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Insurance. When do you want it?
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| Sax416 |
Posted on 09/27/11 - 5:39 PM
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I've seen insurance mentioned a lot especially when engine size is concerned. Do most members carry it on their boats? I've never ha it on mine and until reading it on here never thought much about it. Is it recommended on an old small boat or is this more for newer boats? I assume it is less about liability and more about replacement. Would that be a reasonable assumption?
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| Sax416 |
Posted on 09/27/11 - 5:59 PM
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Sorry I selected discussions but it dropped this in engines.
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| Jack Jordan |
Posted on 09/27/11 - 6:02 PM
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Just my thoughts - you don't need insurance if you have enough money in the bank to pay off a mishap. Replacement cost is another add on by the insurance agent. First question should be "Is there a replacement for my hull?"
Jack
1963 Custom 16, stencil #31048 |
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| Sax416 |
Posted on 09/27/11 - 6:21 PM
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Mishap... brings up a thought. If a mishap occurs at home would homeowners cover it and if a mishap occurs on the road would it fall under your auto coverage? That would leave boat insurance only to cover a mishap on the water?
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| Jack Jordan |
Posted on 09/27/11 - 6:30 PM
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My boat ins is configured to cover me if I am at fault on the water, plus some extra for the new motor. My auto ins covers my truck and anything connected to it on the road. As for homeowners, mine only covers my home and anyone on site. If a tree falls on my car or boat in the yard I have to file on that ins, not homeowners.
Jack
1963 Custom 16, stencil #31048 |
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| Jack Jordan |
Posted on 09/27/11 - 6:33 PM
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Your agent can give you a more acurate answer on what you need. He knows what he is doing from a liability standpoint.
Jack
1963 Custom 16, stencil #31048 |
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| zappaddles |
Posted on 09/27/11 - 6:46 PM
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It's all about liability. Most any boat on here could be replaced for <20K. If a person is injured on, or as a result of, a boat the liability and medical costs get into the 100K price range quickly.
Zap
If you can't play hurt....stay home. |
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| Gamalot |
Posted on 09/28/11 - 3:56 AM
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Insurance on small boats is a funny subject. Most members will find that they don't need it until they need it! Liability insurance protects you if someone is hurt in, on or by your boat. If you don't have it and something happens you will wish you did! This is the one place you do not want to be cheap on. $25,000 Liability limits can be gone through in a few days stay at a hospital. $100,000/$300,000 would be far better protection for you and not all that much more expensive.
Additional insurances on boats could be called Comprehensive Coverages, Fire, Theft and Collision. These coverages can often be tailored to your specific needs. Some companies will allow you to assign the value, within reason, of your boat and charge you according to what value you state. Other companies may only go by Kelly Blue Book values. My 1974 Montauk likely does not have a KBB value after 38 years but I plan to insure it after the total refit for at least $10,000. If I ad a new E-Tech 90 I would increase this to $18,000.
Another consideration that is usually overlooked is Uninsured or under insured protection. This covers you and your guests if some other boat crashes in to you and has little or no insurance.
It is great to feel like we are responsible boaters and would never be reckless while out in our boats. Stuff Happens and insurance is your only ally when it does. One thing is for sure, when something does go wrong, you never have enough!
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| davis422 |
Posted on 09/28/11 - 5:22 AM
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I saw on your page that you have a 13. I would get the insurance. We pay $127.00 a year on our 15 and this gives me replacement of $4500 for the boat $1800 for the motor and $550 on the trailer. How they came up with the numbers I don't know but it seems fair. We also have $100,000 in liability. It is peace of mind.
Another thing to add is last year I pulled into a marina for fuel and a bite to eat and before filling up the kid asked to see my insurance while tying up. Luckily I had it in with the registration. When I asked why he said they had an incident and the owner wants to cover his butt. I don't know what happened but the next time we went there they did not ask for it.
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| Sax416 |
Posted on 09/28/11 - 6:14 AM
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Makes sense now. Glad I asked.
Thanks folks.
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| lrak |
Posted on 09/28/11 - 6:48 AM
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Jack Jordan wrote:Just my thoughts - you don't need insurance if you have enough money in the bank to pay off a mishap. Replacement cost is another add on by the insurance agent. First question should be "Is there a replacement for my hull?"
I think about it differently. My 13 Sport & motor is insured for $6k agreed value plus 100k property/300k fuel spill/medical liability for $179/year. That is a tiny amount compared to what I pay for car/truck/motorcycle insurance which I am legally required to have.
I don't NEED the insurance, but $179/year is cheap incase I am in an at fault accident or frivolous lawsuit. If I hurt someone I want them to get compensated fairly without taking the college fund away from my own kids. If I get involved in a frivolous lawsuit it is the insurance company's problem, not mine. That lets me sleep at night.
If I call SeaTow and they claim my Whaler was sinking and it was a salvage job instead of a broken motor tow, I don't need to deal with it. Its the insurance company's problem. I get to keep the boat.
I'm sure there is a replacement for my hull. However when I find another '86 to '93 Sport that has a reliable engine, has minimal gelcoat wear, has gotten a coat of varnish every few years, has had the drain tubes resealed, has never spent more than 72 hours straight in the water, was covered on a trailer in the summers, and was garaged every winter ... the seller is going to be asking a lot more than I'd want to pay for a 13' boat ... unless it was a direct replacement with insurance money.
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| Tom W Clark |
Posted on 09/28/11 - 7:35 AM
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Every boat owner NEEDS insurance, even owners of old small Whalers. It's fine if you don't want to pay for comprehensive and can afford to loose your boat, but you sure as hell need liability insurance, which is very low cost. We carry $1,000,000 in liability coverage in addition to our other coverages.
I don't know about you guys, but I am not interested in replacing my $25,000 Whaler out-of-pocket, even though I could. I'll just pay a few hundred a year for all coverage and not worry about it.
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| sosmerc |
Posted on 09/28/11 - 8:19 AM
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What about the following scenario: Boat owner runs into a kelp bed and his engine (and air compressor) badly overheat. The cost to repair is extensive (new powerhead, new compressor, labor, etc).
What kind of insurance covers this?
sosmerc |
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| Tom W Clark |
Posted on 09/28/11 - 8:52 AM
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Comprehensive would cover that.
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| duf |
Posted on 09/28/11 - 1:19 PM
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So, i'm leaving friday heading to Fla to pick up my new (to me) 25. I flew out, looked at the boat, test drove, etc etc and returned. Purchased the boat, sent him a check, when it cleared he sent me all the paperwork. I just insured it as i wanted it covered during the trailer ride back.
So, i'm curious about some of the info (all good stuff) someone mentioned his auto insurance covered anything he was pulling, or was attached to his auto, didn't know that.
And numerous folks mentioned $175 etc for the cost of the insurance.
Mine is going to be well over 400, so gotta ask. Is there a recommended company most of you are going to specifically for boat insurance?
Duf
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| John Fyke |
Posted on 09/28/11 - 1:31 PM
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Duf, have a safe trip. I would agree that the boat and trailer will be covered when towing. I don't carry insurance on either of my boats so I can't help you there. I would think $400 is about right though.
John Fyke
Re-Fit or Reef It
1979 15' Sport with Super Sport conversion and 70hp mercury. |
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| Gamalot |
Posted on 09/28/11 - 2:00 PM
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The cost of your insurance is directly related to the declared or assigned value and the liability limits you selected. Comprehensive and Liability together on a boat valued around $25K with $100,000/$300,000 liability would probably be right in the $400 range. Progressive seems to have some of the best rates here in NY
I would check with your auto agent to be 100% certain the boat will be covered on the trip. You might also save some cash if you insure all your stuff with one company.
Good luck on your road trip Duf!
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| duf |
Posted on 09/28/11 - 3:44 PM
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Thanks guys on the well wishes. Approximately 1,266 miles to my destination (who's counting) and think i'm as prepared as i can be. Will start a new thread tomorrow before i leave so i don't mix my trip with this excellent post on insurance. Still have some questions, but will deal with them on my return.
Salute
duf
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| kamie |
Posted on 09/28/11 - 5:59 PM
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Duf,
the policy on my 18 with the newer E-Tec is around $480 a year. That is an agreed upon hull value plus liability of at least 100k, probably more. Yours sounds about right on the money.
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| jimmyrinaldi |
Posted on 09/28/11 - 6:03 PM
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I carry liability and replacement value for ~16/month... well worth it...
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