Boat Insurance

Any recommendations?

What should it cost for me to insure an 05 Super Air for 40K? I have one quote for about $350/year. I am paying cash so I don't technically need to have insurance I guess.

No insurance on a $40,000 boat = bad idea. What happens when you hit that submerged rock in your lower than normal lake & it rips a big hole in your hull, taking the rudder, shaft, & prop with it? $500 deductible, or thousands out of pocket? hmmm?
Now that you're convinced you need insurance, I'd say that is a good price. I pay that on a 15yr old boat. What insurance carrier is it?

(Message edited by pri3st on September 03, 2008)

That sounds like a great deal

I'm also interested (in Canadian companies). I'm currently getting screwed bigtime.

$780 a year for an 01 Air Nautique

I've used Ski Safe in the past. But they did some things I thought were shady......

- insurance for 6 months only (no insurance in the winter, even though we will ride May - November easily).
- specifically excluded AirChair & SkySki.

I dropped them like a hot rock. I'm with Safeco now. Rates is about $600/yr..... all year.

I believe in many states you now have to have liability insurance on any licensed vehicle, car, truck, boat or bike.

I pay $600 a year through state farm to have my boat insured for 30,000 and that includes a discount for having everything else i own insured through them. If you can pay cash for a 40k boat i don't know why $29.17 a month would even be an issue. besides the damage to your boat what happens when a person gets hurt and they decide to sue you? as far as suggestions i love state farm and have also had good experience with progressive.

That sounds like a really good deal on insurance - do it.

I used to have boat us on the VLX and I think I paid 265.00 a year for 38K boat and trailer and the policy was pretty much loaded best price apple for apple that I found. Only catch is you have to become a member but it only cost like $14.00 a year for the membership.

even though you don't have to have it, it can make things easier like some jackazz falling with his hand through the handle who is self employed and wants your insurance to pick up his med bills. Oops sorry end rant agree that you should have it and try the ones mentioned here good luck.

Here is the quote I got for those interested. I think it may be wakeboardin's company....

http://www.boatus.com

Type of Boat : SUPER AIR NAUTIQUE 2005 CORRECT CRAFT 21

Cruising Area : U.S. & Canada Coastal & Inland Waters

SUMMARY OF COVERAGES
Boat and Boating Equipment-Actual Cash Value Not to Exceed : $40,000.00
Boat and Boating Equipment Deductible : $250.00
Theft Deductible : $500.00
Storm Deductible : $2,000.00
Boating Liability :
Per Person Each Accident : $50,000.00
Aggregate Limit Each Accident : $100,000.00
Fuel and Other Spill Liability : $800,000.00
Medical Payments-Limit Per Person Each Accident : $1,000.00
Boat Trailer - Actual Cash Value Not to Exceed : $2,000.00
Trailer Deductible : $100.00
Sporting Equipment : $250.00
Sporting Equipment Deductible : $50.00
Uninsured Boater Protection-Limit each Accident : $100,000.00
Commercial Towing Assistance - Each incident/Annual limit : $250/500

TOTAL ANNUAL PREMIUM : $302.00
STATE SURCHARGE : $.00
BOAT U.S. MEMBERSHIP (Required if not a Member) :$19.00
TOTAL ANNUAL COST : $321.00


Here is their "recommended" version versus the cheap one above

Type of Boat : SUPER AIR NAUTIQUE 2005 CORRECT CRAFT 21

Cruising Area : U.S. & Canada Coastal and Inland Waters

SUMMARY OF COVERAGES
Boat and Boating Equipment (Agreed Hull Value) : $40,000.00
Boat and Boating Equipment Deductible : $400.00
Storm Deductible : $2,000.00
Boating Liability : $100,000.00
Fuel and Other Spill Liability : $800,000.00
Medical Payments : $1,000.00
Boat Trailer : $2,000.00
Trailer Deductible : $50.00
Personal Effects : $.00
Personal Effects Deductible : $.00
Uninsured Boater Protection-Limit each Accident : $100,000.00
Commercial Towing Assistance - Each incident/Annual limit : $250/500

TOTAL ANNUAL PREMIUM : $417.00
STATE SURCHARGE : $.00
BOAT U.S. MEMBERSHIP (Required if not a Member) :$19.00
TOTAL ANNUAL COST : $436.00

What you think?

I have Progressive.. $36k coverage and it is about $450/year.
One thing you might look at is raising deductibles. You mentioned considering not getting insurance since you are paying cash.. You DEFinitely Need liability! But if you don't plan on turning in a claim for $250-$40 like deductibles above, raise it to $1000 and it will lower cost! QUotes look pretty good though.

Here is one from Voyager- this is who used on my VLX previously.

Your quote details:
Premium: $359

Vessel:
2005 CORRECT CRAFT SUPER AIR NAUTIQUE
Length: 21

Trailer: 2005 Prestige
Trailer Value: 2000

Engine: PCM Inboard, 330 HP X 1, Gas No fume Detector

Coverage: Hull - $41000
Medical Payments: $10000
General Liability: $100000
Fishing Equipment: $
Unscheduled Personal Property: $3000, $500 Deductible
Crew: $


Raising the hull deductible to 4% lowers the price to well below $300.

I've had BOAT/US in the past (currently boatless)...I filed one claim with them years ago and they were great to deal with.

Those are thin liability limits unless you have an umbrella backing it up. I'd increase the deductible and the liability coverage.

I do have a 1M umbrella. Does that cover me in my boat or would I need to contact my agent and make a policy change?

There are two kinds of policies:

Agreed value - which means that the insurance will cover what you think the boat is worth (you and insurance agree on value) Example, you bought the boat for $30k, two years from now it gets stolen and totaled, the insurance will pay you $30k, not the market value or replacement value for that boat, which will probably go down significantly.

The other type is just like car insurance, where you will only get the replacement value if something happens.

I think you want to make sure you have an agreed value policy

re: the umbrella, make sure you check with your carrier for the underlying required limits and if it covers boat ownership. I know some umbrellas have different rate schedules for boat owners / private plane owners / etc.

CSAA (norcal AAA) umbrella policy requires 500k liability coverage on any underlying policies. In that case, if you have only 100k you'll end up being responsible for any liability from 100k to 400k. Given that they require 500k on underlying limits, I don't know if they can get out of coverage if you don't meet that requirement.

BOAT US

Make certain you understand the difference in "actual value" and "agreed value" first and foremost. If I were you I would go with agreed value so you have full coverage on all of your equipment and boat for what agree its worth.

$100K Liability and you can afford to pay cash for the boat. If you have any asset depth you need $500K. John is correct in the minimum underlying limits on the umbrealla. Also the lower the threshhold on the umbrella the more it will cost. Why on earth would anybody accept a ACV actual cash value policy when you can get agreed value for very little more.

Air Junky is correct about Ski safe's total exclusion for air chair and Towable kites.

A lay up period can save you $ if you reside where it is not usaboe during winter months., i would never sell one in Texas, Ca,Az, Florida.

Take as high a deductible as you can.
Expect lake authorities and harbor masters to start asking more frequently to see a declarations page. They are looking for pollution coverage in case it sinks and fuel or oil needs to be skimmed or hul recovered.

I like Westmar, USAA, All State, State Farm, & progressive policy forms along with some others.


Rick

get GAP INS when you purchase the boat. it helps

I go through progressive. Phenomenal rates for the coverage I get. My boat is only worth $12k, but I pay like $120 a year for full coverage (I'm financing the boat) and I have 500k in Liability and $250 deductibles on everything. Progressive is worth taking a look. When I got my online quote I had to call an agent there to make sure it was real. It was.

Chris:
Gap insurance covers the loan, not the boat. It pays the bank the difference between what is owed at time of loss and what a boat is actually worth or can be replaced for. You only really need gap insurance for the first 2-3 years ONLY if you finance 100% and have no equity.

With a good boat insurance, you dont need gap. My boat insurance guarantees me a brand new Malibu 23 LSV for the next 10 years, after 10 years they guarantee me $65k. No need for gap. I use Boaters Insurance.

Rob,

Make sure your agent knows you have the boat. The umbrella questionaire should ask for this specifically. Your umbrella will cover you once your limits are exhausted on the boat policy. Just skimming that quote I'd up the liability and increase the med. $1,000 per person is not enough.

Definitely increase the med - I have $5,000 per person & $500K liability- I'm with Allstate and pay $320.00 per year for my 06 Tige 22ve.

I just hit a log and had a claim for a shaft and strut. Called them explained what happened sent a couple pictures and got a check.

Usa water Ski Insurance

What ever you do, DO NOT GO WITH PROGRESSIVE!!! My 08 Avalanche C4 and they wanted 1300.00 a year!! I told the lady she was crazy and I wanted to talk to some one else. He told me 1286.00! Again, I wanted to them to know it was a ski boat, not a Yacht! I went with American Modern that my Ins, USAA, recommended. I pay like 436.00 a year for full replacement coverage and NO DEDUCTABLE!! Progressive Blows!

I just changed to progressive from Allstate, 07 Enzo 230 $60,000 agreed value for 5 years. $370/year. Boating insurance rates are significantly impacted by claim history, auto driving record, and credit rating.

colombian surfer,

don't know how close you are to the coast, but I live in Houston and soem insurance companies will insure at the "coastal" rate, not inland waters only. My boat has no coverage if I take it in bay or coastal waters. I haev to stay in inland water only. The coastal coverage was almsot triple what I currently pay.

here is my policy on my 2000 XStar with Progressive. Premium is $598/yr. Might seem kinda high, but I'm 25 and have a dui, so it's actually pretty reasonable. Only 3 more months till it won't effect me anymore!

BODILY INJURY & PROPERTY DAMAGE LIABILITY $71.00
BI $250,000 EACH PERSON - $500,000 EACH ACCIDENT
PROPERTY DAMAGE LIABILITY - $100,000 EACH ACCIDENT
UNINSURED BOATERS $38.00
$50,000 EACH PERSON - $100,000 EACH ACCIDENT
MED PAY/WATERSKIER'S MED PAY $1,000 EACH PERSON $9.00
COMPREHENSIVE $375 DED AGREED VALUE $172.00
AGREED VALUE $33,000
COLLISION $375 DED AGREED VALUE $269.00
AGREED VALUE $33,000
DISAPPEARING DEDUCTIBLE INCL
WRECKAGE REMOVAL INCL
MARINE ELECTRONICS DED $500 INCL
TRAILER DED $250 INCL
FUEL SPILL LIABILITY INCL
$2,000 REPLACEMENT COST PE $250 DED $18.00
EMERGENCY WATERCRAFT TOWING & LABOR $21.00
$300 EACH INCIDENT
COASTAL NAVIGATION 75 NAUTICAL MILES INCL
ROADSIDE ASSISTANCE INCL

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Premium by Watercraft $598.00
Total Policy Premium $598.00

(Message edited by ironj32 on September 23, 2008)

Hi All,

I have a very basic question about boat insurance as I am looking to purchase my first boat. I live in Canada and whenever I see a boat on a trailer the trailer has a license plate on it. When you guys are discussing the "boat insurance" above do you get a license plate for the trailer as part of this and this will cover any water accidents or accidents during towing?Or do you need separate boat and trailer insurance?

Thanks

You pay for insurance for the boat and for the trailer. Typically in the same policy.

Any of you have an umbrella policy in addition to your boat policy?

We have a house, 2 cars, 2 ATVs & a boat. I'm wondering if the thing to do is to sign each up for the most basic policy available, then setup an umbrella that covers any problems over & above the basic coverage.

I carry a 2M umbrella, to many sue happy people in California. A lot of umbrella policies will make you carry a certain amount of coverage for your basic home and auto insurance to qualify.

I've got state farm and insured for 30k for the boat and im paying $300 a year..not sure if full inboard to I/O makes the difference. I'm 25 but there are also about 8 or 9 other vehicles on the policy and 2 jetskis and another boat lol...State Farm likes us alot...haha