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Old 11-12-2012, 06:31 PM
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All,

I'm looking at buying a 22 foot 1991 mako center console and starting to learn more about boat insurance. This is the first boat that I'll have owned on my own. Does anybody have advice about whose a good insurer and whose had bad experiences with others?

I also want to make sure I'm not being over sold. $300K liability is average I'm told?

Should I also insure the trailer? I plan on racking the boat but pulling it out occasionally to go to gas station.

I boat on cape cod from may-october and will keep it on racks at a marina

I have quotes from Boat US and Seatow.
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Old 11-12-2012, 06:37 PM
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Check out ACE. Don't know the answer to your liability concern, but ACE has been reasonably priced and great service the one time I had a claim.
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Old 11-12-2012, 06:58 PM
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Originally Posted by capecodder86 View Post
All,

I'm looking at buying a 22 foot 1991 mako center console and starting to learn more about boat insurance. This is the first boat that I'll have owned on my own. Does anybody have advice about whose a good insurer and whose had bad experiences with others?

I also want to make sure I'm not being over sold. $300K liability is average I'm told?

Should I also insure the trailer? I plan on racking the boat but pulling it out occasionally to go to gas station.

I boat on cape cod from may-october and will keep it on racks at a marina

I have quotes from Boat US and Seatow.
I like Ace as well.

In regards to insurance. The purpose is to protect your other assets in case you are found liable in an accident. Other assets include future earnings. I don't want my future earnings garnished and I don't want to lose everything I've worked for because of an accident.

Ask the guy quoting you to prepare several quotes with different amounts of liability coverage. You will probably find the difference in premium will be minimal.

My advice, make sure all of your current assets are covered and extra for future earnings. I hope you never need the coverage.

Depending on the assets you own, it might make more sense to get lower coverage on the boat liability and get a blanket policy for a much higher amount.
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Old 11-13-2012, 10:33 AM
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Thanks guys.

I have quotes from Boat US and Geico and another Agent on Cape Cod is working on a progressive and Travelers quote.

The annual premium's are coming back around $250-290 to insure a $10K boat and a $3K trailer.

The boat will be stored out of the water and used may-october on cape recreationally.

I chose $300K in liability coverage. and $500 per towing incident.

Has anybody utilized their boat insurance policy to cover a tow? Should I also think about Sea tow or Boat US in addition to insurance?

Is $300 a year a lot to insure a $13K 1991 boat 2001 motor and trailer package?
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Old 11-13-2012, 10:34 AM
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thanks!
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Old 11-13-2012, 10:59 AM
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I am using ACE again this year. $300K liability is about minimum. Most marina require $500K to a million liability if you keep the boat at a marina. I also have Boat US towing. Don't leave the dock without it. $500 toward towing is nothing.
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Old 11-13-2012, 11:35 AM
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Thats almost exactly the prices i am getting here in florida for a 96 22ft hydrasports. price seems to be on track.
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Old 11-13-2012, 12:05 PM
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so many of you that have insurance fo rthe boat with towing coverage, still get the sea tow or tow boat service in addition to insurance?
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Old 11-13-2012, 12:13 PM
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Why on earth am I getting quotes on a Scarab 302 center console from 1996 for $1400 a year?
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Old 11-13-2012, 01:14 PM
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Whoever writes your home? add liab to home and they should have a hull end.
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Old 11-13-2012, 01:31 PM
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Quote:
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Why on earth am I getting quotes on a Scarab 302 center console from 1996 for $1400 a year?
Probably because an insurance policy is a boilerplate template that is customized to each policyholder. Factors that affect premium include vessel size, vessel top speed, type of fuel used, drive type (inboard, i/o, or outboard), number of engines, navigation territory, owner operational and ownership experience, loss history, credit rating, and more.

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Whoever writes your home? add liab to home and they should have a hull end.
I agree for small boats (10-12', under $5k valuation). Homeowners liability generally doesn't cover marine specific liability concerns, and most homeowners' policies done''t extend coverage to cover vessels. If they do, its usually an Actual Cash Value policy that they can offer.
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Old 11-13-2012, 01:33 PM
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Quote:
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Probably because an insurance policy is a boilerplate template that is customized to each policyholder. Factors that affect premium include vessel size, vessel top speed, type of fuel used, drive type (inboard, i/o, or outboard), number of engines, navigation territory, owner operational and ownership experience, loss history, credit rating, and more.



I agree for small boats (10-12', under $5k valuation). Homeowners liability generally doesn't cover marine specific liability concerns, and most homeowners' policies done''t extend coverage to cover vessels. If they do, its usually an Actual Cash Value policy that they can offer.

In simple terms you live in FL.
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Old 11-13-2012, 01:34 PM
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check out charter lakes. the quote i got from them was a lot cheaper than all the other quotes i got (boat us, geico, allstate, progressive). they were also very helpful with getting everything together
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Old 11-13-2012, 04:34 PM
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Quote:
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check out charter lakes. the quote i got from them was a lot cheaper than all the other quotes i got (boat us, geico, allstate, progressive). they were also very helpful with getting everything together
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Old 11-14-2012, 06:50 AM
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so many of you that have insurance fo rthe boat with towing coverage, still get the sea tow or tow boat service in addition to insurance?
Yes! As Mackey said $500 is nothing. If you do a search you'll find that position is almost universal.
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Old 11-14-2012, 08:12 AM
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You should insure the trailer regardless.

This was a 44ft trailer that I was making a legal u-turn with but got slowed while trying to make the turn. Some guy coming the other way "just didn't see it" and hit it broadside at 50 mph. I was written a ticket for "impeding the flow of traffic". His car was totalled, so was my trailer. Insurance covered both. Luckily the boat was not on it.
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Old 11-14-2012, 09:56 AM
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Also, make sure you get an "agreed upon value" policy. With this type of policy, if your boat is covered for $100k and it goes disappeared, you get a check for $100k (minus deductibles).

The other type of policy, fair market value, will only pay for the value of the boat at the time of loss minus depreciation for key components.

Big difference in payout but not a huge diff in cost.
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Old 11-14-2012, 09:59 AM
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NBOA is very good...good people over there too.
http://www.nboat.com/
1-800-248-3512
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Old 11-14-2012, 11:13 AM
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Quote:
Originally Posted by gerg View Post
Also, make sure you get an "agreed upon value" policy. With this type of policy, if your boat is covered for $100k and it goes disappeared, you get a check for $100k (minus deductibles).

The other type of policy, fair market value, will only pay for the value of the boat at the time of loss minus depreciation for key components.

Big difference in payout but not a huge diff in cost.
Almost 100% correct....

A true Agreed Value policy will pay the insured the amount shown on the dec page without deductible or depreciation.
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Old 03-27-2013, 06:49 PM
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I don't own a home but I have a sizeable portfolio of cash and stocks. I want to protect that and also my wages from work. I'm up in the air regarding the selection of 500k in liability and 300k. One of the parameters of the policy quotes is "maximum medical payments per persons" my quotes have been run at 1k per person. Is that sufficient? I know it depends on a number of factors but for somebody with a 23 foot center console that uses it recreationally 5 months a year, what coverages do you have?
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