I've been doing some boat insurance shopping and it seems a little pricy does 280 a year seem like a lot for insurance on a boat with only an 8 hp motor. That is through geico. any one have a better deal.???
There are some variations to the insurance - make sure you asked for the right insurance type. Once insurance sets up the policy against a predefined blue book value. The other type allows the owner to specify the value of the boat which may be higher, depending on various goodies that have been added. Also, consider calling BOATUS - I have my insurance through them.
Try BoatUS. We have a 2002 26X with a 50hp motor. Our "stated value" policy is only $220 a year. Meaning that if the boat is totaled we get $26,000 regardless of the blue book. An older 26S with an 8hp should be considerably less than $220.
It also depends on where you are located. If you are in Florida for example, you are going to pay more. We just had an interesting discussion on insurance on the Conch Cruisers board (http://conchcruisers.net). Our flotilla is going to the Bahamas this year. I currently have Boat U.S. insurance. It will cost me almost as much as my policy premium to add a rider to allow my insurance to cover me while in the Bahamas. I called my State Farm rep. The quote they gave me was comparable to my Boat U.S. policy and they cover up to 75 miles from the U.S. coast. Bimini is well within this range so I am changing over to State Farm. I also understand from the discussion that Allstate covers up to 100 miles from the coast. Shop for your best deal. The coverages are a bit different. State Farm does not have the water towing provision for example.
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