Boat Insurance

[carboman]

Am interested to see what others have done. What company did you end up going with and what was the annual premium.

Why do I need to insure my trailer?

I am seeing $490/year for what looks like decent coverages through UnitedMarine.net. Progressive looked rough, to many conditions.

Thanks,

Dave

 

[Steve Dion]

Call your home owners insurance company, they may insure the boat under a rider. I don't pay much more than this for a boat that is insured for $80k. We are insured with BoatUS.

 

[navigator97]

For the past 14 seasons (Year long policy) I have used US Power Squadron Insurance Program and current premiums are about $450 per year for 1990 Hunter 33.5, Achilles Dinghy and Honda Outboard for up to 150 NM offshore..

I originally applied (in 1999) to Boat/US (I am a member) and included info that I had taken and passed all 14 USPS Courses, 3 on-water sailing courses, and six years sailing experience on friends boats, and Boat/US declined insurance due to "lack of previous ownership of a boat of that size". They said to go to another insurance company for 3 years and if no claims, then re-apply. Well, I did go away , but for 14 years with NO claims and I never went back to Boat/US and never will. If you tell me to go away, I will go away, but will never come back - it just doesn't work that way with me.

I would suggest using an insurance program that does a lot of marine insurance and is very familial with boats and boating.

 

[sesmith]

We're using progressive for out 23.5 (we also use them for our vehicles). We're paying around $300 /year for comprehensive on the boat and trailer and $500k of liability and $500k uninsured/underinsured boater coverage (which covers us in case of an accident caused by an uninsured boater...which there are many of). We have a $500 deductible. If we had a more expensive boat and did offshore sailing, I'd shop around more, but for the replacement cost of our boat and the type of sailing we do, I doubt I'd find much of a better deal out there.

Liability is the main reason I insured out boat. Think having it break free in an anchorage and running into someone's expensive wind vane steering system, or worse yet, causing some sort of injury to someone else. The comprehensive part of the policy is the least expensive part, so it's worth having as well in case of a real accident. From what I understand from my insurance company (I called them on this), my auto insurance does not cover anything I am towing, so if I smash the boat while towing, I'm out a boat unless I insure it as well.

My guess is you will pay higher rates in Fl. than I do in NY. Auto rates are higher there as well, not counting the hurricane danger.

 

[cephius (Dave)]

My region only has a six month season, so that accounts for some of my low price. We use BoatUS. They offer a trailer boat package that is very attractive. I pay less than $200 a year.

We get very good service from BoatUS. Unlike other companies, they understand the recreational boating environment and issues.

They do require that you belong to the boating association BoatUS, but that too is totally worth the $15 a year.

 

[carboman]

does not cover theft and only pays out when I cause damage and no payment on my property.

 

[carboman]

I will check the US Power Squadron deal and make my decision after that. Yours sounds very similar to mine.

Thanks!

 

[stephen Penny]

I found Boat US to be the lowest cost for an older sailboat. My previous 1987 Hunter 31 was insured through Boat US for an agreed value at $200/y. They were not cost competitive for my 2004 Hunter 386 vs. my insurance broker. Used to have Progressive on my waterski boat and trailer. Switched to US Boat at half the cost at $200/y. As far as insuring a boat trailer ask the insurance company why you need to insure it but I would expect you can minimize its cost adder if you agree to a low or no value.

 

[jrowan]

Don't forget that Boat US requires that you hire a professional surveyor for any boat that they insure, prior to even approving their coverage. So you may pay $500 for a surveyor's report, & if they don't like the results they can refuse to insure you. I've heard that they also demand a lot or nearly all repairs suggested in a surveyor's report. While that may be wise, I like to decide how & when I'll spend my money. When you ad all this up, its really not cheaper, its more expensive. I shop around for insurance. Bundling with your house & car is not always cheaper either. I had State Farm for years, & found that I saved a ton by breaking up my policies to whomever was the cheapest with the best coverage for the money. Long story short: Allstate was cheapest for my C 30. I believe its about $250 -300 for agreed 25 k. coverage. They didn't ask anything except whether it was a diesel engine, and did I have a boaters education course. I'm a Boat US member for towing, but they're kinda snooty as far as whom they'll insure.

 

[FastOlson]

Don't forget that Boat US requires that you hire a professional surveyor for any boat that they insure, prior to even approving their coverage. So you may pay $500 for a surveyor's report, & if they don't like the results they can refuse to insure you. I've heard that they also demand a lot or nearly all repairs suggested in a surveyor's report. While that may be wise, I like to decide how & when I'll spend my money. When you ad all this up, its really not cheaper, its more expensive. I shop around for insurance. Bundling with your house & car is not always cheaper either. I had State Farm for years, & found that I saved a ton by breaking up my policies to whomever was the cheapest with the best coverage for the money. Long story short: Allstate was cheapest for my C 30. I believe its about $250 -300 for agreed 25 k. coverage. They didn't ask anything except whether it was a diesel engine, and did I have a boaters education course. I'm a Boat US member for towing, but they're kinda snooty as far as whom they'll insure.

Some clarification seems to be in order.
(Unless they do insurance completely differently in Virginia...)
BoatUS does not routinely require a survey before insuring a boat, and did not do so just a few years ago when I moved our ins. to them after another company raised all of their rates a lot.
Matter of fact I asked for and received a fixed value policy for what was then full market value, and they did not flinch a bit. I even offered a recent survey for their perusal and they politely declined.

What they do is to require, on a random basis, a survey that they pay for. Friend of mine had this happen a couple years ago, and some little stuff was found -- they asked him to bring some fuel system parts in his 70's era sailboat up to current ABYC standard and he did so. No further problem. His boat is well-maintained all the time anyhow.

As for patching your trailerable or smaller boat coverage onto your "household" policy, just be real sure (as in specifically in writing) that they cover "polution abatement and wreck removal".

Most marinas require proof of this coverage nowadays before they will rent you a slip.
If your present insurer don't know what you are talking about, keep looking for a real marine insurer.

If you think that this trivial stuff, consider what happens if your trailerable boat, power or sail, sinks or partially floods and part of the six gallons of gas in your tank gets out and forms a big old slick on the water -- the pros that the USCG or local LEO's call in probably charge thousands of $$ just for starters, and the crane to remove your Blivit 23 from the river will not be cheap, either.

So be as reasonably thrifty as you can be, but make darned sure you have the coverage you actually need.

 

[Steve Dion]

Location is everything in the insurance business. Many of the major ins. Companies would not write business in Fl. For a while after the big hurricanes.

 

[monkeybars]

Have BoatUS also and never was a survey even mentioned.possibily if you are buying a very old boat they want to prevent fraud, who would'nt.

 

[C Jones]

I just called my State Farm agent whom I have used for 25+ years. No survey needed on my h23. It takes 10 full months to be at 100% of the insured value. He just asked me how much I wanted to insure it for. Boat, motor and trailer. $34 a month

 

[sesmith]

As a follow up to my post above...thanks to those who suggested Boat US. I did an online quote on our boat and came up with a quote for around $170/yr. It's not exactly a direct comparison to the coverage I mentioned above...300k instead of 500k liability but with a $230 deductible instead of $500. Looks like I'll give them a call and look into it further next spring when our current policy is up.

 

[Steve Dion]

does not cover theft and only pays out when I cause damage and no payment on my property.

How much is a 1987 H23 worth? If you pay 500 per year for insurance you can probably buy another boat every 5-10 years. There is a point of dimishing returns.

 

[Bill Jones]

I only paid about $150 per year for a 1996 H23.5 through the same insurance company I had for my home and cars. I had a larger boat insured through a marine insurer, but you don't need that with a trailerable boat.

Many marine insurance companies have minimum premiums and it is way to expensive for a small boat.

 

[carboman]

Boat US Quote. Cruising area did not affect cost. I am in the Gulf of Mexico. No survey, ony pics and a written statement from me saying the boat is sound. It may sink after I put it back in the water, Ha!

Type of Boat : 23 1987 HUNTER MARINE 23
Cruising Area : U.S. & Canada Coastal and Inland Waters
SUMMARY OF COVERAGES
Boat and Boating Equipment (Agreed Hull Value) : $4,500.00
Boat and Boating Equipment Deductible : $460.00
Storm Deductible : $1,000.00
Boating Liability : $300,000.00
Fuel and Other Spill Liability : $854,400.00
Medical Payments : $1,000.00
Boat Trailer : $1,500.00
Trailer Deductible : $50.00
Personal Effects : $.00
Personal Effects Deductible : $.00
Uninsured Boater Protection-Limit each Accident : $300,000.00
Commercial Towing Assistance - Each incident/Annual limit : $250/500
TOTAL ANNUAL PREMIUM : $436.00
STATE SURCHARGE : $5.67
BOAT U.S. MEMBERSHIP (Required if not a Member) :$24.00
TOTAL ANNUAL COST : $465.67
The following applies to boats located in the states of TX, LA, MS,
AL, FL, GA, NC, SC, or VA: In the event of any loss caused directly
or indirectly by a storm named by the National Oceanic & Atmospheric
Administration(NOAA), the deductible subtracted from each loss,
whether partial or total loss, will be $1,000, or 5% of the amount
shown for Boat & Boating Equipment whichever is the greatest. Hurricane
haul out reimbursement coverage (50% of cost up to $1,000) is included
in your policy.
SPECIAL CONDITIONS/REQUIREMENTS:
Current photographs of your boat.
A written statement that your boat is in sound, seaworthy and in
undamaged condition is required before coverage can be put in effect.
The hull identification number is required.
Further information regarding special conditions and requirements will
be sent by mail with your quote.
REQUIRED: Membership in BoatU.S., the nation's largest association of
recreational boaters with over 25 cost-saving member benefits and
services (including $50 in towing services) is required with your
policy. Our annual dues of $24 are in addition to your quote.

 

[twodzusfittings]

I believe your age has some relevance here as well. I have somewhat similar coverage for my 25.5 and pay about half of what you are showing. Agreed I have no trailer.

 

[carboman]

I am 49. Wonder if it's cheaper if you are younger.

Insurance Company:
American Modern Insurance Group Review A.M Best financial rating of A+
Review policy wording
Vessel: 1987 23' HUNTER
Navigation: Inland and Coastal waters of the United States and Canada up to 50 miles offshore. Navigation into international shared lakes that are divided by the border of the United States and Mexico is permitted provided the insured watercraft is launched and begins navigation on the shared lake in the United States and you do not dock or make port in Mexico unless there is an accident.
Lay-up:
12 months navigation allowing for normal lay-up period in your area.
(The Boater's Assistance program applies credit for the normal lay-up period in your area but does not put a restriction on the policy.)
Paid Captain-Crew (Jones Act): Not Quoted (if coverage is needed contact us)
Vessel Use:
Pleasure Use
Policy Form:
Agreed Amount Value

Coverage Limits Deductibles
Vessel, Engine(s) and Equipment $4,500 $225
Consequential Loss: Provides coverage to your boat resulting from sinking, burning, or collision even if the cause of loss is excluded under the policy. Most insurance companies do not provide this coverage. If your boat sinks due to wear or deterioration, they exclude your entire loss.

Electronics Deductible $250
This lower electronics deductible applies if you have a loss to your electronics. If you have a loss to the boat and the electronics that exceeds the vessel deductible, then only the vessel deductible applies.

Haul Out in the Event of a Named Storm $200 $0
We will pay up to 50% of your cost for haul out. Our max per occurrence is $200.

Named Storm Deductible $450
This will become the vessel deductible in the event of a hurricane, tropical storm, or tropical depression.

Tender Value $0 $0
Tender Outboard $0
Trailer $0 $0
Personal Effects $2,500 $200
Liability
Protection & Indemnity $100,000 Bodily Injury per person
$100,000 Property Damage per occurrence
$100,000 Aggregate per claim for ALL
Bodily Injury or Property Damage.
Non Owned Watercraft Liability Included in the Liability Limit Above
Provides liability coverage on a boat you rent or borrow per policy terms and conditions.

Occasional Paid Captain-Crew Included in the Liability Limit Above
Provides up to 45 days of service for a paid captain-crew. Full time captain and crew coverage is available.

Longshoreman and Harbor Workers Statutory
Uninsured and Underinsured Boat Owners $100,000 per occurrence
Many companies provide Uninsured but most do not provide Underinsured.

Pollution - Fuel Spill Liability $854,000 per occurrence
Medical Payments $1,000 per person
Towing and Emergency Services $1,000 per occurrence
Trip Interruption Coverage Provides boat rental of $1,000 per day not to exceed $10,000 per policy period.
$250 per day lodging and meals.
$250 per person for emergency transportation
Lodging, meals, and transportation subject to $1,000 per occurrence
not to exceed $2,500 per policy period.
TOTAL ANNUAL PREMIUM: $516

 

[sailor1950]

under 26' use homeowners, over then you need boat policy