Insurance Question

[Jersey Guy]

Looking for some feedback on what kind of insurance boaters have and possible recommendations of insurance providers. I have a 1999 Glastron bow rider and unfortunately only on the water about 10-15 days a year, but feel I should have insurance. Also understand some policies will include a Sea Tow type membership or provide reimbursement for emergency services. Appreciate your feedback.

[LIforrelaxin]

1st regardless of how much time you spend on the water you should always have insurance. especially in today's lawsuit happy society. Now with you limited use the first thing I would check is to see if you can add it to your homeowners insurance policy. Most home owners insurance will allow you to add a boat up to a certain size and hp. If they can't add your boat I would ask them about a policy for the boat itself. It is always easier to keep all your insurances under one roof.

If you get into boat specific policies, that is where your going to find things like sea tow, and other boat specific riders come into play. And the best advice I can give is to shop around.

[gf2020]

All you need to know...

http://boatus.com/insurance/default.asp

[Jersey Guy]

I'm picking up my boat at Independent Marine this Friday, so will have something in place by then. Thanks for your feedback.

[Seeker]

Might not apply but if you have a high limit umbrella policy on your house and vehicles you need to carry the same limits on your boat policy. At least that is what I was instructed to do.

[MAXUM]

Usually an umbrella policy has a stipulation regarding carrying minimum levels of insurance on anything you own that is insurable or risk voiding the policy under certain circumstances where liability comes into play concerning a non-insured item. For example I have an umbrella policy and it requires me to carry minimum levels of coverage on my house, vehicles, boat and snow machines. Certainly each insurance policy is different as are the requirements, but you definitely should double check what you have to ensure you're money and coverage is all good. Last thing you want to happen is to find out something was not done right at the time you need that coverage to kick in.

Much easier to do this if you carry everything through a single provider. I agree with a previous post, the way things are today it's not worth it to go uninsured.

[Jersey Guy]

I'm checking with my agent who handles my home and auto and umbrella policies to quote my boat as well. Separately, it might be interesting to have an anonymous poll to ask who does and who doesn't have boat insurance. On second thought, however, maybe I don't want to know the answer to that poll! Thanks again to all for your advice, looking forward to launching on Long Island Friday and the cruise over to Buzzell Cove, home base for the summer.

[MAXUM]

Originally Posted by Jersey Guy

ISeparately, it might be interesting to have an anonymous poll to ask who does and who doesn't have boat insurance. On second thought, however, maybe I don't want to know the answer to that poll!

Although as far as I know insurance is not required in NH, I can't imagine insurance is not required if you happen to have a loan out on a boat. How many boats are owned outright versus by the bank would be an interesting stat too. On any given day in the summer, just walking up and down the docks, there is some serious money folks have tied up in their boats. Makes my 19 foot bowrider look tiny in comparison.... then again don't laugh to hard it's paid for!

Considering the annual cost of insurance, it's a drop in the bucket for the piece of mind that you're covered should something bad happen.

[TiltonBB]

I have been with the same insurance agent for many years and have commercial and residential properties in MA and NH insured through him. I also have an umbrella through the same agent and I agree with the prior posting that the liability limits on the underlying policies have to meet the floor limits of the umbrella.

I have my boat insured with National Boat Owners Association: 1-800-248-3512. I have shopped them several times and could not beat the price anywhere. Even my regular insurance agent said go to them because he couldn't come close to the price.

[upthesaukee]

If all you want is liability coverage, talk to your agent. You can add watercraft liability coverage to your homeowners, and it will be the same as your homeowner coverage ie: if you have $300,000 liability, it will by endorsement be extended over to the boat. Relatively short money.

[NH_boater]

I can't imagine anyone deciding not to have insurance for anything other than the smallest craft out there.

[jrc]

I think it is foolish not to have some form of liability protection. A boat can damage property, cause personal injury or worst of all kill someone. You need to protect you and your family from financial ruin. There are a couple ways to get this insurance, a rider on your existing home owners policy, an umbrella policy or insurance tied to the boat.

For a 1999 bow rider, that's all I would get.

[Winnicandle]

If you just want liability you can add it to an umbrealla policy for very little...

but for only $275/yr for a 20K boat and trailer I get collision/liability of 300K and its under a 1mil umbrella.

Just not worth NOT having it for those prices. $275 is not even a half a tank of gas today!

[AC2717]

I still think that Traveler's stand alone boat policy is the best one out there, with great throw ins and bang for your buck coverage.

[SAMIAM]

I agree with gf2020 BoatUS had a better deal than my local insurance co.I used the TowBoatUS service (Seatow competitor) only once and was very pleased they towed my boat and then trailered it to the marina all for no charge.

[AC2717]

Originally Posted by MAXUM

Usually an umbrella policy has a stipulation regarding carrying minimum levels of insurance on anything you own that is insurable or risk voiding the policy under certain circumstances where liability comes into play concerning a non-insured item. For example I have an umbrella policy and it requires me to carry minimum levels of coverage on my house, vehicles, boat and snow machines. Certainly each insurance policy is different as are the requirements, but you definitely should double check what you have to ensure you're money and coverage is all good. Last thing you want to happen is to find out something was not done right at the time you need that coverage to kick in.

Much easier to do this if you carry everything through a single provider. I agree with a previous post, the way things are today it's not worth it to go uninsured.

Correct about minimum underlying limits on your homewoners/boat/snow machines/car
correct about one carrier being the best way to do this

[ThePlut]

It always pays to shop around, especially if you want to use one vendor. My company for my house and cars, was not competitive for my motorcycle and boat. I haven't yet found a way to combine everything under one agent that saves me any money.

Also, for boats, keep in mind that there are different types of policies, agreed-value, replacement value, yacht, etc.. All have their pro/con and price

As far as agencies, I found that for every recommendation I got, I could find an equivalent horror story so I think personal recommendations really mean very little, but since you asked, I've had very good luck with Nationwide and Progressive so far... I go direct with both, not through an agent (used to use an agent, dunno if I'll do that again).

[Jersey Guy]

My agent was working with Progressive also, to an earlier point as I have an umbrella policy through him, I am required to keep a certain level of coverage. The policy is coming in at around $200 which i think is reasonable. Thanks again for everyones feedback, insurance is one of those things you have to have but hope you never use, go figure!

[AC2717]

Originally Posted by ThePlut

It always pays to shop around, especially if you want to use one vendor. My company for my house and cars, was not competitive for my motorcycle and boat. I haven't yet found a way to combine everything under one agent that saves me any money.

Also, for boats, keep in mind that there are different types of policies, agreed-value, replacement value, yacht, etc.. All have their pro/con and price

As far as agencies, I found that for every recommendation I got, I could find an equivalent horror story so I think personal recommendations really mean very little, but since you asked, I've had very good luck with Nationwide and Progressive so far... I go direct with both, not through an agent (used to use an agent, dunno if I'll do that again).

You can still get a personal umbrella even if you are with different carriers for coverage as long are requirements are met, just makes it easier and sometimes discounts for having everything with one carrier, Usually have to use a agent for this if everything is not in the same carrier. As far as the agents end (being one) it is true there are horror stories everywhere or what people have for their own stories (but much like everything have to hear both sides), and it is a personal preference. Not that I care or have an influence, but when something happens like a claim I like to know that I have another person other than myself that will work with me and with the carrier instead of me vs the carrier.