Marine insurance, who has what?

[Ronnie]

I always carry full coverage on all my water toys but realize that I may just be overly paranoid and want to get an idea of what everyone else does.

 

[sysinu]

I'm pretty sure if you owe on a watercraft you have to have full coverage, just like on a car. We have only liability/collision on our fishing boat... but I think we lose more money in the (not tied down) gear if that boat sinks than the boat is worth.

 

[Big Shasta]

I don't owe anything on it but I'd hate to lose it all if there was an issue. It's ~600 per year that I just suck up and pay. Covers the boat, trailer and 5K worth of stuff....all covered at agreed upon value not some blue book they deem as its value if something happens. I probably have it valued a little high @ 20K and 3500 on trailer.

I have Progressive through USAA, since they don't do boats, you get pushed to progressive and supposedly get a discount.

 

[Speedling]

Full Coverage through State Farm. Don't know what I pay as I get a bill combined with house, 2 cars, a camper, a few small riders, and 5 life policies. Better to just pay at that point and not think about it!

 

[txav8r]

I am lucky enough to have it paid for...and I still carry full coverage. One wreck and you eat it...$600-700 a year is worth the peace of mind to me.

 

[lddv1224]

Full coverage. I pay 320.00 - year through seaworthy with geico. All my other insurance with usaa but since they only offer boat insurance through progressive, I opted to go with seaworthy

 

[Zarrella]

I too have always had full insurance coverage regardless of not having a loan.

 

[Wayloncle]

Full coverage. I pay 320.00 - year through seaworthy with geico. All my other insurance with usaa but since they only offer boat insurance through progressive, I opted to go with seaworthy

This is my situation as well. I pay $400 a year though.

 

[Big Shasta]

Thanks, i'm going to check out seaworthy for my renewal in June.

 

[Zarrella]

I too have always had USAA and have now been pushed to Progressive and hate them!

 

[Wayloncle]

I too have always had USAA and have now been pushed to Progressive and hate them!

That's why I went to geico, progressive didn't work with me at all! They were over twice as much and the coverage wasn't as much.

 

[Ronnie]

I pay $450 for the boat coverage, $300 per 06 waverunner all through boat u.s. I recently added my son's 96 wave blaster for $200 but boat u.s. Refused to cover it because of a claim i made last year on one of the waverunners so they pushed me to progressive. This has happened to me before and i ended back with boat u.s. After a few years had past (they sent me a please come back to us offer).

I have to say when my boat and trailer were stolen boat u.s. Came through for me and handed me a check for the stated value plus the trailer and personal effects but when i made a claim on the waverunner, which i believe had a similar policy, they reduced my payout on the hardware by 10% for every uear the ski was old, so 60% to 70% at the time, the result was that i ended up paying more out of pocket than boat u.s. Did. Now im thinking about shopping for a new insurer during the off season, maybe gieco or seaworthy.

 

[RForester]

I'm glad to see we are all smart, I'd hate to think someone would stick there neck out. If an accident does happen and someone gets hurt it sure would make things complicated with no insurance. I have progressive and it even pays out if our dog drowns!

 

[latitudeadjuster]

I had progressive insurance forever on my 06 sx230....loved it...had one claim and no problems. I changed to Seaworthy and just had a bad gut feeling...nothing happened but they seemed shady plus what I read online. When I bought the 212X this year I went ahead and went with Boat US. I feel comfortable with boat US but might shop progressive when this term runs out.....MAYBE.

 

[Julian]

X2 what @Big Shasta said. Own it, over insure it a little, but use State Farm....~400/year.

 

[xoomer]

I have BoatUS insurance on both my boats: $956 on my SX240 ($46k on boat and $300k liability) & $123 on my small pontoon. I just sold my old 2002 LX and had insurance with Progressive that cost me about $400 a year--pretty high considering the boat was only worth around $6k.

 

[Ronnie]

TANGENT ALERT:
I remember a similar thread on YJB that revealed that Florida had the highest cost marine insurance supposedly and primarily because there are a lot of insurance claims, valid and fraudulent, coming out of Florida possibly because of the fact that the climate/weather allow for year round or almost rpm year round boating. This makes sense I guess, I only pay about 1/2 of what Xoomer pays to insure my boat with similar coverage through boat us here in NCal. if rates are set per state I should not have to pay more if I lived in SCal where I could boat almost year round. By this logic marine insurance rates in Hawaii should be comparable to those in Florida.

I also recall that CT seemed to be the most expensive place to boat from a tax perspective. That is, I think they pay a lot more to register their boats annually plus they are subject to a high luxury tax. Off the top of my head my recurring annual boat costs are: $450 for insurance, $400 for luxury tax / property tax (I.e. 1% of my purchase value) and $10 for registration and $8 more to fund quagga / zebra mussel education and prevention efforts for a total of just under $1k per year.

 

[latitudeadjuster]

X2 what @Big Shasta said. Own it, over insure it a little, but use State Farm....~400/year.

I gave my State Farm guy a chance to quote. I have home and auto but boat would have been outsourced thought state farm....at least here in Va. They couldn't touch a decent policy or price.

 

[Julian]

Things that impact your boat insurance cost (that the actuarial tables factor in):

• Location of boating (inland lakes or ocean)
• location in general-to determine length of boating season and theft risk etc
• your age
• your gender
• Insurance claim history

If you have an inland lake policy, you won't be covered if you go in the ocean. So those of you going on the bimini trip (for example) should check your policies.

 

[Greg M]

Insurance is the most expensive thing you will buy until you need it 1 time..... then its the cheapest thing you ever bought!