Insurance Coverage Options

[AlphaKap]

Getting a new policy for the boat we are purchasing. I'm doing some quote shopping now.

What are you carrying on your insurance for coverage options? Specifically...
Liability?
Uninsured Boater?
Medical Payments?

Just curious what others are doing.

 

[Wisefam22]

National boat owners association they will take your info and shop it. For lake Lanier and coastal waters on our boat (agreed value 25k) is 380 a year.

 

[PJ73]

I just switched all my insurances from USAA (getting way too expensive). The one thing I took away from this site, no matter which company you go with, if you can, go with the "agreed value" on the boat. That way, if anything happens, lets say 8 years down the road, you'll still get what the boat is worth today with no depreciation. I insured my 2019 for what the value is today.

 

[Mainah]

Getting a new policy for the boat we are purchasing. I'm doing some quote shopping now.

What are you carrying on your insurance for coverage options? Specifically...
Liability?
Uninsured Boater?
Medical Payments?

Just curious what others are doing.

This is a very personal thing and depdendent on many factors like personal income, personal assets, umbrella policy etc. Lets say you only carry 250k liability and a friend you brought out on the boat dies or ends up incapacitated in some way while you were operating and that friends family knows you make good money or have assets. You could be sued for much more.

Flip side lets say you get run over by an uninsured boater and are incapacitated or die. What other medical insurance or life policies are in place and what are their limits on accidental death and dismemberment.

My opinion is that baseline limits are not enough for what could happen and the whole reason you are paying for insurance is to cover what could happen.

 

[AlphaKap]

This is a very personal thing and depdendent on many factors like personal income, personal assets, umbrella policy etc. Lets say you only carry 250k liability and a friend you brought out on the boat dies or ends up incapacitated in some way while you were operating and that friends family knows you make good money or have assets. You could be sued for much more.

Flip side lets say you get run over by an uninsured boater and are incapacitated or die. What other medical insurance or life policies are in place and what are their limits on accidental death and dismemberment.

My opinion is that baseline limits are not enough for what could happen and the whole reason you are paying for insurance is to cover what could happen.

Understood. Still curious what people are carrying. Unless that gives away to much personal info.

 

[mike holdenrid]

Getting a new policy for the boat we are purchasing. I'm doing some quote shopping now.

What are you carrying on your insurance for coverage options? Specifically...
Liability?
Uninsured Boater?
Medical Payments?

Just curious what others are doing.

So I own a couple of agencies and here are my thoughts.

Liability- Minimum $500k. For most people I'd recommend $300k baseline liability and then umbrella coverage on top of that for at least $1mm. Truth is the higher liability limits are not that much more expensive, why take a chance with a major accident and lawsuit to save $100-$200 a year.
$300k minimum for uninsured boater
Medical payments- $5k limit. Possibly higher if you want to chance lower liability limits.

 

[AlphaKap]

I just switched all my insurances from USAA (getting way too expensive). The one thing I took away from this site, no matter which company you go with, if you can, go with the "agreed value" on the boat. That way, if anything happens, lets say 8 years down the road, you'll still get what the boat is worth today with no depreciation. I insured my 2019 for what the value is today.

Curious. Does your agreed value include the sales tax, freight and dealer fees? We ended up losing a bit on the last one because the extra fees were not considered as part of the purchase price. Fortunately, they insured an extra $5k for the trailer and balanced it out a bit.

So I own a couple of agencies and here are my thoughts.

Liability- Minimum $500k. For most people I'd recommend $300k baseline liability and then umbrella coverage on top of that for at least $1mm. Truth is the higher liability limits are not that much more expensive, why take a chance with a major accident and lawsuit to save $100-$200 a year.
$300k minimum for uninsured boater
Medical payments- $5k limit. Possibly higher if you want to chance lower liability limits.

Thanks!

 

[PJ73]

Curious. Does your agreed value include the sales tax, freight and dealer fees? We ended up losing a bit on the last one because the extra fees were not considered as part of the purchase price. Fortunately, they insured an extra $5k for the trailer and balanced it out a bit.


Thanks!

I included the total price I paid, which with the "boat show" discounts came to just about what the a 2019, 212X is valued at. So it was kinda like paying sticker without paying prep, tax, destination and a couple other "add-ons" I had them do.

 

[Bluewater272]

Agreed Value: 60K
Liability: 300K (I have a separate umbrella policy.
Uninsured Boater: 300K
Medical Payments: 25K

Premium is $369, including layup from 01NOV-01APR, and in-water storage the rest of the year. Can't recommend SkiSafe enough, paid my claim within 24 hours of receiving the repair quote.

 

[Tiger J]

I am covered through Markel. They also cover my trailer.

$435 a year.

 

[AmesJainchill]

Getting a new policy for the boat we are purchasing. I'm doing some quote shopping now.

What are you carrying on your insurance for coverage options? Specifically...
Liability?
Uninsured Boater?
Medical Payments?

Just curious what others are doing.

Safeco on my 2019 242 LSE
-------------------------------
300k Liab
10k med payments
300k unins/underins bodily injury
boat/trailer msrp agreed value
7k unattached equip
2.5k personal effects
1k emerg assistance
300 roadside
Captain's Pkg
---------------
$628 for 12 mos w/ applicable discounts

 

[Julian]

Mine is:
Full price coverage
Liability 500k
Med Payments 10k
500 deductible.

I also have a $2M umbrella policy

 

[Farmdog267]

My boat is insured through Markel American insurance as well. Premium for the year including no boating from Dec 1 through March 1 was around the $560 mark. Includes a freeze policy as well with a $500 deductible.

 

[vxooxv]

My annual insurance renewal came today and BoatUS via Gieco Marine upped me again. 546.00
I searched SkiSafe via the post above; upped my agreed value and set equal limits across the board for a total of $301

No... brainer!

 

[haknslash]

I switched from BoatUS to BIA (Boaters Insurance Agency) http://bia.us/ on the new boat. BoatUS rates kept creeping up each year. I checked with SkiSafe, Progressive, SF and a few others but BIA had the best quote this time so chose them. Quotes will vary from person to person and location plays a huge role so it’s best to just fill out a quote with many insurance companies and go from there.

 

[Dean P]

Wow! You guys got it cheap. I have Geico and I pay $954/yr here in Florida. I just compared SkiSafe; slightly more $987

Agreed Value 59k
Liability 300k
Med Payment 1k
Trailer 1k
Personal Effects 1k
Uninsured Boater 300k

 

[Beachbummer]

Your agreed value is more than twice of mine, and my policy is not half of yours... so you are not doing terribly either...

 

[Dixie Highway]

$500k liability
$5k med. payments
Uninsured (don’t recall limit)
$7k personal effects (and electronics)
$45k agreed value (trailer is broken out for extra $3k)
$500 deductible

$400 annually through State Farm. They also gave me a discount for having a boater education certificate. We have multiple policies as well for a discount.

 

[n1111z]

Wow! You guys got it cheap. I have Geico and I pay $954/yr here in Florida. I just compared SkiSafe; slightly more $987

Agreed Value 59k
Liability 300k
Med Payment 1k
Trailer 1k
Personal Effects 1k
Uninsured Boater 300k

Yeah I pay $1000 a year for the same coverage on my new 242. I think it's high because we live in Florida. Interesting side note, my previous boat was a '13 242, worth less than half the money, and my premium before was over $800! Progressive

 

[haknslash]

Location plays a huge roll. The more the boat is on the water year round the more prone it is to damage from operator or other boaters. Also the more populated tourist areas will have higher rates. The actual boat seems to have less of an effect on the premium, at least that what it seems like when insurance shopping.