Insurance.. How much are you paying?

[snapperbait]

Re: Insurance.. How much are you paying?

Still shopping here.. Good suggestions so far.

 

[Knightgang]

Re: Insurance.. How much are you paying?

I have a 1987 18' Cobia. Liability Limits are 50/100/50 I think and an agreed value of $6,000 for Boat motor and trailer. My insurance is with State Farm and premium is about $150 per year. This is a first boat so no experience counted and no Safety Course deduction. Boat is listed as used in Rivers and Intercoastal Waters mainly. THis covers me for the occasional offshore venture.<br /><br />Keep shopping. You are bound to find a more reasonable premium somewhere.<br /><br />Knightgang

 

[Skinnywater]

Re: Insurance.. How much are you paying?

2002 welded aluminum riverjet, boat, motor, trailer. All personal equipment, electronics, fishing gear included. Full replacement cost with a measely $100 deductible.<br />$390 a year.

 

[Lark40]

Re: Insurance.. How much are you paying?

On the 1987 cuddy, BoatUS charges $264 for an agreed value of $8,000.<br /><br />The 14' runabout is covered by my homeowners policy.

 

[Ralph 123]

Re: Insurance.. How much are you paying?

I am paying around $800/yr for my 28' Formula through West Marine (St Paul). The insured value is around $20K and I had the liability and PIP amounts set as high as they would go (just in case). They required a survey, etc. Part of the issue is that it is considered a speed boat.I am going to shop it when the policy is up.

 

[mattttt25]

Re: Insurance.. How much are you paying?

i swear i'm not bragging.... for my 1997 20' center with 1998 johnson 150hp, including trailer- $95/year for full coverage. not lying here. usaa is the carrier. if you are involved in the military in any way (even your parents), check them out. you can't find anyone that can beat their insurance prices.

 

[Lark40]

Re: Insurance.. How much are you paying?

Matttt25,<br /><br />I think that you are indeed bragging. <br />Something is very, very wrong.<br /><br />I cancelled my USAA coverage because it was about 45% higher than BoatUS. At that time (June 2002), there was another thread here where several others commented that they switching from USAA to other insurers.<br /><br />Where are you located, and what deductibles do you have?

 

[Bobby Powell]

Re: Insurance.. How much are you paying?

My experience with the homeowners ins.<br /><br />I tried to do that with mine (Nationwide) but they would not cover it because it has an outboard over 40hp.<br /><br />Oh well. I am still shopping.....<br /><br />Bobby Powell

 

[johnnybigrigger]

Re: Insurance.. How much are you paying?

ZZZZZZZZZZZZZZZ.

 

[snapperbait]

Re: Insurance.. How much are you paying?

Done.. I ended up going with progressive.. They had the best "bang for the bucks".. Also, one of only two that actually would insure my "old" boat.. Can't figre that one out <br /><br />little summary: $396.00 for 12 months<br />Physical damage, actual cash value.<br />comprehensive with $500 dedcutable.<br />collision with $500 dedcutable.<br />Bodily injury $100,000/300,000.<br />Property damage $100,000.<br /><br />I did'nt opt for any other coverage, towing, personal effects, fishing gear, ect., but, the thing that sold me, roadside assistance was free.. (free is good ) I've been broke down on the side of the road in the middle BFE at 6am without a soul in sight... Anyone who's ever been in that little predicament knows...

 

[18rabbit]

Re: Insurance.. How much are you paying?

Just a quick thought about insurance policies this is too often overlooked …<br /><br />When shopping for any kind of liability insurance, always, Always, ALWAYS look to see who pays the legal fees in the event of a dispute. For some years now the trend has been to shift the burden for those fees from the underwriter to the policyholder by way of the coverage. It used to be the insurance company carried the cost to defend the policy. Now, policies often require the lawyers are paid by your policy coverage, up to its limit, before any payout.<br /><br />If you find yourself with a claim for some poor guys lost wages, medical, pain and suffering, the cost of the jet ski you just ran over, etc on a $100k policy, you are in trouble. Your insurer is going to siphon off $40k in attorney fees from your policy before you can blink an eye. Now you only have $60k in payout money available. Everyone should be shielding their assets … unless of course, you don’t have any.

 

[Forking River]

Re: Insurance.. How much are you paying?

You need to do what mamma says......"You better shop around"

 

[BiXLL]

Re: Insurance.. How much are you paying?

I just insured a 27' Catamaran Cruiser, 115 outboard. $25,000.00 agreed value, $100,000.00 liability, $5,000.00 medical payments for $291.00 per year with State Farm. ($500.00 deductable)

 

[Arnold96]

Re: Insurance.. How much are you paying?

I have mine thru Nationwide for $148/yr including liability and boat/motor/trailer value. 22 WA cuddy with 200 Yamaha. Boat US and Some outfit thru SeaTow was ski high.

 

[Capn Mike]

Re: Insurance.. How much are you paying?

I've mentioned this before, but it bears repeating: make sure whoever insure your boat with will provide pollution/environmental cleanup coverage. That's becoming a huge deal; you could have a minor accident, but if fuel is lost in the water, the costs of cleanup could well exceed the value of your boat. <br />Many companies provide it as part of the boat liability (e.g., State Farm), others provide it as a separate coverage. If you have a policy that provides the coverage separatly, make sure the limits of liability equal your other liability limits.

 

[Mike Langianese]

Re: Insurance.. How much are you paying?

I am still shopping around for my insurance so I do appreciate all the input that has been given.<br /> <br />I was unaware of the change in policy language that shifted the cost of defending the claim; I will definitely check the policies. <br />One more word of caution, I almost bought insurance from Allstate, looked like a very good policy at a great rate, $299 for $20,000 stated value for the boat, $500,000 environmental clean up, plus $300,000 liability, towing etc. I stopped to read the actual policy before signing and found that they will pay the LESSER amount of, the “Stated Value”, “An Appraised value” or the “NADA book value” or "BucValu". NADA claims I can replace my boat for $4,000, wish I could but not likely. Thought I was buying $20,000 in coverage when they would only payout $4,000 if the event of a total loss. <br />Has anyone else read this language in their policies? <br /><br />Mike

 

[bob58]

Re: Insurance.. How much are you paying?

30' Sea Ray Flybridge, through Safeco joined with Homeowners and Auto policies I pay $483.00 per year.<br />includes:<br />Physical Damage<br />Unattached Equipment<br />Personal Effects<br />Emergency Assistance<br />Liability (Bodily injury and Property Damage)<br />Medical (including waterskier)<br />Uninsured Watercraft (bodily injury and property damage)

 

[Matt O]

Re: Insurance.. How much are you paying?

Here is the coverage and the costs of the policy I just bought on my old 1976 Hydrasport Bass boat<br /><br />Physical Damage option Actual Cash Value <br />Comprehensive $500 Deductible $23.00 <br />Collision $500 Deductible $71.00 <br />Bodily Injury / Property Damage 50/100/25 (in thousands) $9.00 <br />Uninsured Boaters Bodily Injury 25/50 (in thousands) $18.00 <br />Medical Payments $1,000/person $3.00 <br />Replacement Cost Personal Effects $1000 $15.00 <br />On-Water Towing $300 $20.00 <br />Fishing Equipment $1,000 ($100 Deductible) $18.00 <br /><br />thats through progressive.<br /><br />Matt

 

[biloxiriver]

Re: Insurance.. How much are you paying?

Wow, the insurance issue is a monster; now I have to go and actually read my Allstate policy! What a way to spend an evening! I just have liability on my 21 Tigercraft but now I am not sure what it will really cover! But, great info from all of you, better to learn about these issues before a problem. I too am shopping for insurance in anticipation of buying another boat to add to my fleet.

 

[snapperbait]

Re: Insurance.. How much are you paying?

Ahoy, Biloxiriver.. Long time, no hear... <br /><br />Last year, $396.00... Just recently sent in my renewal.. $404.00... <br /><br />I figured the premium was going to go thru the roof this year because the hurricanes...