 bucks a year. Oh yeah 100 dollar deductible. No Brainer!

 

[joe1267]

Re: Insurance: do you have it, should you get it?

I never considered NOT having insurance on my old boat. Since my wife's kids will want to have friends over to go tubing, insurance in my eyes is mandatory. All we need is for one of them to stub their toe, followed by mommy&daddy suing to take away everything we worked hard for. Plus given the age of my vintage boat, great coverage is only $50 a year.

 

[golf101]

Re: Insurance: do you have it, should you get it?

Boat insurance is cheap and the coverage important. I recently got my money's worth out of it. My boat flooded during the Atlanta floods, and, without insurance, it would have been a total loss.

 

[JSGOLD]

Re: Insurance: do you have it, should you get it?

I am a bit puzzled...maybe the laws differ from state to state. We just bought our first boat and the FIRST thing I did was ask about insurance. Here is what I was told. Our insurance agent told me that in West Virginia I could not get insurance on the boat because it was over 25 yrs old. I added I only wanted liabilty insurance to which she replied no. The only insurance I could have got if the boat was newer was to cover the boat only for replacement damages. A 33 yr old boat did not qualify. When towing the boat / trailer my auto insurance would cover any damages etc. and when boating my HOMEOWNERS insurance would be responsible....we have those also with the same agent. Seems a bit odd but that was what we were told....I wonder what happens if a person had no home owners insurance? Scary stuff....

 

[skargo]

Re: Insurance: do you have it, should you get it?

I am a bit puzzled...maybe the laws differ from state to state. We just bought our first boat and the FIRST thing I did was ask about insurance. Here is what I was told. Our insurance agent told me that in West Virginia I could not get insurance on the boat because it was over 25 yrs old. I added I only wanted liabilty insurance to which she replied no. The only insurance I could have got if the boat was newer was to cover the boat only for replacement damages. A 33 yr old boat did not qualify. When towing the boat / trailer my auto insurance would cover any damages etc. and when boating my HOMEOWNERS insurance would be responsible....we have those also with the same agent. Seems a bit odd but that was what we were told....I wonder what happens if a person had no home owners insurance? Scary stuff....

Just that insurance wouldn't cover the older boat, other companies most certainly WILL cover it.
Sounds like your agent is clueless.

 

[JSGOLD]

Re: Insurance: do you have it, should you get it?

Not sure anyting will cover the replacement cost of a 33 yr old boat...but I sure do not claim to be an expert on this...
Our agent is a commercial and residential agency that is pretty sharp as a rule, but I have to admit that while I agree auto insurance would cover damages when towing I remain puzzled on the liabilty on water being covered by my homeowners insurance. But, West Virginia has some strange rules and laws concerning insurance. I will inquire again on this and even ask another insurance company about it.

 

[JSGOLD]

Re: Insurance: do you have it, should you get it?

I would ask all of you...based on the low cost of insurance you have....is your insurance covering the replacement cost of the boat ONLY, or does it cover liabilty too? 50-100 bucks a year is what I pay for my camper, which is only 5 yrs old but that is replacement, not liabilty....

 

[joe1267]

Re: Insurance: do you have it, should you get it?

I live in Albany NY, and thru my State Farm agent, not only do I have libability, but I also have $1500 in replacement cost for my 1968 Mohawk 15ft. Your state insurance laws may be different or that particular company did not offer insurance for your age boat. I would definitely check around.

Joe

 

[JSGOLD]

Re: Insurance: do you have it, should you get it?

Interesting you mention State Farm. I looked on their website earlier and was thinking of calling them as they have some good looking boat policies. I have Encompass and am insisting on more information on what they do and don't do. If they cover me with liabilty thru homeowners fine, but I have a lot of new questions that need answered. I will have a lot of money tied up in this boat when we get ready for spring....so I may look elsewhere like State Farm for some coverage for the replacement cost of the boat as well.

 

[ezmobee]

Re: Insurance: do you have it, should you get it?

I added I only wanted liabilty insurance to which she replied no. When towing the boat / trailer my auto insurance would cover any damages etc. and when boating my HOMEOWNERS insurance would be responsible.

I'd want that in writing.....

 

[skargo]

Re: Insurance: do you have it, should you get it?

I would ask all of you...based on the low cost of insurance you have....is your insurance covering the replacement cost of the boat ONLY, or does it cover liabilty too? 50-100 bucks a year is what I pay for my camper, which is only 5 yrs old but that is replacement, not liabilty....

I pay $230 for this

Policy Coverage/Deductible/Premium
Boat & Boating Equipment : $4,000.00
Investigative Services : 5% of the above
*Boat & Boating Equipment Deductible : $420.00
Boating Liability per Accident : $100,000.00
Fuel Spill Liability : $800,000.00
Boat Trailer : $1,200.00
Boat Trailer Deductible : $50.00
Uninsured Boater per Accident: $100,000.00
Medical Payments per person : $1,000.00
Personal Effects per Accident : $0.00
Freeze State - Ice and Freezing Endorsment - Yes
Current Annual Premium : $230.00