Insurance

[dgkasper58]

I have heard some people do this but not really sure if its worth it but:

 

Does anyone insure their tackle/electronics?  Is it worth it to add to your boat?

 

Just wanted to see if anyone on here does this/thought about it before.

[Michigander]

My boat coverage has equipment as a separate line.

[mcipinkie]

Sure you can.  Just have to declare what value you want covered.  The insurance companies will be happy to SELL you coverage. 

[dgkasper58]

1 minute ago, mcipinkie said:

Sure you can.  Just have to declare what value you want covered.  The insurance companies will be happy to SELL you coverage. 

Kind of what I was getting at- is it worth it?

[Michigander]

At least for mine, the trolling motor is considered equipment whereas the outboard is not. So I had to make sure I had enough to cover one of those nightmare situations.

1 minute ago, dgkasper58 said:

Kind of what I was getting at- is it worth it?

Insurance is never worth it unless you have to use it, lol. I value peace of mind very highly so I like being well covered.

[mcipinkie]

Heck, Is any insurance worth it? You buy it, and then do everything you can not to use it.  I carry $10,000 coverage on tackle and electronics.  Been doing it for many years.  Never had a claim, but one crazy SOB at the motel one night makes it all worth while.  I doubt I could replace everything in my boat, including TM and electronics for $10K.  Crap shoot. 

[Bluebasser86]

I carry an extra 10k for everything not attached to the boat in some way (basically electronics, tackle, rods and reels). It adds pennies to my coverage, so yes it's 100% worth it to me if I ever had to use it. My BIL had all of his gear stolen out of his boat in his driveway a few years ago and got it all replaced, thousands of dollars worth of gear. Imagine right now if someone got into your boat and took everything out, how long would it take you to replace it? Worth spending a couple extra dollars a year?

[Glenn]

So a couple things:

• Most boat insurance out-of-the-box doesn't cover anything that's "portable", such as electronics, rods/reels, and tackle.  Some do, but only a very small amount (under 1K).
• Many people don't know that theft of these items may be covered under their home owners or renter's insurance.  It's the same situation for auto insurance, which covers your car but not the belongings...but your home owners or renter's insurance does.  So if somebody breaks your window to steal your laptop, the auto insurance will cover the broken window, but not the laptop, but your other insurance might. YMMV, so check your policy. And if you rent and don't have renter's insurance, then you're out a laptop.
• You CAN add a "rider" to your boat insurance to cover the cost of electronics and fishing equipment up to X dollar value (mine is 25K).  Of course you need to prove you owned that much equipment if you file a claim.
• Note, too, there are other clauses and add-ons that you should look into to see if you have enough coverage, such as salvage coverage, fuel spill coverage, consequential damage coverage, and on-the-water towing coverage. Some insurance policies don't have these, or lump them together with, say, total repair costs, which means there might not be enough coverage to pay for the combined expenses when they do that.

Bottom line, boat insurance can get expensive.  But cutting corners or getting "cheap" insurance is no bargain if you need to use it. The worst time to find out you don't have coverage, is when you need it most.

[Daniel Abram]

This past October was heading on a week long trip with my dad. It is 6 hrs to where we are going. So dad said let's pack and hook the boat up the night before.  Having lived here 48 years didn't think twice. Guess what? Went to leave at 6 am. Made a check that everything one the boat was ok. And all my tackle was gone. Even cut off tackle from my poles. Left everything else. Needless to say I have insurance now. May never need it again. But $36 a year is well worth it.

[Bankc]

11 hours ago, dgkasper58 said:

Kind of what I was getting at- is it worth it?

Talk to your insurance company.  Usually insurance for stuff like that is pretty cheap.  So to me, it's usually worth it.  But how cheap, how much coverage you get, and what kind of deductible you're looking at will all factor into the equation.  As well as how much discretionary income you have (your ability to cover that loss on your own).  And that calculus is going to be different for everyone.  If the deductible is too high, then you'll likely only use it in a catastrophic event, so it's probably not that useful to you in reality.  If the coverage is too low, then it won't cover you in a catastrophic event.  If the premiums are too high, then you'll have been better off with a savings account.  

[MN Fisher]

I actually did get insurance for my canoe - which covers the canoe itself plus any liability. If the canoe dumps or is destroyed on the water - all equipment in it is covered under a rider. If things are stolen from home or at the launch - my home-owner's insurance covers that.

 

I take pics of everything and update regularly - bundled with my home and auto insurance it's only $30 a year more...and I've been with this company for 35 years so get a loyalty discount - and between a home claim (hail damage to roof and aluminum siding) and 2 car claims (both charged to the other driver), I've recovered about half the premiums I've paid over the years.

 

Is it worth it? Yes - paying for those things out-of-pocket would have destroyed my financial status...rather pay more over time than pay for the repair/replace costs all at once.

[Maggiesmaster]

It's  a good idea to carefully review your policy with your agent, and learn what exactly is covered. Also, see if your policy has replacement coverage or depreciated value coverage.  A 'used' fishfinder probably is worth what a 'used' television is.  Remember, insurance is designed to cover items that you can't afford to replace--not for every little thing.

[r3825]

I find the additional coverage is so cheap I can't afford not to have it,  there's no way I could afford to replace everything I have if something were to happen.  

[Michigander]

2 minutes ago, r3825 said:

I find the additional coverage is so cheap I can't afford not to have it,  there's no way I could afford to replace everything I have if something were to happen.  

Yep. I can afford the monthly payment but I couldn't afford to replace everything in a month. My deductible on gear is basically set so if a rod goes poof that's on me but if all my rods go poof then I'm going shopping.

[LCG]

I work in insurance (long story, recent career change, please don't hate ) , trust me when I say read the fine print. Theft would be most likely covered under home owner insurance, be sure to have receipts, photos, serial numbers, etc. Some credit cards offer purchase protection and extended factory warranty if you purchased the item with the credit card. Most policies will not protect against wear and tear, accidental damage, etc and if you do find insurance for that situation, have fun with the claim. Also check your deductible and careful when claiming, your rates will increase. 

[MassYak85]

I have renters insurance and asked them if they would cover it and they said yes. I am young, I travel light so to speak so far in life, so if I'm being honest, other than my car my fishing gear would BY FAR be the most expensive thing to replace in the event of a fire or something, or if my car got broken into. I do shudder to think how much time I'd have to put into finding past order receipts to prove I owner certain things though. 

[Columbia Craw]

I have coverage for tackle and electronics.  I have a rider because most policies cap at a grand.  I took photos of everything and provided an inventory to my agent.  One issue to watch for is coverage in case your boat sinks or submerged to spill oil or fuel .  There is a fine of twenty grand if that happens.  My policy covers that fine as well.

[Sphynx]

Honestly insurance and the specifics and details involved with a given policy are very difficult to understand, these things are usually many pages long detailing exactly what is covered, what is not covered, and so on, many policies even have exceptions to coverage based on a situation, i.e. if you park in a place they declare too high a risk, your policy is not going to cover it, if I had any hair left before I got my truck and had to navigate the numerous policies required to transport freight it would have fallen out for sure, read everything very, very carefully, anything that is even possibly open to interpretation should be clarified, and then make sure your legal representation agrees with the interpretation, and is willing to back that interpretation up where it matters, because trust me when I tell you these companies will make every possible effort to get out of paying, only you can determine if the insurance bet is valuable enough to justify the cost, but please in the name of God almighty understand exactly what you are buying, and which loopholes exist for them to get out of it, it breaks my heart whenever I read about a person being taken advantage of because they didn't understand how these games are played. 

[Sam]

On 12/9/2020 at 10:37 PM, Michigander said:

My boat coverage has equipment as a separate line.

X2

[Junk Fisherman]

On 12/9/2020 at 9:37 PM, Michigander said:

My boat coverage has equipment as a separate line.

 

Yeap- I have a $5000 replacement coverage on my equipment.  Doubt I could replace everything for that amount though.  

 

Think I am going to email my agent based on Luke's recommendations.

 

One thing I am going to inquire about is taking an online boater's safety course and see if it would apply for the discount.  I took a class 20 years ago but lost the documentation when I last moved.  It's a $30 or $40 dollar yearly discount.    

[gim]

In Minnesota, watercraft insurance isn't required (not sure why, but its not) unless of course you're still paying it off.

 

Watercraft insurance is dirt cheap compared to auto insurance.  I pay about 8 times as much annually for auto insurance on two newer vehicles than I do on a 5 year old boat.  Now, part of that may be because I don't use the boat for half the year since it basically sits in storage during the winter.  I am not quite sure why anyone would go without boat insurance considering the cheap cost of it.

 

My policy covers the complete replacement of the watercraft.  The outboard is covered under a separate portion of the boat policy, but its still as a part of the umbrella.  The trailer is part of the policy too, as is any injuries if there is an accident.  I recently renewed my policy for 2021 with a new company that my agent recommend.  Anything that is physically "attached" to the boat is counted under that policy such as my electronics, bow mount, talon, etc.  Fishing tackle is under a separate rider should it get stolen or damaged.  If the boat is at home in the garage and I have a burglar that nabs the equipment, it then falls under my homeowners policy since it was "at home" at the time.

[Sphynx]

9 minutes ago, gimruis said:

In Minnesota, watercraft insurance isn't required (not sure why, but its not) unless of course you're still paying it off.

 

Watercraft insurance is dirt cheap compared to auto insurance.  I pay about 8 times as much annually for auto insurance on two newer vehicles than I do on a 5 year old boat.  Now, part of that may be because I don't use the boat for half the year since it basically sits in storage during the winter.  I am not quite sure why anyone would go without boat insurance considering the cheap cost of it.

 

My policy covers the complete replacement of the watercraft.  The outboard is covered under a separate portion of the boat policy, but its still as a part of the umbrella.  The trailer is part of the policy too, as is any injuries if there is an accident.  I recently renewed my policy for 2021 with a new company that my agent recommend.  Anything that is physically "attached" to the boat is counted under that policy such as my electronics, bow mount, talon, etc.  Fishing tackle is under a separate rider should it get stolen or damaged.  If the boat is at home in the garage and I have a burglar that nabs the equipment, it then falls under my homeowners policy since it was "at home" at the time.

Have to say, bravo to Minnesota on making boater insurance optional, I agree it's a bad idea to go without it, but giving boaters the option to do without is a big part of why it is so affordable up there, it has to play by the market rules and does not get any value added courtesy of legality.

[gim]

15 minutes ago, Sphynx said:

Have to say, bravo to Minnesota on making boater insurance optional, I agree it's a bad idea to go without it, but giving boaters the option to do without is a big part of why it is so affordable up there, it has to play by the market rules and does not get any value added courtesy of legality.

 

I don't know anyone personally here that owns a boat and doesn't have it.  And I have dozens of relatives and friends that own boats here.  Even a small 16 foot tin fishing boat with a tiller and a trailer has enough value to insure it according to their owners.  The first boat my family had in 1997 only had a value of about $2,000 bucks but my Father had insurance on it.

[MN Fisher]

28 minutes ago, gimruis said:

 

I don't know anyone personally here that owns a boat and doesn't have it.  And I have dozens of relatives and friends that own boats here.  Even a small 16 foot tin fishing boat with a tiller and a trailer has enough value to insure it according to their owners.  The first boat my family had in 1997 only had a value of about $2,000 bucks but my Father had insurance on it.

I've got it on my $500 canoe - more for the liability and 'un-insured wacko' than anything else...and the gear-loss rider.

[Sphynx]

3 hours ago, gimruis said:

 

I don't know anyone personally here that owns a boat and doesn't have it.  And I have dozens of relatives and friends that own boats here.  Even a small 16 foot tin fishing boat with a tiller and a trailer has enough value to insure it according to their owners.  The first boat my family had in 1997 only had a value of about $2,000 bucks but my Father had insurance on it.

I have spent probably close to 24 months of my life in Minnesota and would feel confident in comparing it to Florida in the regard that most people who live there will own one at one time or another, lots and lots of boaters in Minnesota