Advice on Boat Insurance?

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montanasailors

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Oct 21, 2010
4
Balboa 20 Flathead Lake, MT
Hello,
We've just bought a 1975 Balboa 20' with 5hp motor and trailer for $3000 and are shopping for insurance for all of them. Our car & home insurance company, Farmers, have quoted us $244/year for the following. As we're newbies at this, we wanted to check around first before committing. Thanks so much!
$250 deductible
$300,000 liability
$5000 med pay
$300,000 unisured
$5000 of possesessions
 
Freedom77

Freedom77

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Jul 29, 2010
1,392
Macgregor 76 V-25 #928 Lake Mead, Nevada
Check with Boat U.S. Also insurance rates are based on the size of the outboard. I have a Honda 7.5. If it was any bigger my rates would be higher??? Fair Winds and Full Sails...
 
Eric M

Eric M

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Sep 30, 2008
159
Island Packet 35 Jacksonville
Boat US is good advice, you could also try progressive, I have had good service from both on various boats I have owned. You will want to check about their coverage for towing on and off the water. Boats do break down, and trailers too and they both usually do when there is no help for miles around. On water towing most places starts at $150+ per hour and the clock runs the minute they leave the dock to come get you. Congrats on the new boat and welcome!
--Eric
 
Lee Coller

Lee Coller

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Oct 22, 2005
257
Hunter 44DS Redondo Beach, CA
That rate sounds really high. I'd check with Boat US. Note that many of the home/auto/fire insurance companies won't insure fiberglass hulled boats over 20 or 25 years old.
 
T

tommays

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Oct 2, 2006
1,517
Jboat J24 commack
The big thing your looking for is coverage for the cleanup and recovery from a sinking and as such the fuel spill coverage is normaly 800,000 as its the max fine
 
catsailor

catsailor

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Jan 10, 2009
590
PDQ 32 Deale, MD
tommays said:
The big thing your looking for is coverage for the cleanup and recovery from a sinking and as such the fuel spill coverage is normaly 800,000 as its the max fine
Click to expand
I would't worry about that. He's got a 5-gallon portable tank and closes the vent when not sailing. The boat's probably on the trailer. If he did spill a small amount of gas, it would evaporate before anything could get complicated. Much adue about nothing (I've written many spill plans, both land based and marine). Desiel is different.

Coverage seem similar to what I had years ago for a trailer boat. Go for it. We used Liberty and Statefarm; both were fine. Boat US runs high for simple coverage: more coverage, but more $$.
 
Chuckbear

Chuckbear

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Jan 3, 2009
821
Marine Trader 34 Where Ever I am
With all of the recommendations for BoatUS insurance, I have found them to be one of the most expensive insurers. Chuck
 
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Steve Dion

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Dec 2, 1999
15,184
Hunter Vision-36 Rio Vista, CA.
You may want to shop your home owners insurance around too. Most of the time a boat this small can be covered under your home owners policy with just a declaration.

$250 seems expensive for a boat of this value. We had our 1985 H'31 fully insured with BoatUS and were paying less than $300/yr. They also provide discounts for not having claims after the first year or so.
 
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montanasailors

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Oct 21, 2010
4
Balboa 20 Flathead Lake, MT
Thanks for the advice!

Thanks all! I looked at both US Boats and Prudential, both quoted about $400 for the same specs as Farmers. I'll look into our homeowners insurance covering the boat and ask about towing, salvage if she sinks at the dock, etc. Thanks again for all the advice!
 
RichH

RichH

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Feb 14, 2005
4,773
Tayana 37 cutter; I20/M20 SCOWS Worton Creek, MD
Id also recommend you give Boat/US a good look as If you dont keep the boat in hurricane prone areas their costs are quite reasonable and their claim service is 'extraordinary'.
 
dscribner

dscribner

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Nov 9, 2008
1,338
Pearson-O'Day 290 Portland Maine
I have Progressive and I think it's expensive. In the Spring, I'll be comparing with SeaTow/SeaInsure. If I have to be towed with Progressive, it will still cost around $700. With SeaTow, it's covered. In any case, get plenty of quotes!
 
kpgraci

kpgraci

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Jun 12, 2010
936
Oday 22 Orleans Marina, NOLA
Progressive is expensive. BoatUS is inexpesive, that's what I have. Homeowners will not cover your boat, you need boatowners insurance for that.
 
stephen Penny

stephen Penny

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Nov 8, 2009
537
Hunter 386LE San Fancisco
Cost looks high. I pay $221/year for a Hunter 31 through BoatUS with the same coverage. You will need fuel spill liability coverage also.
 
JoeWhite

JoeWhite

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Mar 6, 2008
1,500
Catalina 1999 C36 MKII #1787 Coyote Point Marina, CA.
I am with Seve - I had a 1984 Hunter 25.5 and I discovered that as a home owner insurance policy holder the boat was already covered. Most home owner policy includes boats up to 26 ft. If you own a home it should cost you nothing. Mine was State Farm.
 
P

Piece of Work

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Dec 5, 2010
7
Oday 25 Okmulgee
Homeowners insurance covers your liability so unless you want physical damage coverage dont worry about it. Your personal property is also covered under your homeowners. If you want physical damage use progressive. They are great with claims and have reasonable rates and throw in towing. I keep toys separate from my home and auto insurance. If you do have a claim you are not penalized on your other lines of insurance.
 
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