*THE HULL TRUTH is the world's largest FREE network for the discussion of Boating & Fishing. Whether you're researching a new boat, or are a seasoned Captain, you'll find The Hull Truth Boating & Fishing Message Forum contains a wealth of information from Boaters and Sportfishermen around the world.
Welcome to the updated THT!
If you are having trouble signing in, please email feedback@thehulltruth.com with your username and we will help you. We thank you for your patience as we help you access the new site!
Random Quote: Fishy, Fishy, Bite my Hook! You be dinner, I be COOK!
Can you insure for value or just for purchase price?
thanks
Tim
Depends on YOUR policy.
MY policy is an agree hull value. As long as the agreed value is in line with the purchase price plus improvements (additions like electronics, hardtops, etc..) it'll fly.
If it is a total loss, I get a check for the agreed amount. No dicking around over book value.
The value of your boat has nothing to do with the amout of Liability you can or should carry. I've be an agent for almost 9 years now and trsut me the liability portion of your policy isn't where the majority of you permium is comming from. Ask your agent to quote the next step up in liability for you and I bet you will be surprised how little a jump in premium there is. It is money well spent if you ask me.
__________________ 3 Fingers
2008 RANGER Z21 INTRACOASTAL
250 VMAX HPDI Series II
Most marinas require 300K in liability. I've never heard of seperate coverage for a fuel spill as was mentioned by another member.
As for State Farm and boat insurance, don't get me started!
Good advice from the insurance salesman on here as to minimal increases in premiums for higher liability coverage. I personally would base liability on the size of the boat and your experience on the water.
__________________
"If I leave here tomorrow, would you still remember me?"
1974 Hatteras 58TC "Freebird", 1965 Hatteras 41DC "Nancy Cay", For Sale - Click HERE for info
I personally would base liability on the size of the boat and your experience on the water.
Respectfully disagree, liability should be based on your exposure. Even the best have bad days or things happen beyond their control, and it is just as easy to hurt or kill someone with a run-a-bout.
I do agree that adding liability is cheap. Also most policies do have an additional coverage for "environmental clean up" in addition to your regular liability. On my cars I upped the PD liability from 50K to 100K for under 25 bucks. Can make a big difference if the wife rear ends a lexus, mercedes or other similar high ticket auto (I hope she isn't reading this)
As for State Farm and boat insurance, don't get me started!
Hate to ask, but what problems have you had with State Farm? I have been happy with my auto coverage over the years, and now with my first boat, it seemed natural to go with them...
__________________ "All bad precedents begin with justifiable measures."
Julius Caesar
I personally would base liability on the size of the boat and your experience on the water.
Respectfully disagree, liability should be based on your exposure.
Very well put.
Personally, I wouldn't dip below $300K liability exposure. The differences between the levels of liabilty are relatively minor. Most of the cost of insurance is caused by the physical damage coverage of a policy.
I wasn't advocating SF for boat insurance..... I tried that and it didn't work well.... SF has my homeowners, autos and liability umbrella, NOT my boats..... That went to Boat US........
I wasn't advocating SF for boat insurance..... I tried that and it didn't work well.... SF has my homeowners, autos and liability umbrella, NOT my boats..... That went to Boat US........
I insure with Nationwide. They won't issue an umbrella policy unless they also insure the home, vehicles, and boat. I suppose they might if the boat was too big or valuable for them to insure. Each company is a little different.
I personally have $300,000 liability and then have a separate umbrella policy. Umbrella policies are really not that expensive and if something goes wrong I would rather still own my house and other possessions at the end of it.
Boat Insurance-how much Liability? 
