Are You Insured?

[martintheduck]

Flat out, is your boat insured? Has it been beneficial? Have you ever made a claim? Who's your provider?

[tomustang]

Why wouldn't you insure a boat, protect your investment.

[Traveler2586]

  On 6/14/2013 at 6:47 AM, tomustang said:

Why wouldn't you insure a boat, protect your investment.

 

Also, because there is so much that can go wrong both on the water, or on the road, you need to protect yourself from liability.  You could have an old boat that you don't feel is worth insuring, but if you have an accident someone could sue you for big $$$; also your auto insurance may not cover you properly while towing a boat.

 

Here is an article by a local professional Bass guide to give you something to think about.  http://www.penrodsguides.com/LOUmagazineWINTERinsuranceKP.html

 

I live in an area that see a lot of Bass tournaments, and therefore a lot of bass boats on the road.  a few years ago I came upon an accident where a tournament angler was stopped at a light and was rear-ended by a dump-truck with such force it knocked the boat and trailer sideways into a car in the next lane, and drove the anglers rig forward into the SUV in front of him; two people in the car and the Bass angler were taken to the hospital. From the overall condition of the dump-truck I would bet the owner-operator didn't have the best insurance to cover this accident.

 

You need to protect yourself.

[slonezp]

You would also need insurance to protect you from any on the water accidents. You hit a submerged log or run aground in shallow water you can tear up a boat really quick. God forbid you run into another boat, which happens regularly on my home water. You need medical payments,You will want to make sure your gear is insured. My insurance is divided into 2 parts. The boat and everything permanently connected to it, and the contents of the boat which include all my gear, my sons gear, the electronics. There are different types of insurance as well. One type, similar to car insurance, the boat is insured but the replacement coverage depreciates yearly. There is also full replacement value. I have my new boat motor and trailer insured for the purchase price. If it sinks in 10 years, I am covered for what I paid for it, not it's value 10 years from now. I have State Farm as my provider and have not made a claim on any of my boats. You can check out BoatUS, Progressive, World Wide Marine or any of the major carriers

[jhoffman]

I carry $300,000 in liability insurance

$9000 in boat/trailer insurance

$12000 in tackle insurance

 

Some of my renters can also pick up the slack. For $15/month its a no brainer. Plus, some tournaments require it.

 

I group my boat with my vehicle and renters through State Farm

[Long Mike]

Boat insurance is cheap.  I pay just over $200 a year for complete coverage of the boat, motor, and contents; plus $300,000 of liability.  My carrier is World Wide Marine.

[Fishing Rhino]

Unless you are destitute, you are "insured".  In the case of liability, any assets you have are your insurance. 

 

Insurance is to cover your losses, and your liabilities.  If you have the resources to cover your liabilities, losses, and enjoy playing Russian Roulette, not insuring your boat may be just the ticket.  If you don't have the means to pay for someone you injure or their property you damage, then common decency dictates that you carry insurance. regardless of what the law may require.

 

At the very minimum, you should carry insurance to cover the losses you may inflict on others, be it property damage or personal injury. 

[(='_'=)]

  On 6/14/2013 at 2:03 PM, Fishing Rhino said:

Unless you are destitute, you are "insured".  In the case of liability, any assets you have are your insurance. 

 

Insurance is to cover your losses, and your liabilities.  If you have the resources to cover your liabilities, losses, and enjoy playing Russian Roulette, not insuring your boat may be just the ticket.  If you don't have the means to pay for someone you injure or their property you damage, then common decency dictates that you carry insurance. regardless of what the law may require.

 

At the very minimum, you should carry insurance to cover the losses you may inflict on others, be it property damage or personal injury. 

 

thats all i could obtain here in Mexico, i couldnt find a way to insure my boat... however, i added an extension to my truck´s insurance, and, if im towing the boat (or any other trailer) and i have an accident, the boat may be lost, but at least all the damage it causes is covered...

[Traveler2586]

  On 6/14/2013 at 2:03 PM, Fishing Rhino said:

Unless you are destitute, you are "insured".  In the case of liability, any assets you have are your insurance. 

 

Insurance is to cover your losses, and your liabilities.  If you have the resources to cover your liabilities, losses, and enjoy playing Russian Roulette, not insuring your boat may be just the ticket.  If you don't have the means to pay for someone you injure or their property you damage, then common decency dictates that you carry insurance. regardless of what the law may require.

 

At the very minimum, you should carry insurance to cover the losses you may inflict on others, be it property damage or personal injury. 

 

 

 

And after your insurance pays whatever, someone can sue you in court where they can take anything of value you may have and garnish your wages for years leaving you just enough to live off of.

 

dog gone it..... After all this I feel like I need a one-on-one with a professional insurance consultant..... I may not have correct coverage for my rig, cargo, and liability.

 

BTW - Last year I ran over a truck tire tread that did a job on my left trailer finder and side of the boat.  When all was said and done it cost $4,000.00 to get everything repaired.  My insurance paid all but my $500.00 deductible.

[slonezp]

  On 6/14/2013 at 7:22 PM, Traveler2586 said:

 

 

BTW - Last year I ran over a truck tire tread that did a job on my left trailer finder and side of the boat.  When all was said and done it cost $4,000.00 to get everything repaired.  My insurance paid all but my $500.00 deductible.

Was that covered under your auto policy or the boat policy? and Where can I get a trailer finder?

[Fishing Rhino]

  On 6/14/2013 at 9:05 PM, slonezp said:

Was that covered under your auto policy or the boat policy? and Where can I get a trailer finder?

What are you?  Long Mike's associate?

[slonezp]

  On 6/14/2013 at 10:13 PM, Fishing Rhino said:

What are you?  Long Mike's associate?

No. Just a consumer interested in purchasing a trailer finder. You know, just incase I lose mine.

[Long Mike]

You really don't need a trailer finder.  I have a transponder attached to my trailer that tells me, with great accuracy, whether it is directly underneath my boat or is attached to my truck.  It will also tell me if it is beneath my boat AND attached to my truck.  How's that for technology?

[Traveler2586]

  On 6/15/2013 at 12:06 AM, Long Mike said:

You really don't need a trailer finder.  I have a transponder attached to my trailer that tells me, with great accuracy, whether it is directly underneath my boat or is attached to my truck.  It will also tell me if it is beneath my boat AND attached to my truck.  How's that for technology?

 

I don't understand Mike, a transponder on you trailer that does what?

[Bluebasser86]

I have 300k coverage and 10k in tackle insurance, cost me $19 a month. Apparently I have roadside assistance and towing also. Didn't know that until I spun a bearing last spring. Got the boat and trailer hauled home on a flatbed for nothing out of pocket, was about 30 miles from home too. I had to do it to fish tournaments but it doesn't make any sense not to have it either.