Insurance

[Banooma]

removehtml]As a new owner, I'm wondering - what are your thoughts as to important considerations to put into insuring my boat for both in-season and out, plus towing while in? Error: Error: expected [/URL], but found [/removehtml] instead[/removehtml]

 

[Tim R.]

Amica

Great company, includes unlimited towing on their yacht policy.Tim R.

 

[Joe]

find out what your marina requires....

... then start getting quotes. Boat/U.S. is a good place to start.

 

[Harry Greenspun]

Deductible

Note that as a first time boat owner, you may get slapped with a high deductible. However, after a year of claim-free ownership, you can usually get that reduced. Harry

 

[Hugh4753]

Check with your agent

Check with your homeowners ins. agent first then no matter what you wind up doing get the unlimited from towboatUS or Seatow whichever has the most boats in your area.

 

[Louis]

What do you mean by unlimited from towboatUS or Seatow?

 

[CharlieCobra]

There are different levels of towing insurance

I have the Captain's Gold, which allows for up to 100 NM of towing in addition to tow insurance from Progressive.

 

[Banooma]

A little more detail....

I guess my question wasn't interpreted quite the way I intended it. I'd rather get the straight dope from sailors than from an insurance agent motivated by commissions, and who maybe-maybe- could identify the sailboat in a picture showing some clouds, a lighthouse, a body of water, a steamship, a surfer, dolphin, and a sloop. When you compare insurers and buy insurance, what do you consider? Will places like BoatsUS give you a discount if you buy both the insurance and Towing from them? What levels of liability or comprehensive are reasonable, and what's over the top? I plan to do mostly Barnegat Bay sailing, plus occasional ocean daytrips. The boat will be in the water generally May through October - I've glanced at full-year quotes, but are there effective ways to insure a boat for less than a full year since my operating season is somewhat shorter? What else might you think about? Unfortunately for my rates, I'm a renter paying rental insurance, which doesn't seem to give me quite as attractive rates as a homeowner might get.

 

[Don S/V ILLusion]

Banooma

Boat insurance should be viewed based on two things - the value of your boat and the extent of your liability from an accident. All policies are annual and cover the boat regardless of whether it's in the water or not which is a good thing. It's probably not wise to insure it for only part of the year.The boat value is usually based on a reasonable expectation of it's actual value and therefore insurance should can be cheaply be obtained to reimburse you for that (actual cash value) which is what companies such as BoatUS typically write. Please note that this isn't the wisest form of insurance - in the event of a loss, the insurer will give you only what they value the boat at regardless of how much insurance you are paying for. A FAR better policy is an agreed value policy in which you and the underwriter agree what the value is you will receive in the event of a loss - you actually get what you pay for the policy in this case. Typically included in a good policy is a max. value for reimbursement of towing so you might not need anything extra.Liability can take the form of environmental (fuel leak), accidental injury or consequential damage to other boats or property and you really should discuss the extent of coverage with an insurance agent - this normally isn't very expensive and well worth it.

 

[CharlieCobra]

One of the reasons I went with Progressive

instead of Boat US is that Boat US only provided 150K in liability, plus they wanted a survey. Progressive went with the 300K I ask for and offered more if I wanted it, plus, no survey required. If I go to Coll/Comp as well, all I need is an appraisal survey to specify value.

 

[Rich (P303)]

When you...

insure a boat... it is for the year. The amount of time it is in the water and location will determine some of the premium. Collision, liability, fuel spillage and deductable will determine the rest. I guess you don't need collision if you don't mind your boat sitting on the bottom and starting from scratch. Figure out what your boat is worth plus any electronics and/or gear; I wouldn't think of going out on the water without $500,000 of liability coverage (that Hinckely that you t-boned... that is sitting on the bottom); Have to have an enviromental rider for fuel cleanup if your boat has an engine (that can be a real expense if you have to have it cleaned up); Deductable (+/- $500) will be what you think you wouldn't mind shelling out; You can get towing from Sea-Tow if they cover your area for (+/- $150). I think I am around +/- $600 for my policy. Your rates will be high or maybe uninsurable... if this is your first boat.Boat U.S I think carries $50 towards towing with insurance coverage... which will cost you $200 (for the tow)- $50 (in policy)= $150 (out of pocket) if you need it. They wanted to document my boat for a flat fee of +/- $350... I did it myself for +/- $100.Yet if you don't have anything of value... why do you need insurance... like they are going to get blood from a stone! Now that I think of it... that is the way to go!When your boat gets blown over on jackstands or a tree falls on it while its in your back yard... who ya gonna call?It ain't cheap... it's a scam... it's a crap shoot... it sucks.

 

[Benny]

Unlimited tow insurance means that there is no

monetary limit per ocurrence, that they will pay 100%. This does not mean that you can demand to be towed unlimited miles to a place of your preference. The contract usually covers for the boat to be towed to the closest place where it is safe and the problem can be worked on. They will also go pretty far out offshore to get you if necessary. They can provide other services like delivering a couple of gallons of fuel, or jump a starting battery or pulling you off the bottom or even providing a diver if available to clear a fouled prop. Like any other insurance if you abuse the service they will drop you but it is a good thing to have.

 

[Steve Dion]

BoatUS is a marine insurance policy

I would suggest that you stay away from automobile insurance companies. They don't know the difference between a sail boat and a dingy. When you go to file a claim you will find out the difference.They will insure your vessel for an agreed upon value with a minor deductible. They also provide a minor tow package with their membership but you can get unlimited towing for a additional fee. After a year without a claim they also discount your policy by 10%. I got my 1994 Hunter Vision 36 insured with them for $600 with an agreed upon value of $85k.

 

[CharlieCobra]

Steve, you're not sailing a 46 year old

yawl ya got for a total of $700 that's realistically worth 40K after some refit. Try explaining that to an insurance co. The Boat US Unlimited is good for up to 100 miles offshore and 50 miles from your port inland IIRC. Progressive does Marine Ins. as well, not just auto. Most of the auto firms have their Marine policies underwritten by Marine Insurance companies.

 

[Gary16340]

Review of Insurance Co.

Practical Sailor did a review on insurance companies a few yrs. ago. Boat US came out on top in our neck of the woods, and did a nice discussion on what to look for.

 

[MABell]

Auto and homeowner insurance agent

My auto and homeowner insurance company wanted to insure my trailerable boat (Hunter 26), so I let them give me a bid. It was higher than the BoatUS I have now. When I asked them what my restrictions where (offshore distance), they said, “what restrictions” (remember, Hunter 26).While that sounds good to have no restrictions, it showed me they really don’t know anything about insuring a boat. They also didn’t understand the concept of an agreed value policy.

 

[bffatcat]

Insurance continued

I switched from boat US to a small new england Co that sells homeowners, Liability and marine. NO auto. they insure for physical damage to the hull at 3% of a declared boats value as stated on the insurance policy. Liability is separate.I didnt buy it because I have a substantial liability umbrella policy with themwhich will cover any liability claims against me including auto over and above my auto liability coverage I saved 50% compared to Boat US prices that kept going upevery year. Reason: boat to old.