Go Back  The Hull Truth - Boating and Fishing Forum > BOATING FORUMS > Dockside Chat
Reload this Page >

Boat Insurance and when to not carry it?

Notices

Boat Insurance and when to not carry it?

Old 10-26-2017, 06:06 PM
  #1  
Admirals Club Admiral's Club Member
Thread Starter
 
Join Date: Jan 2015
Location: Central Jersey
Posts: 223
Likes: 0
Received 60 Likes on 29 Posts
Default Boat Insurance and when to not carry it?

I have been boating for about 15 years. I have owned my own boat now for 5. I consider myself a good capt. Excellent at slow maneuvering in the lagoons, and know my way around BB very well. I find myself questioning if I should get boat insurance next year.

I have a 21ft Aluminum Starcraft CC with at 2 stroke 140hp Tohatsu. I probably have about 5k tied up in the rig. Its been a great boat. I take it about five to eight miles out on really good days out of barnegat inlet. I have Boat US towing and trailer assist.

For the last five years I have also carried Boat US liability insurance. Its $350 a year.

I use my boat about 15 times a year. I launch at a ramp that is super quiet and go out during the weekdays. I feel like with how quiet the ramp is, and my experience i'm throwing away $350 a year?

Am I being dumb? At what point do you not carry insurance with a boat?
Old 10-26-2017, 06:12 PM
  #2  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Aug 2001
Location: West Carolina
Posts: 21,952
Likes: 0
Received 1,558 Likes on 845 Posts
Default

Liability? Always.
Old 10-26-2017, 06:38 PM
  #3  
Senior MemberCaptains Club Member
THT sponsor
 
Schmaltz~Herring's Avatar
 
Join Date: May 2002
Location: Cruising Lake Titikacka On My 18' Bayliner Element With 60 HP Optimax's
Posts: 17,523
Received 995 Likes on 487 Posts
Default

Do NOT carry it if:

You have zero assets.
You live in a rented single wide.
You are on EBT or other goobermint assistance.
You have no car worth over $1k.
You have no regard if one of your passengers gets injured on your boat.
No Bank accounts, no coin collections and only hoard cardboard boxes in your trailer.


Old 10-26-2017, 10:40 PM
  #4  
Junior Member
 
Join Date: May 2005
Location: Buena Park CA
Posts: 22
Likes: 0
Received 0 Likes on 0 Posts
Default

I think boat insurance is a must.

I have had marine insurance since 1993 through Vessel Assist and then through BOAT US when they bought out Vessel Assist. Back in 1993 boat was new, bought at the factory and we watched them build it. Insurance cost $716/year back then. Slowly decreasing every year as boat aged, worth less every year. Cost went down slowly to $528 last year. Got big shock this week as BOAT U S changed to GEICO. Cost jumped about 40%. Now they want $732 to insure the same boat they have been insuring since 1993.

I never had a claim whatsoever all these years.

When I called, the GEICO agent explained that as a boat gets older, it costs more to insure it.

Can anyone recommend another insurer NOT through BOAT U S.

Last edited by FishinPole2; 10-26-2017 at 10:43 PM. Reason: Spelling errors
Old 10-26-2017, 10:48 PM
  #5  
Admirals Club Admiral's Club Member
 
Join Date: Aug 2016
Location: Hampton, VA
Posts: 1,303
Likes: 0
Received 1,266 Likes on 567 Posts
Default

Originally Posted by FishinPole2 View Post
I have had marine insurance since 1993 through Vessel Assist and then through BOAT US when the bought out Vessel Assist. Back in 1993 boat was new, bought at the factory and watched them build it. Insurance cost $716/year back then. Slowly decreasing every year as boat aged, worth less every year. Cost went down slowly to $528 last year. Got big shock this week as BOAT U S changed to GEICO. Cost jumped about 40%. Now they want $732 to insure the same boat they have been insuring since 1993. When I called, the GEICO agent explained that as a boat gets older, it costs more to insure it.
Can anyone recommend another insurer NOT through BOAT U S.
Call them up and tell them you are going to cancel. I had a similar experience with Geico, but on auto insurance. One year their rate just tripled for no reason. No change to my driving record or anything. I made plans to switch to State Farm, but when I called Geico to cancel they made me an offer I couldn't refuse with a new rate that was a couple hundred dollars below what they originally were charging. I was like, "WTF, if you dummies had kept my rate the same in the first place, I'd be paying more than I am now and you wouldn't have had to do anything." Insurance companies like to prey off the lazy and naiive who just keep paying their bill no matter how high it gets. You need to switch companies every couple of years to keep them honest. I think the problem you will run into is that a lot of them won't even insure a boat that is over 20 years old, however.

FYI... not sure if you have them in Cali, but I am now with Farm Bureau for auto, home, and boat. They've been pretty good to me so far, or at least they haven't given me a reason to fire them yet. Also had Progressive for a number of years, but they couldn't match Geico on price at the time. Then I moved to another state and Geico wanted to triple my rate again. Um... buh-bye!

I have no loyalty to any insurance company. When you see their fancy corporate offices and their employees bragging about all their vacation and bennies it's easy to hate them. Like lawyers... sleazy and overpriced, but absolutely indispensable when you need them.

Last edited by Vitamin_Sea; 10-26-2017 at 11:00 PM.
Old 10-26-2017, 11:11 PM
  #6  
Senior Member Admiral's Club Member
 
Join Date: Jun 2009
Location: Lighthouse Point, Fl.
Posts: 2,400
Received 667 Likes on 324 Posts
Default

Originally Posted by ho1ywars View Post
Am I being dumb? At what point do you not carry insurance with a boat?
Someone stole my buddies non-insured boat trailer yesterday. Boat & trailer coverage small "crap shoot," but without liability your neck is lying on the chopping block waiting for a blade to fall. Back in past NJ lifetime had small boat covered under
homeowners policy.
Old 10-27-2017, 04:42 AM
  #7  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Aug 2003
Location: Sailfish Capital & Black Hills SD
Posts: 16,007
Likes: 0
Received 516 Likes on 270 Posts
Default

I am about to not have boat insurance. Probably my closest pal called the other day to tell me my boat wasn't running well (I rarely use it, he uses it all the time). Later he called me to say the engine was shot. So I will not have boat insurance, because for the first time in 47 years, I won't own a boat! Same boat will be in the same place, and I will use it whenever I want, but I won't own it or the new F150 four stroke!
Old 10-27-2017, 05:07 AM
  #8  
Senior Member
 
Join Date: Jul 2015
Location: New Hampshire
Posts: 1,648
Likes: 0
Received 134 Likes on 73 Posts
Default

You are crazy to not carry liability insurance. One little mishap and your whole world could change.
Old 10-27-2017, 05:13 AM
  #9  
Admirals Club Admiral's Club Member
 
BostonWhalerSeaHunt's Avatar
 
Join Date: Jul 2015
Location: Durham/Indian Beach NC
Posts: 1,518
Likes: 0
Received 245 Likes on 150 Posts
Default

You definitely need liability, if you have a collision and someone gets hurt, you could lose way way more than the 5k you have in the boat
Old 10-27-2017, 05:41 AM
  #10  
Admirals Club Admiral's Club Member
 
Join Date: Jan 2011
Posts: 615
Received 191 Likes on 124 Posts
Default

If you carry passengers, boat in public waters or boat in someones else's private waters, you should have liability. I also think $350 sounds a little high. I have $1M liability for a 16' Flat and an 18' Boston Whaler and pay less than $350 for the combination.
Old 10-27-2017, 05:49 AM
  #11  
Admirals Club Admiral's Club Member
 
Join Date: Sep 2004
Location: Mechanicsville VA
Posts: 8,055
Received 697 Likes on 413 Posts
Default

X9. In the rare chance something DOES happen you can expect the lawyers to take every asset you own. If you think you could swing a few thousand dollar claim, ask about a high deductible policy which should be significantly cheaper.
Old 10-27-2017, 06:13 AM
  #12  
Senior Member
 
Join Date: May 2017
Posts: 663
Received 861 Likes on 468 Posts
Default

In addition to a boat policy with at least liability, you should have a liability umbrella that covers your assets at a minimum, and your earning potential for a number of years. I carry $3 million for $400 per year that covers everything - cars, boats, house, etc.
Old 10-27-2017, 06:25 AM
  #13  
Senior Member
 
Join Date: Jul 2015
Location: New Hampshire
Posts: 1,648
Likes: 0
Received 134 Likes on 73 Posts
Default

Originally Posted by VesselCalling View Post
If you carry passengers, boat in public waters or boat in someones else's private waters, you should have liability. I also think $350 sounds a little high. I have $1M liability for a 16' Flat and an 18' Boston Whaler and pay less than $350 for the combination.
I agree with this. My boat has 1 million in liability and comprehensive, collision etc and agreed value of $22,000 and I pay $325ish a year.
Old 10-27-2017, 06:41 AM
  #14  
Senior Member
 
Join Date: Nov 2013
Location: Punta Gorda, FL
Posts: 157
Likes: 0
Received 114 Likes on 60 Posts
Default

I worked for Sea Tow while I was taking a break from finance. You need boat insurance. Here is the scenario where it comes in handy. You go out, get a leak, sink the boat. You call Sea Tow or Tow Boat and they come and tell you it's a salvage call. ~$100/per foot length of boat. 20 foot boat, $2k. You say I'll just leave it. We say okay. Florida Fish and Wildlife starts fining you until you remove it. Either your insurance company pays the salvage or you pay the fines. It's up to you. I will never be without full coverage.
Old 10-27-2017, 07:02 AM
  #15  
Senior Member
 
Join Date: Mar 2015
Location: Cedar Point, OH, Miami, FL
Posts: 941
Likes: 0
Received 229 Likes on 163 Posts
Default

Originally Posted by Vitamin_Sea View Post
I have no loyalty to any insurance company.
They’ve taught us to be this way. I have calculated my hourly income and compared that to rates and the time and trouble to switch companies, but I stopped doing that. I want to believe that it’s not just about “principal” and short term costs, but about data as well.

I want to think that an insurance bean counter somewhere will look at a report that shows “hey, when we arbitrarily spike rates, our policy holders leave...”

I do the same with big banks. I used to carry a wallet full of credit cards, but one by one as they increased fees or reduced privacy or benefits, I’d cancel them. I don’t know if anyone but ME will ever notice, but heck, it felt good at the time. The problem is that I eventually ran out of accounts. Now I’m down to one, my oldest. If they screw with me I’m screwed: it will hurt my score to replace it.
Old 10-27-2017, 07:02 AM
  #16  
Senior MemberCaptains Club MemberPLEDGER
 
Join Date: Jan 2005
Location: SC
Posts: 11,671
Received 8,121 Likes on 4,282 Posts
Default

Beyond the potential impact on your own finances, it is flat out irresponsible to not have it. You are at risk of completely changing the lives of anyone on the water anytime you are out, no matter how few in number they are, along with the lives of your own passengers. If you don't have the proper insurance in place, or cash in the bank to cover the damage caused by yourself or your equipment (even due to equipment failure), you have no business being on the water or on the road. Assuming you don't have a rash of behavior related issues (DUI's, etc.) on your record, liability insurance is cheap, especially compared to the deferred risk that it provides.

Last edited by autobaun70; 10-27-2017 at 07:49 AM.
Old 10-27-2017, 07:47 AM
  #17  
Senior Member
 
Join Date: May 2007
Location: On the water 30 miles south of New Orleans
Posts: 263
Likes: 0
Received 18 Likes on 11 Posts
Default

My agent in an Independent agent but he wrote a liability boat policy with Progressive. I have a 20 ft. Bay Boat with 150 E-tec and a 14ft aluminum flat with a Gatortail mud motor. My coverage is 250,000/500,000. I pay a total of $100.00 per year. I also carry a $1,000,000 Umbrella Liability policy which covers any liability for home, vehicles, boats, etc.. That costs $453 per year.
Old 10-27-2017, 08:27 AM
  #18  
Senior Member
 
Join Date: Feb 2003
Location: Charlotte, NC
Posts: 6,434
Likes: 0
Received 415 Likes on 241 Posts
Default

Rule #1 - boating is not about saving money.
Would you give up boating over a few hundred dollars? Would you be indifferent to spending a few hundred dollars or several thousand to replace it out of pocket? Then you have environmental exposure if the boat goes down.
Old 10-27-2017, 08:35 AM
  #19  
Admirals Club Admiral's Club Member
 
Join Date: Aug 2013
Location: Fairhaven, MA
Posts: 9,129
Received 1,205 Likes on 737 Posts
Default

If you own your own home, check w/your HO insurance co. They may offer boat insurance and can add coverage that will give you the same liability limits as on the HO policy. I used to do that w/Liberty Mutual when I had a smaller boat. They have my HO and auto policies and have boat insurance for up to $30k agreed value iirc. Keep in mind that if your boat sinks and it's got fuel in the tank, you can get hit w/a serious clean-up bill. I'd shop for a better rate if possible.
Old 10-27-2017, 08:43 AM
  #20  
Admirals Club Admiral's Club Member
 
Join Date: Jun 2015
Posts: 1,751
Likes: 0
Received 47 Likes on 29 Posts
Default

X2 I totally agree. You just never know when an accident is going to happen.
Originally Posted by Shag View Post
Liability? Always.

Thread Tools
Search this Thread

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.