Boat insurance what do you reccomend to CYA?

[kert0307]

I'm curious what you guys have for insurance on your boats. I'm looking at making some changes to mine now that its on the water. I'm having a hard time finding info on recommended coverage also since as far as I know Iowa doesn't require it for boats.

[fireman24mn]

I am not sure if any states require it for boats, atv, jetski, Etc. What kind of coverage are you looking for. Are you looking for full coverage or are you looking for just the liability coverage to protect help protect you from lawsuits. If you want give me a call or PM me I am licensed in both IA and MN for insurance. I am sure I can answer any questions you may have.
Shawn

[kert0307]

I'm looking to cover the boat and trailer with 5k of coverage with around a $250 deductible. I'm more looking for tips on how much liability coverage to put on it.

[dorelse]

I have the BoatUS Boat Saver policy.  Shawn will likely have some thoughts!

I'm not worried about the value of the boat as much as any accidental injuries to people...that's where the real $ come in.  The boat's replaceable...

Here's my coverage:

Policy Coverage/Deductible/Premium
Boat & Boating Equipment : Actual Cash Value at the time of loss
*Boat & Boating Equipment Deductible : $375.00
Theft Deductible : $750.00
Boating Liability per Accident : $300,000.00
Boating Liability per Person : $100,000.00
Fuel Spill Liability : $854,400.00
Boat Trailer : 0
Uninsured Boater per Accident: $300,000.00
Medical Payments per person : $1,000.00
Sporting Equipment per Accident : $250.00
Sporting Equipment Deductible : $ 50.00
Current Annual Premium : $147.00

[kert0307]

Thanks, that looks very similar to what my father-in-law has on his boat. That's a hell of a fuel spill liability... are you sure your Glastron isn't a tanker?

[dorelse]

Thanks, that looks very similar to what my father-in-law has on his boat. That's a hell of a fuel spill liability... are you sure your Glastron isn't a tanker?

It comes with it...its a "1 size fits all" ins. policy...you can't change the numbers.

And...if I did spill 30 gals of fuel in a pristine MN lake...I'm sure the DNR could find a way to (easily) to spend $800,000k cleaning it up...

[Jason]

Doran has got it right on, The liability is the big thing. Accidents happen on the water. I am sure we have all seen it.

Progressive and Gieco also have coverage for older boats. Some companies will not insure older boats.

I am sure Sean can take care of you. I need to talk to him about the same thing some time.

[WetRaider]

Good topic for today.  I just found out that Geico didn't pay my boat's policy.  Brokered through Geico, my actual insurer was SkiSafe.  They sent out a new packet with policy details this spring.  I'm on automatic payments through Geico for the cars, I had assumed (wrongly) that after paying for the boat policy up front last year ($127), that they had added a few bucks a month so that they could pay it again when it was due.  They didn't.  So I'm up for a new policy. 

All things being equal, Shawn, why don't you PM me your contact info.  I'd rather buy through someone here than Geico.  I'll need it covered by the time I put it on the water. 

[Hyperacme]

I changed mine over to Shawn this year ...
Support our members !

[iowa cv-23]

We go w/ Geico, & they give 10% discounts for folks that have taken a boating safety class - we took ours through the Power Squadron - they've got chapters throughout the midwest - here's a link to the Des Moines one


http://www.dmsps.us/publicboatingcourses.htm

[fireman24mn]

I would recommend at a minimum nothing less than 100/300. Look up the average injury lawsuit settlement for your state. If I remember correctly I believe MN average is around 250,000 for personal injury per person. MN state minimums are 30/60/10 and IA is 20/40/15. In short this means your contract with your insurance says they will pay $30,000 max per person, 60,000 per accident (but not more than 30 per person) this would be pain and suffering, hospital bills, etc. Last is 10,000 in property damage (the car, tree, house you hit). What ever your limits are they would apply the same way. For example 100/300/50. What ever your limits are is the max they will pay out.

So you are out in the boat and don't see the small child fall off the tube and you hit him. Do you think that there could be more than 30,000 in medical, pain and suffering? What if he passes how much will they ask then? I see today that Usher (the singer) his step son was tubing behind a boat and was hit by a jet ski. He is brain dead and on life support. Do you think he will have a good lawyer? Do you have enough to cover a lawsuit like that?

May people say I cant afford higher limits. Or they cant get money from me if i don't have any. They can and they will. They can garnish wages take your house if you have equity, sell your new car, 401k, investments, and much more. Pretty much nothing is safe. They can even make you sell your wedding ring if it's valued at over 2,500.  Always get the higher limits and get a personal Umbrella. You can usually get an Umbrella for around 15-20.00 a month and that will be an additional 1,000,000 in coverage to protect you and your family. Also remember if your borrow your boat, car, truck, to whoever it is still yours and you can be sued even though you were not in it. I urge all of you to contact your agent and review your current policy and coverage's. So you at least know where you are at. Sorry for the long post just would hate to someones one bay day turn into a bad life when it can be prevented. I know I am the enemy (insurance agent and all) if anyone has any questions please feel free to call or PM me.
Shawn

[Hyperacme]

Only draw back with Shawn is he's not as cute as Flo ....

[CVX Fever]

I've got an umbrella policy with State Farm. That adds a million in coverage. Funny thing is the premium for CVX18 is more expensive than the SeaRay. I pay close to $400 a year for that. The CVX16 was $75.  I may look into insuring both boats with Boat US and see if that makes more sense. I always opt for the higher deductable to bring down the cost of the premium.

[fireman24mn]

Some of the premium is determined on speed the faster the boat the more expensive just like car vettes are more than cavaliers. And one more Thing DO NOT add your boat to the house do you want a small claim on your boat to effect your home!

[Tmstibbe]

Watch out and avoid Progressive and other companies that have cheap rates and spend a ton on advertising that you pay for.  My boat mechanic told me Progressive is the worst.  They dictate what parts may be used in a claim that involves boat repair.  Progressive required them to use cheap China parts and lower unit, not Mercruiser original parts.

Look for a company that pays its claims, and timely.  They all take your money, but how well do they pay claims?

It boils down to how much they charge for the policy, so if you pay a bit more, know that you have a local agent you trust and a Company that will pay on a claim.

Get at least 100,000/300,000 per accident for liability.  Kert, put $10,000 collision/comprehensive on your boat/trailer.   You restored it, you built it.  What would it cost you to go out and find a replacement in the same shape as yours?   Remember that you own a sexy high performance speed boat with a modified engine, your an easy target.   Take a reasonable deductable, most companies only offer a $250 or a $1,000.    I had a one thousand deductable, and after I ruined a lower unit and filed a claim (American National paid within a week), I contacted my agent and lowered the deductable to $250, and it was only another $20 a year.  Tom S.   (19CSS at Rathbun).

[fireman24mn]

Watch out and avoid Progressive and other companies that have cheap rates and spend a ton on advertising that you pay for.  My boat mechanic told me Progressive is the worst.  They dictate what parts may be used in a claim that involves boat repair.  Progressive required them to use cheap China parts and lower unit, not Mercruiser original parts.

Look for a company that pays its claims, and timely.  They all take your money, but how well do they pay claims?

It boils down to how much they charge for the policy, so if you pay a bit more, know that you have a local agent you trust and a Company that will pay on a claim.

Get at least 100,000/300,000 per accident for liability.  Kert, put $10,000 collision/comprehensive on your boat/trailer.   You restored it, you built it.  What would it cost you to go out and find a replacement in the same shape as yours?   Remember that you own a sexy high performance speed boat with a modified engine, your an easy target.   Take a reasonable deductable, most companies only offer a $250 or a $1,000.    I had a one thousand deductable, and after I ruined a lower unit and filed a claim (American National paid within a week), I contacted my agent and lowered the deductable to $250, and it was only another $20 a year.  Tom S.   (19CSS at Rathbun).

Well said.
I was in the auto body field for 15 yrs and dealt with the other side of the insurance coin. There are some companies out there that have a horrible claims dept and fight tooth and nail when it comes to payment. We all know that Flo and the lizard will never answer the phone and help you with you claim, bill , or problem. I run into so many people that have not talked to there agent in Years. Have you not had changes in your life? Just make sure that you are well protected and your coverage's are up to date. If you have questions about your current policy and need answers please feel free to call or email. I do not know insurance laws in all states but most are similar. I would be glad to point someone in the correct direction or give them any advice I could. No matter the company or there agent.   

[bambam]

Only draw back with Shawn is he's not as cute as Flo ....

OH I HATE HER