Insurance thread

[Kevin107]

After searching the "other" forum, it seems to be a common question for new owners.
So for those that are insured, please post as much info about your policy if you are comfortable. Liabilities limit, deductible, cost, ect.....
I am still shopping around so no insurance yet.
Do you insure your trailer and how much should I insure a new 2014 ar210 trailer for?
Since the total price of Yamaha included the trailer, should I insure the total cost paid minus trailer?
I am paying 37600 for the boat, so I am thinking insuring it for 35600 for boat and 2000 for the trailer.
Also planning on getting umbrella insurance too. Any thoughts?

 

[txav8r]

Kevin, if you have a liability umbrella, for it to be effective and cover all your ASSects, you have to keep all your policies with one carrier. Or so says my State Farm agency. I also pay about 20% more for my boat coverage, or did, because they are not the cheapest for boats. But...I carried higher limits due to the umbrella, on the house, cars, toys, etc. What I am saying, is your umbrella written by SF won't cover liability with your boat if they don't write it, and they are going to want to write your home and vehicles too probably, for the umbrella to cover all. Your breakdown on the boat and trailer is pretty good.

 

[xoomer]

Kevin, if you have a liability umbrella, for it to be effective and cover all your ASSects, you have to keep all your policies with one carrier. Or so says my State Farm agency.

Are you sure? I have my homeowners policy with one company and my auto/umbrella with another. The only thing the auto/umbrella carrier told me was that in order to get the umbrella policy I would have to show I had $300k liability on my homeowners policy. The way I understand it is that the first $300k would be covered by my homeowners policy then it would go to the umbrella for the remaining $1,700,000 if necessary. I think I pay about $400 a year for a $2 million umbrella but my boats aren't covered under it since they won't cover jet boats--probably I will just raise my liability coverage on my boats which I believe would have the same effect as having umbrella coverage.

As far as cost for my boat policy, I have a new 2014 SX240HO insured with the trailer for a bit over $50,000--I think I broke out the trailer for $4,000. That cost me about $900 a year with BoatUS.com. They claimed they gave me a 10% discount since I am a member of the USPS and I believe another 10% since I have taken an approved boating safety course. I didn't shop around for this but took it because they agreed to insure me when I go to Bimini in June with the jet boat group--I believe they said that the additional coverage for international waters would cost another $150 but that I could use it multiple times during the policy year for the one flat fee.

I think my policy is pretty standard and includes $300k liability and whatever else is normal--I didn't ask for anything special.

 

[Gym]

Kevin, Not sure how texas works but here in Mass. we have to separate the trailer value from the boat value because the trailer has to be insured and registered for road use.

 

[bgood188]

The pics are of my policy which just came this past week. This is for a 2014 212SS and I do carry an umbrella as well. Hope it helps. .

 

[Kevin107]

Your umbrella require 500k coverage?

 

[bgood188]

Your umbrella require 500k coverage?

No I error to the hide side. The difference was next to nothing.

 

[GiddYupJoe]

State Farm in Ohio. House, 2 auto and homeowners. No Umbrella.
$1K deductible.
Premium is $490 Year

Boat $38K
Trailer $2K
Liability $100K
Medical Payments $20K

 

[albett3]

I just renewed with BoatUS. Have had them since I bought the boat in 2011. It is insured for $33K and $2k for trailer. The policy costs $502/year and is for $100K policy. I had Metlife (Auto & Home Policy) and they were about the same. Fortunately, have never had to put in a claim.

 

[davel501]

Did the boatus folks do the yacht policy or the other?

$100k is way too low IMHO.

 

[albett3]

Yeah it is their Yacht Policy. I probably should up the coverage.

 

[Joshb723]

As an insurance agent I can tell you, you do not have to have everything with one carrier to get an umbrella policy (Mel that's just what your agent is telling you because State Farm is his only option), and I highly recommend getting an umbrella policy and they are very cheap. The umbrella can also drop down and cover from dollar one including defense cost for exclusions in the underlying policies.
Another thing, to increase liability from 100k to 300k and even 500k is usually only a few dollars and sometimes even cheaper, (auto insurance included) it's definitely worth looking in to. I have nationwide for my policy and although they are not the cheapest I know how they pay claims. Safeco is also a great company that I like to work with.

 

[CDENsomnia]

I have nationwide and they have been pretty good. Here are the details. Keep in mind I also have my home and auto with them. Now that I look at this I should probably raise a few things. Boat value is 42k.

 

[WOOSAB]

There is no exact science to this question. As a state farm agent if we were the same age with the exact same boat with the exact same coverage our price would be different based off of 100 other factors. The important thing is to make sure you get your boat covered for replacement cost or agreed value not cash value. So if it does sink you can get it replaced. Also i would suggest you carry 250,000+ on liability coverage & medical and property damage. I've seen the bill when someone has an accident on the water and you have to pay for the heli-vac or the clean up of the gas and oil from the collision that 100,000 coll coverage isn't going to cover it. Also here in TX if you do so happen to have an accident and some does pass 250,000 That's the starting point which means you no can no longer cover heli-vac or toxic cleanup... I'd keep the liability high and with the umbrella coverage also. we pay thousands for these boats don't cheap our on the part that protects your boat or protects your boat from costing you everything else you have aquired....

 

[Kevin107]

Fuel and other spillage is covered up to $854,400 on mine. I don't think that is part of liability. (at least on my Geico insurance)

I'm going to change it to 300/300.

 

[MOA_Chaser]

I have Markel insurance, total premium $343.00/yr.

Watercraft & equipment $18000 $500 ded.
Watercraft liability $1 million
Personal effects $1000 $250 ded.
Oil pollution liability $854,400
Emergency towing/assist $500
Uninsured watercraft $500,000

 

[WOOSAB]

Some states and insurance companies have a pollution liability some it's covered directly in liability. .. sorry been looking on cell phone past 2 days if someone already said that

 

[Kevin107]

I have Markel insurance, total premium $343.00/yr.

Watercraft & equipment $18000 $500 ded.
Watercraft liability $1 million
Personal effects $1000 $250 ded.
Oil pollution liability $854,400
Emergency towing/assist $500
Uninsured watercraft $500,000

That's a good price. Have you make any claim with them?

 

[Lextacy03]

As an insurance agent I can tell you, you do not have to have everything with one carrier to get an umbrella policy (Mel that's just what your agent is telling you because State Farm is his only option), and I highly recommend getting an umbrella policy and they are very cheap. The umbrella can also drop down and cover from dollar one including defense cost for exclusions in the underlying policies.
Another thing, to increase liability from 100k to 300k and even 500k is usually only a few dollars and sometimes even cheaper, (auto insurance included) it's definitely worth looking in to. I have nationwide for my policy and although they are not the cheapest I know how they pay claims. Safeco is also a great company that I like to work with.

Thanks for the shout out to Nationwide for Insurance. @Joshb723

 

[MOA_Chaser]

That's a good price. Have you make any claim with them?

No, thank goodness. I mostly got it for the cheap liability, I had someone smash their finger between my boat and the dock and I didn't have any insurance. It was an ex girlfriend's mom (we broke up a month or so after the accident). I'm really lucky they didn't sue.