Boat Insurance

[South FLA]

I called Geico up this evening and asked for a boat insurance qoute, for my future boat (Ranger 185 Intracoastal/ w 150 Yammy).  

They qouted me $388.85 for the year, based on the following

Boat Value: 16.5K

Trailer Value: 1K

Medical Payments: 10K

Liability: 25K

Deductible: $500

Includes Uninsured Boaters

Personal Property: $2.5K ($250 Deductible)

State: FL

How does this qoute compare to fellow forum members?  

Any suggestions on Progressive or other insurance companies I should try?

Thanks  

[shortbasser]

I have been with Allstate for years.  Think you can do better. PM sent.

Shortbasser

[alarcher]

I'm with allstate too and my boat insurance is $240 a year. Only difference between our policy is boat value; mine is at $6k but my personal is up to $3500. I hope this helped.

[tntitans21399]

I just have liability on my boat and my driving record isn't great, speeding tickets.  But I was paying $21 a month ($252 a year) and now I'm paying $16 a month ($192 a year), and I have a 72 fishing boat.  So with your newer boat and full coverage will be more, but if you have a better driving record that would lower it more then if I had full coverage.  My dad has a 21 ft four winns cuddy cabin, maybe 80's model (I think) and I think he only has liability and his is about $12-15 a month and he has State Farm.  I know some insurance companies make you pay all year at once, and Nationwide has let me pay month to month and I didn't have to pay a big down payment up front.  I would try State Farm, Nationwide, Geico, and other boating insurance company.

[TopDog]

Try skisafe

they will give you an online quote for free

http://www.skisafe.com/

[Micro]

I'm an insurance adjuster and I will tell you that $25,000 in liability coverage is not enough.  

I have handled many boat accident claims involving injuries.  Most injuries for which you may be liable will be minor, but unlike car accidents, a good portion of boat-accident injuries are severe.  And when they are severe, they are VERY severe.  I mean, no one gets in a fender-bender in a car and drowns.  

Additionally, if you can afford a Ranger (whether you are rich or not), you will be viewed as a well-to-do defendant and you will become a "target" for an attorney if you cause and accident.  

I highly recommend $300,000, minimum, in liability coverage.  It really isn't that much more.  But $300,000 will settle most severe injury claims - even some wrongful death claims.  

Saving money is great, but don't skimp on needed coverage to get a low rate.  I see lots of people of means with minimal coverage just to save a buck.  I've seen some of them have to declare bankruptcy to get out of having to pay a huge judgement rendered against them.  

[alarcher]

Wow, thanks Micro for that update it's good to hear the truths from an authority in their field. I would never have guessed/thought about it to that extent.

[HPBB]

Your liabity is realy low at 25K. if you plan of fishing any tournaments most require at least 100K to 300K min.

[TLBassin]

IM with State Farm (NC)

Stratos 278 w/trailer and 150 Faststrike Value=9100

Liability: 1/2 million

Deductable: 500

Personal Property: 2000

Deductable: 250

I pay $219 a month

I know Im leavin something out, but this is the general basis

[B-Ass-Mad]

Looking at everyone's replies, looks like my progressive insurance is a little high! close to 200 bucks for a 15 year old boat with a 40hp yamaha!

[burleytog]

You've got that trailer a little undervalued.

[George Welcome]

Top three in no particular order - Boat US, Progressive, Allstate.

Commercial $1,000,00 Liability, boat replacement, Agreed Value insurance costs me less than you are paying TLBassin. I pay $1200 a year to Charter Marine, which also includes offshore coverage.

If I could I would use one of the above three, but they don't sell commercial coverage.

If you do comparison shopping be sure you are comparing apples to apples, and not apples to oranges.

When thinking liability limits think what an accident involving someone else could mean. If you are the loser in the liability case and you have inadequate coverage they are going to get their money elsewhere. For example, your home.

[HPBB]

TLBassin, you pay over $2500 a year to insure your boat? That $219 a month, did you mean $219 a year? I  pay a bit more than  1/2 of that $2500 to insure 3 SUV's and 2 boats

[South FLA]

Thanks all and Micro.  I just picked up the boat and I am going to up my liability for sure once I get it registered.  

Just so everyone knows I went with Ski Safe (Geico) after doing an Apples to Apples with Progressive and some of the others mentioned.  Progressive was close behind, but since I have Geico as my auto insurer I received a discount.

Also, what do you think I should value the trailer at? Its a Ranger Galvanized 185vs trailer with fold-away tongue and disk brakes.  

Micro, if I have an umbrella policy for $2 million shouldn't that cover any overages just in case?

By the way I only paid $16.8K for the boat, motor, trailer, custom Ranger cover.  The darn thing is immaculate and the motor has less than 50 hours.  I had a heck of a drive, but it was worth the $320 worth of gas to pick it up in N. Carolina from Florida.  2003 Ranger 185 Intracoastal Edition.  

[Micro]

Micro, if I have an umbrella policy for $2 million shouldn't that cover any overages just in case?

I am inclined to say yes, but without reading your policy I don't know for sure. So, read your policy. Carefully read any "exclusions" or "limits of liability" sections.