BOAT INSURANCE

Who do you recommend for boat insurance...who is the best to work with for the best price?

Westmar insurance (http://www.westmarinsurance.com/boat_yacht/). They only insure boats...

Just called them and they were $90 more a year on a $52,000 boat than Boaters insurance. Granted their coverage was 300,000 as opposed to 100,000 for liabilities and their deductible disappeared after 4 years of coverage. Kind of a toss up I suppose.

Shawn

Depends on what you have to lose. I wouldnt get anything less than $300,000 coverage.

Liability protection is all about protecting all your other assets. Make sure you get "agreed value" and not "actual cash value". Don't forget to ask about hazardous material coverage. In CA if your boat sinks in a State park or recreation area. You'll be libel for the clean up too.

I would strongly recommend you get a quote from these folks.

https://www.boatus-insurance.com/insappNew/Default.asp?AID=&AButton=&ASource=&ID=&AHits=

I have yet to find anyone cheeper, been using them for years, and they are good on claims

I took all state. $60 a month. for 500k. I also took on a 1,000,000 unbrella policy to cover anything over that. That is only $25 a month and covers all cost over my car, home, and boat insurance.

Boaters Insurance

I also have Allstate for 300k coverage for $37/month and 1 million in Umbrella coverage for $28/month

For my 2006 MC X-30 Boaters Insurance is the best hands down!I compared Allstate, Boatus, Westmarine, & Progressive. BOATUS IS 2nd BEST & BOATERS INSURANCE WINS BY A HUGE MARGI! THANKS FOR ALL THE GOOD SUGGESTIONS...

For those with All State please explain what you mean by umbrella insurance. Is this a umbrella policy that covers your home cars and boat for $30/month? I wonder if this is something that can be used in Ca. as I pay roughly 2200/year for just Auto insurance for the wife,daughter and I all having clean records. Please provide more info on this.

How my agent describe it as a backup insurance. If I get sued this helps with legal fees and will cover me in a liability suit. 1 Million in excess coverage beyond my standard vehicle insurance. These days, if you get sued and lose, you will pay out far more then your insurance coverage.

umbrella?

Umbrella = Excess liability insurance. Liability = means "your responsible". Excess=means after you have exhausted your underlying limits from whatever policy is primary. Car accident=car ins first,then umbrella, boat accident= boat policy first then umbrella. Kid drowns in your pool or dog bite= homeowners first then umbrella. Or maybe your clearing weeds from your property and start a wild land fire like happen in San Diego a couple years ago. How far will 1.5 mil go?

Read your umbrella to ck for minimum underlying limits to make sure it will respond. If umbrella requires $500K and say you only carry 300K on your boat because you cheaped out then the umbrella wont respond, or if it does your gonna be responsible for $200k difference. An umbrella with a higher underlying limit will cost less annually.

Yes; they are cheap $150-$400 annually. I reccomend 2-5mil to most customers. If you have an umbrella and a bad accident occures. It means a second big dollar lawyer at the table defending you and your primary carrier must get his approval to settle. Umbrella is also self insurance if you buy the right one. Ask if it has uninsured/underinsured motorist included or a sublimit. A good umbrella will include it but cost 100-200 more. I always reccomend it.

Lets say I crash into your boator car and really hurt some people including your family and carry 100K liability. I am clearly laiblie and my carrier pays you 100K. Then you look to your boat policy for it's uninsured limit of say $300K or $500K. Thats great but if your paralyzed in a wheel chair or many people are hurt requiring big hospital bills would'nt you like to look to your own personal umbrella for an additional 1 mil to sustain a life style?

Ask if defense limits are contained within the limit or outside which means "in addition to". A cheap umbrella errodes the limit. This means your reducing the limits by say what $400 hour for any good defense attorney plus court costs. In other word 1 Mil wont really go very far right?

My point is get proper advise form a good agent who will take the time to explian coverages, not be so hungry they offer you the cheapest quote available. Be very careful if you buy coverages on the internet or have different policies with different carriers or agents. It leaves too much room for gaps..........

I wrote the article on boat ins linked above and will gladly answer any questions if you email or call me. My toll free # is 877-428-1309. Currently licensed in Ca,& Oregon, Az is comming in a few weeks.

You guys think I should write another article for Wakeworld covering this topic only and ask Dave to post it?

Rick

Rick, thanks for the great description! Can you endorse any of the boat insurers out there?

I use Boaters insurance as well, they have been good on the 2 claims I have had.