Boat insurance

[scrotcaster]

I got a older 16' mr.pike lund with a 50 mercury (worth somewhere around $2,500). I fish mostly on the river and on sak., Never had insurance on it and never had any issues. I already feel like i pay to much in insurance (health, vehicles, life,house, etc.), but is that stupid not to insure a boat? What do most of you guys do with older boats? My biggest concern would be if my boat somehow were to damage someone's $50k boat and I would be on the hook for it. Just looking for some insight. Thanks in advance

 

[Rizzo]

I think you answered your own question. Your liable if you damage someone elses boat or worse yet injure someone. Get insurance and have a piece of mind.

 

[shorthairsrus]

homeowners covers up to 40hp?

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40hp for liability -- beyond that i thought you need to buy liability insurance.

 

[Bfishn]

Ins on a boat like that is dirt cheap, its pretty stupid to risk everything you have to save $50 a year.

 

[zoops]

No idea what boat insurance does in the case of getting in an accident on the water that wouldn't be covered by homeowners or vehicle. Probably a great question for an agent. I had my boat insured for 10k and it was like $130 a year so it's cheap. Another option might be a liability umbrella which covers everything you do (I think). I just put one for $1M on my policies, I think it was around $90 for 6 months.

 

[scrotcaster]

Just talked to my agent,, added a watercraft policy to my homeowners for $38 a year.. thanks for helping me see the light fellas,,

 

[sierra1995]

Just talked to my agent,, added a watercraft policy to my homeowners for $38 a year.. thanks for helping me see the light fellas,,

Good deal! I didn't have it on my last several boats, because they were $1,000 junkers, but as other mentioned, its more about damage to others.

Another thing to consider on your insurance is what you have in your boat if something were to happen, and you were to loose everything in it. Rods, reels, electronics, trolling motors, tackle. So i have a replacement amount on my boat, plus a rider on it for extras within the boat. I think i pay around $300 a year, but have 15k of value on my boat, motor, trailer, and non-attached items. boat is an 02 Lund pro angler 16, could probably sell as is for around $9,000.

 

[shorthairsrus]

Read your policy---- mine is 40hp outboard:

I just popped this from the internet -- this particular insurance covers liability only up to 25hp. If you have a junker -- and it has low HP you may be covered. [h=2]Does Homeowners Liability Insurance Cover Boating Accidents?[/h][FONT=&quot]If you injure someone or damage property with your watercraft, the liability portion of your home insurance policy can help cover any associated cost. Homeowners insurance policies come with at least $100,000 in liability coverage you can use for legal expenses or restitutions you need to pay the affected party. There are some important size and horsepower limitations when it comes to boats however.[/FONT]
[FONT=&quot]

Vessel/Motor Type	When is it Covered by Liability Insurance?
Inboard or Inboard-Outdrive	Less than 50 HP
Outboard	Less than 25 HP

[/FONT]

 

[rodcontrol]

Most of the conversations have been accurate. Homeowners insurance will have built in liability coverage for low hp motors. As for the umbrella policy many of them are essentially excess liability policies. Meaning if you don't have the underlying liability policy an umbrella wont help you. I would also be careful when you are listing a value on your boat, 5 or 10 years down the road your boat is worth nothing near what you paid for it. Most polices after an amount of time will be ACV (actual cash value). Progressive boat insurance offers a full replacement policy for a length of time after a brand new purchase or a used newer boat. The best thing is to talk to your agent, if you don't like talking to your agent get a new one

 

[Retired-Guy]

As for the umbrella policy many of them are essentially excess liability policies. Meaning if you don't have the underlying liability policy an umbrella wont help you.

Right on, rodcontrol!

 

[3Roosters]

Heck, I may be rethinking the insurance I have on my little puddle jumper. 16ft lund with 15HP Johnson. Both old, trailer no better. I figure I increase the value of it every time I put 6 gallons of fuel in it. hahaha. Even with spit shining the boat and motor, a brand new battery, helix 5, new trailer tires and a couple of Benjamin's tucked in the boat cushion, I would be hard pressed to get $1500. Perhaps the money I spend for the insurance could be put to better use, like more tackle or blue num nums.

 

[LBrandt]

Have my boat insurance added to my house insurance for a little over 100$.

 

[johnr]

I sell boat insurance, and have used my boat policy on 2 different occasions. Well worth the couple hundo a yr it cost me.

 

[ND58201]

Your lucky. Heard of people being dropped from homeowners after just a minor claim on the boat. Better to separate from what I heard from friends

 

[all4eyes]

I totaled a 5 year old boat on the way home fromthe lake. Crappy deal, until the next day when i called the insurance man, by the time my insurance was done i was in a brand new boat with nothing out of pocket. Lets just say that 300 a year was nothing ro worry about. It covered the broken rods, trolling motor, everything of value was covered. Ill pay it and not worry.

 

[DirtyMike]

Call up Bob Luellen with worldwide marine.

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Or Juan. Good dude when he shows up on here.

 

[Davy Crockett]

Johnr, How do you determine the value of a used boat ? I've always been sort of a boat collector kind of like a car collector and lucky to have never had to use my insurance but say a guy has an older boat that is in pristine condition with low hours, From an insurance standpoint, Is it worth any more than the same boat with wear and tear and high hours ?

 

[1850reata]

Bad idea putting atv and boats under your homeowners policies. If you have a claim it counts against it and you can be nonrenewable or pay increased rates. It's cheap to write them stand alone.

 

[Davy Crockett]

Times must be changing in the Boat insurance industry, At least with my current agent . I was on the phone for a long long time just to get coverage that I am not happy with. I finally got fed up and just said Put it on and I'll be in next week to straighten it out. I picked up a used Lund Baron 2100 that has had very little use and always stored inside , Decked out and rigged up with everything imaginable and all I could get over the phone is $ 4300 worth of insurance according to her. They go by some stupid computer program. Time to start looking for a better deal than that. I've had boat insurance with them for years and never filed a claim.

 

[Captain Ahab]

Times must be changing in the Boat insurance industry, At least with my current agent . I was on the phone for a long long time just to get coverage that I am not happy with. I finally got fed up and just said Put it on and I'll be in next week to straighten it out. I picked up a used Lund Baron 2100 that has had very little use and always stored inside , Decked out and rigged up with everything imaginable and all I could get over the phone is $ 4300 worth of insurance according to her. They go by some stupid computer program. Time to start looking for a better deal than that. I've had boat insurance with them for years and never filed a claim.

Call Bob Luellen. World Wide Marine