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Guys,
Who has boat insurance? With all the gadgets and livescope and rods and reels and trolling motor and fish finder units. If someone stole a hummingbird unit at a hotel stay overnight or you sank your boat or lost your engine to fire,how much would you loose?
I just did the math and it’s a little disturbing….
Where do you have your boat insurance?
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I have Progressive Boat insurance, but then again with the age of my boat, they were the only ones that would cover it. Everything is covered for loss and theft.
Certainly is a good idea
I would think that boat insurance might be reasonably priced.
I might be wrong but I don't own one (yet).
I have State Farm. I have a $10,000 writer on the electronics and rods and reels. I carry non deductible theft and comprehensive and a $500 deductible on the boat.
I’ve only had to use it once in the last several years but it was worth it. I was driving down a highway on the way home from the lake when a texting yehaw pulled out from a Cstore and took out the cap of my boat and the port side of my trailer and the front axle.
All-State. And make sure your contents are covered. Not just boat.
I have about $8k of electronics so had to adjust my coverage but well worth it for theft.
I have progressive, this reminds me to check my coverage.
State farm here.
I've got Geico. Insurance was a requirement for the loan when I bought/financed the boat. So far I haven't used it.
Chris
Auto owners here.....full replacement and 12,000 contents.
I have Safeco.
I am wrapped with Nationwide's full coverage boat, car, and home owner's insurance, and I also have the $12K contents coverage...
and although it seems somewhat expensive... I will be the first to admit, it does give me some very worthwhile peace of mind.
Progressive completely covered ALL losses when I capsized and my boat had to be salvaged from the bottom of the lake. It was reasonably priced and no problems getting paid.
When I had a boat I remember my insurance being dirt cheap. I have always taken my rods and electronics with me when I would take the boat overnight with me.
Quote:
Originally Posted by Grainraiser
I do the same!
I have Progressive. It's about $160 per year.
Progressive
I nor my children, grand children, or any of my close friends will ever have State Farm and I don't miss any opportunity to explain why. A lady with State Farm rear ended my van and they totaled it. Kelly Blue Book said my van was worth $7000. State Farm said they found a place on the internet valued at $3000. They refused to tell me where. I finally got a lawyer and got my $7000 but they still refused to pay storage, towing, and rentals.
I have Progressive with the price of used and new boats I need to revalue the amount of my coverage. Progressive values everything separately since updating electronics and used boat values rising at current rate would not replace my boat.
Mines an older Ranger fish and ski, but if I had to replace it, I couldn’t imagine what it would cost,,,so for the $130 a yr, I’ll keep it insured,,
I have Progressive on the boat, autos and home, so it’s all together but I’m pretty sure the boat insurance is fairly cheap.
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Home, cars, truck, motorcycles, and boat all with Indiana Farm Bureau.
I also have extra on electronics, trolling motor, and contents.
Cost 10 bucks per hundred for the accessories if I remember right.
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I asked a local marine service center about insurance coverage and ease of working with the company if loss occurs. After that discussion, I decided to go with State Farm.
Up in my area just about everyone goes with this guy
Been using him for many years and , made a claim couple years back with zero issues
Worldwide Marine Underwriters, Inc. | Insurance Agency Grand Ledge
Inland Marine policy through Nationwide covers both of my boats, and my enclosed trailer (for mowing).
Read your policy!! Idealy have an agreed upon value and FYI many poicies only cover losses to equipment i.e. rods and reels if theft occurs from a LOCKED compartment. Scott aka old retired adjuster
Have mine through State Farm it covers the boat plus $5k on everything in the boat
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The poorest time to find out what you think is covered and what is actually covered is while making a claim. Many times this will be two different things. It's seat time. Visit the agent and explain that you have XYZ boat and 1/2 million dollars worth of tackle and electronics to replace if it's totaled/lost./stolen. You should hear about a rider to your home owners policy and a separate Inland Marine policy. Have them explain the difference in what's covered at what cost. Next you should hear about ACV (actual cash value) and replacement coverage. This is when things really get interesting. Your ACV and theirs WILL be two completely different numbers as mention earlier. This is when replacement coverage shows its benefits. Each renewal period, I go to my boat dealer and price out the replacement cost and provide a copy to the agent with my check. This helps eliminate confusion about what you are covering. Next, confirm what you have with pictures, make, model, serial#'s-- anything you can use to prove what you have.
My boat is 40 years old. Motor is new. It is better built than the new ones and meets my needs. The Inland Marine replacement coverage $330.00/ year. The check to replace everything on it would be about $18,000.00 Guess which check I write.
Mike
Makes centsQuote:
Originally Posted by mikey16335
Sorry I missed you, but I left you a voicemail concerning the values of the boat. I’m very sorry but I gave you incorrect information before. I believe the agent I spoke with was unaware that you had agreed value on the boats when I asked. I did confirm that because all of your boats have the agreed value coverage selection, in the event of a total loss, the paid amount is the value on the policy for the boat minus your deductible. You won’t have to worry about receipts or sales documents showing price to prove value to an adjuster.
The above is a snippet from a conversation I had with my agent when taking out my policy. I got them to agree in writing that in a total loss they write a check for agreed upon value minus deductible. You are paying premiumns based on this ageed upon value therefore unless I change it the amount stays the same. I say this from expierance the hard way as mentioned above you don't want to find out your coverage when filing a claim. A little homework goes a long way. Scott
https://apis.mail.yahoo.com/ws/v3/ma...ils=true&pid=3
My Boat insurance is rolled in with my house insurance.Quote:
Originally Posted by Pondbuster
Are you sure? Lots of home insurance only covers it when it is at the house....not on the road, not at a motel, not at the boat ramp, not tied to a dock or on the water....Quote:
Originally Posted by Hanr3
Guys,
Look into your policy. Very alarming once I started digging into it. The policy I currently have will not cover anything other than boat and motor and trailer. I currently have more invested in electronics (helix units at bow and console and Garmin 1022 unit and livescope)than my boat is worth. I feel like the farm truck of crappie fishing!??*??[emoji23]
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Mine is also grouped into my home owners. I had to itemize and list with value the boat, outboard, and trailer. Also supplied them with hull number, engine serial number, and trailer vin.
I also added an attachment with extra coverage on my electronics, and my trolling motor. Of course that was extra. 10 bucks per hundred I think.
Didn’t include anything extra for my rods, baits, etc. My boat is always garaged and never left unattended except when I’m dockside to get my truck and trailer when launching or loading.
If someone gets in my boat and takes my stuff during that time I had better not catch them. Lol
They will need insurance…….medical insurance!!!!!
Chuck
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Chuck
"Didn’t include anything extra for my rods, baits, etc. My boat is always garaged and never left unattended except when I’m dockside to get my truck and trailer when launching or loading."
Just wanted to share a friends experience this spring. He stops at a traffic light. Light turns green. He proceeds thru and as the boat/trailer is in the intersection, it's T boned at 55mph. They used snow shovels and brooms to clean up the site.
Mike
I encourage you to at least ask your agent about the Inland Marine type of coverage. It will not be the cheapest, but it may be your best value. It also helps if the agent has a clue what the Inland Marine policy is. I got lucky. Mine understood and could explain the differences well.
Mike
Thanks Mike
I would assume the other drivers insurance would cover your friends boat damage/loss under collision but unsure.
During my 32 year career I testified several times regarding traffic accidents. Both civil and criminal.
I was on the accident reconstruction team for several years.
Never involving coverage but fault/no fault court decisions on behalf of the state.
Insurance companies deal in percentages. Some states consider both drivers a percentage at fault just for being on the road. Weird but true.
Meaning if driver X wasn’t on the roadway driver Y would have never collided with driver X. Go figure.
That percentage could save the company millions in certain circumstances.
My rods, baits, etc aren’t insured with extra coverage and if stollen would eat that. Usually carry 15-20 rod/reels on board and they average 150-200 each, Yeti cooler, Ingle bait coolers, and who know how much value in baits and accessories.
That’s just the way I do it right or wrong.
Thanks for your post.
Sorry for the long winded answer.
Chuck
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I have Tennessee Farm Bureau. Been a member for nearly 40 years. No complaints.
I have AAA and I actually had them send me an explanation of what I have. I have 25k on the boat, 5k on contents (tackle and stuff) and 5k on electronics!
I guess I’m covered.
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when I had my two new Helix's and Minn Kota Ultrex installed I called Farm Bureau to have those included. Boat, motor, trailer, graphs and trolling motor all insured. Actually, they are all itemized on my statement and policy.