Best Insurance Companies to cover boats - and do they cover catastrophic incidents like wrecking your lower unit?

[tcbass]

As most of you have seen I am most likely buying a new used bass boat pending a test drive and inspection. It's an expensive boat to me. I want the best boat insurance for it. I was also wondering if boat insurance can cover catastrophic incidents like hitting a rock and destroying the lower unit or the outboard starter blowing up.

I'm in MN and not looking for small local companies in different states. I'm looking for a good large company such as Progressive, American Family, Geico, or a small local company in MN that does well. 

 

1.)  What are the best insurance companies for boats?

 

2.)  Do any insurance companies cover catastrophic incidents like hitting a rock and wrecking your lower unit or having your outboard starter blow up for no reason?

[A-Jay]

I'm in Michigan & using Progressive (Through USAA)

Policy documents note that the COLLISION COVERAGE will pay for sudden, direct and accidental loss to a covered watercraft resulting from collision.  COMPREHENSIVE COVERAGE will pay for sudden, direct and accidental loss to a covered watercraft that is not caused by collision.
A loss not caused by collision includes:
1. impact with an animal (including a bird);
2. explosion or earthquake;
3. fire;
4. malicious mischief or vandalism;
5. missiles or falling objects;
6. riot or civil commotion;
7. theft or larceny;
8. windstorm, hail, water, or flood; or
9. breakage of glass not caused by collision.

Check with whatever company you select & the State's insurance law's you insure in, to ensure you're getting the coverage you're looking for.

A-Jay

[tcbass]

4 minutes ago, A-Jay said:

I'm in Michigan & using Progressive

Policy documents note that the COLLISION COVERAGE will pay for sudden, direct and accidental loss to a covered watercraft resulting from collision.  COMPREHENSIVE COVERAGE will pay for sudden, direct and accidental loss to a covered watercraft that is not caused by collision.
A loss not caused by collision includes:
1. impact with an animal (including a bird);
2. explosion or earthquake;
3. fire;
4. malicious mischief or vandalism;
5. missiles or falling objects;
6. riot or civil commotion;
7. theft or larceny;
8. windstorm, hail, water, or flood; or
9. breakage of glass not caused by collision.

Check with whatever company you select & the State's insurance law's you insure in, to ensure you're getting the coverage you're looking for.

A-Jay

That covers collision on the water, not collision when trailering?

[A-Jay]

6 minutes ago, tcbass said:

That covers collision on the water, not collision when trailering?

My particular policy & options include trailering & tow vehicle coverage.  These may or may not be available in your area.

Most all the Major players who insure watercraft have websites that provide complete coverage information.

The challenge is comprehending that "Insurance Lingo"

Good Luck

A-Jay

 

 

 

[Robeng]

Im in Michigan too.  I use allstate for my old boat n trailer n towing.  For on water help i use BOAT US.  However they do boat insurance and have stated recently they lowered pricing.  

[Bass Turd]

Question on this topic. I have an older boat from the early '80s. Tri hull fiberglass with a 50 HP Mercury. POS I paid $2000 for it ten years ago. I have about $1000 worth of electronics on it. Do I need to insure this boat? I've always thought it just wasn't worth enough to insure but now I'm curious about what you guys think. 

[tcbass]

48 minutes ago, Robeng said:

Im in Michigan too.  I use allstate for my old boat n trailer n towing.  For on water help i use BOAT US.  However they do boat insurance and have stated recently they lowered pricing.  

 

Who lowered their prices, Boat US or Allstate?

[Robeng]

Boat us

[S. Sass]

1 hour ago, Bass Turd said:

Question on this topic. I have an older boat from the early '80s. Tri hull fiberglass with a 50 HP Mercury. POS I paid $2000 for it ten years ago. I have about $1000 worth of electronics on it. Do I need to insure this boat? I've always thought it just wasn't worth enough to insure but now I'm curious about what you guys think. 

I use Progressive as well. My policy covers a load of stuff including $1000.00 of fishing tackle, medical payments, uninsured boaters and more for a lousy $200.00 a year. If my boat was free I would buy the insurance at this rate. One rod n reel cost more than that. A lower unit ? etc one little accident and you will regret not having it.  

[Avalonjohn44]

 

2 hours ago, Bass Turd said:

Question on this topic. I have an older boat from the early '80s. Tri hull fiberglass with a 50 HP Mercury. POS I paid $2000 for it ten years ago. I have about $1000 worth of electronics on it. Do I need to insure this boat? I've always thought it just wasn't worth enough to insure but now I'm curious about what you guys think. 

The boat itself might not be worth having insurance on, but I think the value for you would be coverage in case you accidentally hit somebody and damage their boat or hurt them...  Certainly this is a remote possibility, but with how litigious society has become, I would find peace of mind in paying ~$200 to avoid medical costs and buying somebody a new boat if you have an accident.

[S. Sass]

1 minute ago, Avalonjohn44 said:

 

The boat itself might not be worth having insurance on, but I think the value for you would be coverage in case you accidentally hit somebody and damage their boat or hurt them...  Certainly this is a remote possibility, but with how litigious society has become, I would find peace of mind in paying ~$200 to avoid medical costs and buying somebody a new boat if you have an accident.

Exactly if the throttle sticks or some other crazy accident happened and I hit someones nice new boat or hurt someone God forbid at least I have coverage. They can still try and sue me but just about any judge is going to limit damages to the insurance unless some intent is involved. 

[Bass Turd]

1 hour ago, Avalonjohn44 said:

 

The boat itself might not be worth having insurance on, but I think the value for you would be coverage in case you accidentally hit somebody and damage their boat or hurt them...  Certainly this is a remote possibility, but with how litigious society has become, I would find peace of mind in paying ~$200 to avoid medical costs and buying somebody a new boat if you have an accident.

Yes.. thank you. Good points I hadn't considered. I'll be looking into insurance next week. Thanks everyone.

[tcbass]

2 hours ago, Robeng said:

Boat us

 

 

Do do they cover on the water and trailering?

 

Or do you need regular insurance for trailering?

[Avalonjohn44]

 

24 minutes ago, tcbass said:

 

 

Do do they cover on the water and trailering?

 

Or do you need regular insurance for trailering?

 There are so many options available from various companies that the best way of knowing is to call them or go to progressive's website and build a quote

[iabass8]

28 minutes ago, tcbass said:

 

 

Do do they cover on the water and trailering?

 

Or do you need regular insurance for trailering?

You need to talk to an insurance agent and ask them your specifics. Theres so many policies that can fit you needs that very few are identical. 

[Redlinerobert]

This is the only company I've used for the last 17 years and have been very happy with their service. 

http://www.1800bassboat.com/

[tcbass]

40 minutes ago, Redlinerobert said:

This is the only company I've used for the last 17 years and have been very happy with their service. 

http://www.1800bassboat.com/

 

 

Cool. Have you ever had to make a claim?

[Chris186]

I have Geico for my boat, they cover a lot including loss of equipment and such. That's on the water, trailering my car insurance covers. It doesn't matter what I'm pulling, if it's hooked up to my car it's covered. I have  Amica for car insurance.

[Ski213]

I have progressive. I like the coverage on paper. Fortunately I can't speak to how they handle claims. 

This is outside your question but make sure you ask a lot of questions when you're shopping.  There are many options.  What if kind of things. What if this happens? kind of questions.  Make sure the trailer is covered as well.

A good agent is probably going to be at least as important as the actual insurance. That's obviously going to be a local thing.  

[DelcoSol]

I have Progressive. Coverage has been great. Took care of my old boat when it was totaled with no issues. Now they have the propulsion plus rider that cover your lower unit not only from accident but also if it dies due to wear. Get an agreed hull value policy. 

[gim]

I tore the lower unit off my family's boat in 2009 when I hit a boulder going about 25 mph.  It literally sheered off the entire lower unit made of cast iron and tore some of the housing out of the upper outboard too.  We had boat insurance on that craft that replaced the entire outboard for a brand new one and all I paid was the $500 deductible.  The nice thing about boat insurance policies is that they don't depreciate like auto policies do - as long as you have the boat when you initially insured it, the policy is still the same.  So ya we basically got a brand new outboard worth $8 grand for 500 bucks.

I have my own boat now that I bought new last year and full replacement insurance on it is about $245 a year.  The boat itself, trailer, and everything attached has a declared value of $25k, so 245 bucks a year is dirt cheap.  You'd have to be an idiot not to have boat insurance for that kind of pricing.  In Minnesota boat insurance actually isn't required but if you had a boat worth any kind of decent money it would be wise to have it.  I currently use Progressive Boat Insurance.  My policy doesn't cover tackle or gear - it covers items that are physically attached to the boat.  Items like tackle or gear are covered under my home owners insurance policy.

[Redlinerobert]

2 hours ago, tcbass said:

 

 

Cool. Have you ever had to make a claim?

Yes, one for each boat.  Damaged hull from scraping a rock on boat #1 and a stolen trolling motor from boat #2.  Both claims handled quickly and professionally. 

[Wildbillb]

World wide marine out of grand ledge Michigan.  Bob is a great guy and an actual fisherman.  So he understands.

[tcbass]

1 hour ago, DelcoSol said:

I have Progressive. Coverage has been great. Took care of my old boat when it was totaled with no issues. Now they have the propulsion plus rider that cover your lower unit not only from accident but also if it dies due to wear. Get an agreed hull value policy. 

 

 

See any options like starter wearing out or transom rotting?

[DubyaDee]

Wear and tear will not be covered.  The rule of thumb for coverage is typically, 'sudden and accidental'. Don't skimp on bodily injury liability. There is no reason to have less than $500,000. That covers pain and suffering for the other party. You don't want your current and future assets to be at risk and in the hands of the legal system.