Super User Ratherbfishing Posted March 24, 2015 Super User Posted March 24, 2015 I've finally decided to financially protect myself with boat insurance and I've gone through a somewhat laborious Q & A session with my auto insurance company to get an estimate. HOWEVER, all of the questions have pertained to the boat and trailer and not how much coverage I want against accidental death or injury, or fishing tackle, etc. I know, when I speak with the company again, I should ask about these things but, in advance, for those of you who have HAD to file a claim, what kinds of things did you wish you'd asked about or had requested be covered which weren't? Quote
Super User Fishing Rhino Posted March 24, 2015 Super User Posted March 24, 2015 You should protect yourself and others with the same basic coverage you have on an automobile such as property damage, bodily injury, etc. You should also carry some type of coverage to pay all but the deductible if you damage your own boat. You might also consider coverage in case you need a towing service. I don't know how it compares to getting towing insurance from a company like Sea Tow. Your agent should have the knowledge to put an insurance package together that will suit your needs and budget. He should be able to walk you through the process, line by line. Quote
Super User Sam Posted March 24, 2015 Super User Posted March 24, 2015 Ask for the following: $1,000,000 Watercraft Liability $5,000 Medical Payments to Others As for physical damage to your boat, motor and trailer plus your tackle, you know how much you can lose. You have no idea of how much you can lose if you cause a bodily injury or property damage to others. Remember: Don't risk more than you can afford to lose. Don't risk a lot for a little. Consider the odds of an occurrence. Try to find an agent that insures watercraft to help you. Sometimes CSR's don't know their fanny from third base and they act as they know all. I use USAA and the guys in my club use State Farm and Progressive. Quote
Super User slonezp Posted March 24, 2015 Super User Posted March 24, 2015 Agreed replacement value on the boat. So, if your boat, motor and trailer are worth $10k if you sink it during the length of time you hold the policy, they give you $10k, not a depreciated amount like your auto policy. I have a rider on my policy for "contents" which is anything not permanently connected to the boat. Electronics, tackle, gear, co anglers gear, cooler full of beer, etc I carry $100k of watercraft liability. It's what my club requires and I never thought of needing more. Quote
Chief 2 Posted March 25, 2015 Posted March 25, 2015 Just the other day I started to evaluate my current insurance with Progressive and the amount of equipment I have added to my boat. In doing so I was able to contact the fellow listed below who comes highly recommended. He is a fellow fisherman and I was very impressed with his knowledge. The quote he gave me wasn't much more than I am currently paying with Progressive and it covers way more stuff. Bob Luellen Worldwide Marine Underwriters 100 W. Saginaw Hwy. Suite C, Grand Ledge MI 48837 Office (517) 627-8080 Office (800) 339-1235 Fax (517) 627-3355 Cell (517) 256-0734 Quote
gunsmoke Posted March 25, 2015 Posted March 25, 2015 Do any of you guys use Boat U.S.? Just wondering how they compare to the other companies mentioned. Thanks Quote
HardcoreBassin Posted March 25, 2015 Posted March 25, 2015 I'm an insurance agent and I deal with boat insurance quite a bit. As mentioned previously, some policies will cover your boat for agreed value, others will be actual cash value. Your form of compensation for a loss should be considered carefully but taking into account items like the purchase price, condition, any customizations, and if it is new or used. Keep receipts for any work that you have done to the boat, motor or trailer. If you have a "total loss" to the boat/trailer or motor, you may be able to get additional reimbursement depending on repairs that you recently had done. For example, as with auto insurance, if you just paid $500 to get new tires put on your car and then you total it after you put 100 miles on the new tires, you can be reimbursed for a percentage of the tires, if you have purchase/installation documentation. The more documentation (pictures, receipts) that you have, the easier the process will be if you have a claim. As with ANY insurance, I always suggest getting options. Sometimes the difference between $100k and $300k in bodily injury is only $20 annually. Some companies want you to purchase the higher limits, so they offer somewhat of a "discount" for taking the higher limits. That being said, if you are looking at getting $300k in liability, get options for $500 and $1M as well. You might be surprised at how inexpensive it can be to upgrade limits. You will want to have an endorsement on the policy that will cover the fishing equipment. Some policies have a sub-limit worked into the policy language already. Others will require an endorsement to be added. Some other things to consider are the bodies of water that you fish. If you have a boat that is sea-worthy and you bring it to a shore point for a few months out of the year, you should list your mooring location on the policy. If you have any specific questions, I'd be glad to try to answer them. - Dale Quote
carlm01 Posted March 25, 2015 Posted March 25, 2015 I just bought ins for a new boat I'm picking up , I belong to USAA but they don't write boat ins anymore and they sent me over to progressive my boat was cheap 11,000.00 I have a 500.00 deductible 50,00 for each on bodily in, 100,000 each accident 25,000 property damage 2500.00 on fishing area with a 250 deductible and the policy was around 130.00 for the year Quote
Super User Ratherbfishing Posted March 26, 2015 Author Super User Posted March 26, 2015 Sorry it's taken so long to get back to you all. Work has been busy. Your advice is appreciated. My insurance company seems...hmm...(how do I say this without sounding impatient or petty?) like they haven't much dealings with boat insurance. It seems they want to know all the particulars about the boat and trailer (VIN's, registration numbers, etc) first, rather than asking what kind of coverage they offer and what I might want and THEN want to know the particulars (it seems they are putting the cart before the horse). The long and laborious process hasn't instilled a great deal of confidence in me. Me thinks I ought check with other insurance companies, anyway. Quote
Al Wolbach Posted March 26, 2015 Posted March 26, 2015 I don't pretend to know much about boat insurance but the area where you live may vary greatly. I have heard nightmares about claims adjustments in East Tennessee from Progressive. I carry all my insurance with one company, 2 cars, 2 boats, 2 motorcycles and home. I have had 1 claim on the home and 1 on the boat without any problems. The boat, when I filed the claim, was never even looked at by anyone from the insurance company. If you are really happy with a company it may be best to stay with them.But, explore your options, as the OP is doing........Al Quote
Super User Fishing Rhino Posted March 26, 2015 Super User Posted March 26, 2015 Progressive is really good .. Do you have a crush on Flo? 1 Quote
Rented Mule Posted March 26, 2015 Posted March 26, 2015 I think for the most part a lot of boat insurance claims are from minor incidents. Such things as someone backing into your rig in a parking lot, or you backing into your own garage door. Major accidents in the fishing world involving serious injury or death appear to be not that common in proportion to the amount of boats insured. However, when a major accident happens, it's usually something very bad. For example you're fishing a tournament and for whatever reason your partner would be ejected from your boat and be very seriously hurt and sues you and your insurance for 500K and your coverage is only 100K. Take a wild guess where the other 400K is going to come from. Say good bye to your house, your bank accounts and your vehicles. Probably the only thing they can't take from you is your pension or retirement account. Get the highest protection you can afford, as another here already said, it's less expensive than you would think. Personally, I fished 200 days a year more or less, and I did a fair amount of high speed running on some populated waters. I usually carried 250K of liability, but I also had a multi million dollar umbrella policy which would kick in and cover any difference in the event of a catastrophic loss. Umbrella policies are surprisingly affordable. It let me sleep very well. But you yourself have to gauge how much exposure you'll have . Obviously if you're fishing millponds with a small , slow boat, you could easily get by with the minimum. Quote
Patrick Morrow Posted March 26, 2015 Posted March 26, 2015 In boat insurance there really isn`t some must-haves. Throughout my life I have yet to witness a boat crash or damage. I am not saying that these things don´t happen, but they really are..rare. Quote
HardcoreBassin Posted March 26, 2015 Posted March 26, 2015 Sorry it's taken so long to get back to you all. Work has been busy. Your advice is appreciated. My insurance company seems...hmm...(how do I say this without sounding impatient or petty?) like they haven't much dealings with boat insurance. It seems they want to know all the particulars about the boat and trailer (VIN's, registration numbers, etc) first, rather than asking what kind of coverage they offer and what I might want and THEN want to know the particulars (it seems they are putting the cart before the horse). The long and laborious process hasn't instilled a great deal of confidence in me. Me thinks I ought check with other insurance companies, anyway. Try Progressive, Natiowide and Foremost (Farmers subsidiary). They all have pretty good rates. I'm sure Allstate and State Farm have good rates too, but I don't have experience with them. Travelers is worth a shot too, but their rates have been pretty high recently. Quote
Super User Fishing Rhino Posted March 26, 2015 Super User Posted March 26, 2015 Here's my breakdown: Hull, physical damage, (watercraft, equipment, and motor(s) 271.00 Watercraft trailer 250 dollars coverage 4.00 Watercraft liability 300,000 62.00 Uninsured boatowners 300,000 17.00 Medical payments 5,000 6.00 Towing and emergency service 500 6.00 Replacement costs personal effects 5,000 48.00 Total premium 414.00 As you can see, the bulk of the premium is to cover damage/loss to my vessel and equipment. Relatively speaking, the liability coverage is a pittance. Quote
Super User slonezp Posted March 26, 2015 Super User Posted March 26, 2015 Here's my breakdown: Hull, physical damage, (watercraft, equipment, and motor(s) 271.00 Watercraft trailer 250 dollars coverage 4.00 Watercraft liability 300,000 62.00 Uninsured boatowners 300,000 17.00 Medical payments 5,000 6.00 Towing and emergency service 500 6.00 Replacement costs personal effects 5,000 48.00 Total premium 414.00 As you can see, the bulk of the premium is to cover damage/loss to my vessel and equipment. Relatively speaking, the liability coverage is a pittance. The personal effects can cause a huge increase in premium. I have 3x the coverage for personal contents, To replace my electronics at MSRP is 7k alone. It adds up quick Quote
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