What type of Insurance do you have on your trailered boat?

[SeaKaye12]

Hi,<br /><br />I'm going to call my insurance agent today. 30 years ago when I had my last boat...I had no insurance on it.<br /><br />Today I imagine it's different. I'd appreciate comments. Perhaps some of you are in the insurance business?<br /><br />My boat will sit in the driveway all year except for the few times that I trailer it to a lake or to the ocean...and on those occassions I will be on the water for only a few hours. <br /><br />I want adequate protection with a liability policy. I'm not interested in insuring the boat itself...only in insurance for damage I might do to others.<br /><br />Thanks for reading, Chuck

 

[txswinner]

Re: What type of Insurance do you have on your trailered boat?

For liability only, ask your agent if you can endorse your homeowners policy with a boat liability endorsement.<br /><br />However, this will not provide insurance for you or your passengers who might be injured or require medical attention.<br /><br />Contents of your boat may be covered under the homeowners and while towing you may have coverage for liability under your auto. Good luck glad I hope this helps.

 

[Straightup]

Re: What type of Insurance do you have on your trailered boat?

I don't know how big your boat is, or how things work in Cali, but for my insurance in WI a boat under 16 feet is only $36 a year for Liability and $2000 coverage. Same coverage for a boat over 16 feet is $92. I don't know how big you have to get before it goes up again. Anyway, that was cheaper than I thought I was going to have to pay.<br /><br />Jeff

 

[craze1cars]

Re: What type of Insurance do you have on your trailered boat?

My agent just sells a "boat policy." Pretty simple stuff...includes $300,000 liability as well as boat damage coverage with a $500 deductible up to "Actual Cash Value," which is generally book value such as NADA. Costs me about $110/year on a boat that's worth about $5K.<br /><br />He doesn't even offer a liability only policy, as I inquired about it also. There's really little need when it's that cheap, IMO.

 

[AguaSki]

Re: What type of Insurance do you have on your trailered boat?

Insurance premiums vary by state. My boat is a rider to my auto policy and carries the same coverage as my cars. In AZ this runs me about $130 a year.

 

[rwidman]

Re: What type of Insurance do you have on your trailered boat?

I insure mine with the same company that insures my house and automobiles.<br /><br />Liability insurance is very important no matter what the size or value of the boat. If you injure or kill someone you need the coverage. If your boat sinks and dumps gas or oil into the water you can be held responsible for the cleanup costs.

 

[Mark42]

Re: What type of Insurance do you have on your trailered boat?

You're home owners insurance company will most likely give you the best coverage and price. I have a stated value policy on my boat. Agent wanted some photos to support my value claim of $5000 on a 1965 boat. Includes all sort of goodies like 300k liability, medical payments, towing of the boat/trailer if the tow vehicle breaks down, $500 of on water repair service, on water towing re-imbursement, etc, etc, etc. All for about $100 year.<br /><br />The boat insurance companies can't even come close.

 

[tomatolord]

Re: What type of Insurance do you have on your trailered boat?

NADA on mine - since the boat and trailer are only worth about 1500 it is covered being towed under my car insurance - which gives me 1500 on anything that I tow behind the truck.<br /><br />If I wanted seperate boat insurance it was 50% of the present value less a 500 deductible so I would get about $200.<br /><br />On the water I am covered under my umbrella insurance policy - this cost me an extra $50 a year.<br /><br />I checked with my insurance guy. <br /><br />The issue is that for me to replace new would be about 5k, but to replace used 1,500 is a fair price.<br /><br />I should check about the towing of the boat if the truck breaks down, I do know AAA does NOT cover my trailer.

 

[rwidman]

Re: What type of Insurance do you have on your trailered boat?

I should check about the towing of the boat if the truck breaks down, I do know AAA does NOT cover my trailer.

BoatUS on-water towing insurance has a trailer option for about $10.00 more per year. It covers the first $150.00 of towing related service. I have the BoatUS unlimited on-water towing rather than having this coverage from my boat policy. It costs less and there's no hassle of paying for a tow and asking for reimbursement.

 

[ramster]

Re: What type of Insurance do you have on your trailered boat?

I pay Progressive about $220 for full coverage on my 04 Glastron 19ft. That covers me on the lake, on the road, or in the driveway if a tree falls down.

 

[jeffljones]

Re: What type of Insurance do you have on your trailered boat?

I'm not sure about other states, but here in CA many Insurers are trying to cancel as many policys as possible. If you make a claim on your homeowners they do a "Pay-off and cancel" and you're SOL for homeowners coverage. I was offered boat coverage as part of my homeowners policy, but refused it, not wanting to jeopardize my homeowners coverage.

 

[SeaKaye12]

Re: What type of Insurance do you have on your trailered boat?

Interesting point Jeff...I had not thought of that.<br /><br />A friend came to see my boat today. He wasn't impressed.<br /><br />His concern was..."Will they insure you for the pollution clean-up at the lake if it sinks"?<br /><br />Hmmmpf! For some people..the damn glass is always "half-empty"... <br /><br />Thanks for reading, Chuck

 

[scubatrooper]

Re: What type of Insurance do you have on your trailered boat?

SeaKaye12:<br /><br />I bought a boat last March and was going through all the insurance and registration paperwork back then. I feel I got a great deal through Progressive at Progressive.com.<br /><br />My premium is $201/year for a 2004 Caravelle 187LS Bow rider w/V-6 and trailer. The coverages are 300/500 for BI/PD/Uninsured with $500/deductibles across the board. It has a full replacement clause and includes road assistance and a disappearing deductible. My insurance agent from Farmer’s quoted me over $600/year through Foremost Ins. Company for a policy with less coverages than Progressive was offering. I have my homeowners, two vehicles and motorcycle insurance policies through Farmers with great rates. I would have thought they would be a little more competitive on boat insurance. <br /><br />Progressive is easy to deal with via the web or their 1-800 number. I couldn't find a better premium. Good luck!<br /><br />Regards,<br /><br />Steve

 

[swist]

Re: What type of Insurance do you have on your trailered boat?

I know this forum is not in general populated by "rich" boaters, but even if you have a modest amount of assets, you would be well-advised to have a blanket or "umbrella" liability policy. This takes over if you are sued and the primary policy covering the incident (homeowner's, car, boat) does not have a high enough liability payment. Usually you can get something like a $1M policy for $300 or less, depending on how many homes, cars, boats, etc you own.<br /><br />In an accident at which you are at fault and there is substantial property damage or human injury, it is not a question of "if" you get sued. It's a virtual certainty.