Boat insurance

SIKSUKR · 07-10-2007, 08:46 AM

What's the going rate on boat insurance?I was just sent a premium for my 2006 Yamaha fx 140ho for $399.Sounds high to me.The boat was valued at $10,500 last summer.State Farm was the carrier.Anyone?

AC2717 · 07-10-2007, 09:02 AM

If i were you I would go shopping seems high to me and I am in the business.
Check out Travelers they have a excellent boat insurance progam,
that is who I am with, not only one of the best programs but comeptitive in pricing. I insured it and register it in NH which does make a difference, I am sure you do as well

robmac · 07-10-2007, 09:09 AM

I have the same carrier and my premium is lower.make sure if you have other policies you get multy line discount and send your agent a copy of your boating certificate to get that discount,also is it an NH address?

SAMIAM · 07-10-2007, 10:53 AM

Wow...that does sound stiff. I have Boatus and my premium is $583 for 53k on the boat and contents,300k liability,500k each accident bodily injury and 300k uninsured boater......even covers the trailer for 3k.When we trailer to florida in march it's only a small fee for coverage in gulf waters.

I'm happy with them.

Dave R · 07-10-2007, 10:54 AM

I think we pay about the same premium for a boat valued at about three times that, with more than twice the HP, at BoatUS.

Perhaps the liability is much higher with a PWC though.

Coastal Laker · 07-10-2007, 12:02 PM

It's hard to say if that seems high or not without more info. Did you get coverage for agreed value or market value? That would have the greatest impact on premium. After that, I would say deductible has a significant impact. Did you opt for a low deductible perhaps?

SIKSUKR · 07-10-2007, 12:09 PM

Actually,I was off a little on the value.

Coverage for boat,motor and equipment ----$10,999
Boat trailer ----$800

Watercraft liability ------$300,000
Watercraft medical per person-----$1,000

$250 deductible for all losses

NightWing · 07-10-2007, 12:15 PM

My experience with BOATUS Insurance was that the annual premium was pretty close to 1% of the declared value of the boat. When my boat was new, I declared the sticker value at 56K and the insurance was around $560. After a few years, I dropped the declared value down to 40K and the insurance dropped to around $400. That was several years ago and it may have changed.

Your carrier might consider your PWC a high liability risk.

Check with BOATUS. You have to join to buy insurance, but the membership cost is very reasonable.

Dave R · 07-10-2007, 01:03 PM

Quote:

Originally Posted by NightWing

My experience with BOATUS Insurance was that the annual premium was pretty close to 10% of the declared value of the boat. When my boat was new, I declared the sticker value at 56K and the insurance was around $560. After a few years, I dropped the declared value down to 40K and the insurance dropped to around $400. That was several years ago and it may have changed.

Your carrier might consider your PWC a high liability risk.

Check with BOATUS. You have to join to buy insurance, but the membership cost is very reasonable.

You mean 1%, right?

SIKSUKR · 07-10-2007, 01:25 PM

I think he/she means 1% of the value.For my boat that would be about $110 which sounds too low.Maybe it's about 3% with my coverage.
I just got a quote from BoatUS for $350.
Still sounds high to me.

NightWing · 07-10-2007, 02:07 PM

Quote:

Originally Posted by Dave R

You mean 1%, right?

DUH!

I will edit the original. Thanks for the reality check.

NightWing · 07-10-2007, 02:11 PM

Quote:

Originally Posted by SIKSUKR

I think he/she means 1% of the value.For my boat that would be about $110 which sounds too low.Maybe it's about 3% with my coverage.
I just got a quote from BoatUS for $350.
Still sounds high to me.

Yes, I did mean 1%. Is your boat considered a performance boat? Could you list how the quote was broken down?

Actually, I just looked it up. The FX HO has 160 horsepower and weighs 827 pounds. That may be the insurance issue. Have you asked why the premium is so high?

Camp Island Girl · 07-10-2007, 02:23 PM

Hi, ask Avery Insurance in Wolfeboro for a quote on your boat. They were very helpful for me when I needed boat insurance and island property insurance. My agent is Deb Dickson. The website is www.averyinsurance.net. Hopefully, she can save you some money. You can find a direct link to them on the Winnipesaukee Home Page in Lake Links under Miscellaneous as well.

Good luck.

Camp Island Girl

codeman671 · 07-10-2007, 03:24 PM

I have an 06 FX-HO (160). Do you have the FX140 or FX-HO?

My renewal from Boat/US just came through at $382.00. This is based on a $50k per person/$100k per incident liability, actual cash value for replacement/repair, $1k medical payments, $800k fuel spill and other liability, trailer coverage, etc. with $100 deductible, $50 on trailer and $500 for theft.

With Boat/US on pwc you have to be named on the policy to be covered, if I let a friend take it and they crack it up it is not covered. They were quite specific on this and I had to sign a waiver originally that reflected my understanding of this.

The cost on mine with a 2 place trailer (the machine is the limited edition blue one) was $13k. Figuring how easy it is to get hurt on a PWC or to crack it up I think the premium is fair. My brother broke his leg on mine a few weeks ago in a freak accident, he was tossed off it and snapped wis tibia.

secondcurve · 07-10-2007, 10:20 PM

I think you will find the cost of insurance has much more to do with the liability component than the coverage on the watercraft. You will also find that coverage can vary significantly among carriers. Don't be afraid to shop around.

SIKSUKR · 07-11-2007, 08:03 AM

Quote:

Originally Posted by codeman671

I have an 06 FX-HO (160). Do you have the FX140 or FX-HO?

Mine is actually the FX Cruiser High Ouput.160 hp with a few more bells and whistles on the Cruiser.

codeman671 · 07-11-2007, 12:00 PM

Quote:

Originally Posted by SIKSUKR

Mine is actually the FX Cruiser High Ouput.160 hp with a few more bells and whistles on the Cruiser.

Mine is the cruiser as well, great machine. Gotta love that cruiser seat! It is much more comfortable as the RXT we sold.

Long Pine · 07-11-2007, 12:00 PM

Another data point for you....$458 for a boat valued at $26,000. Covers me, my wife, and my 16 year old son (having a 16 year old son on the policy probably isn't helping if our auto insurance is any indication). Liability coverage is $500,000 per accident; $250 deductible on comprehensive and collision - trailer coverage included; also includes allowance for boat towing for up to $300 per incident. Disappearing deductible too - it reduces 25% for every claim free year. Purchased the insurance through Avery Insurance in Wolfeboro. Insurer is Progressive Northern.

AC2717 · 07-11-2007, 12:58 PM

I am with travelers, for $500,00 liability, replacemetn cost on the Hull of $8,000 (older boar) but has 290 horsepower in it, $1,000 med pay, and $100 deductible with $475 allowed for towing, and $500 for personal property not screwed or connected into the boat

codeman671 · 07-11-2007, 02:38 PM

Here is another interesting one for comparison:

Our 2007 Tige 24VE through Boat/US for the year is $399 on a $60,000 agreed hull value with 100k/300k coverage.

They use an overall rating system for the number of claims on a particular type of boat and watch top speed closely. The Tige with 340hp tops at 43mph. Our Monterey (again with Boat/US) with 600hp and a top speed of 55 came in at $1300, agreed value of $75k. Big difference in price for not a lot of difference in value, definitely not in proportion.

ossipeeboater · 07-11-2007, 03:34 PM

Quote:

Originally Posted by codeman671

Here is another interesting one for comparison:

Our 2007 Tige 24VE through Boat/US for the year is $399 on a $60,000 agreed hull value with 100k/300k coverage.

They use an overall rating system for the number of claims on a particular type of boat and watch top speed closely. The Tige with 340hp tops at 43mph. Our Monterey (again with Boat/US) with 600hp and a top speed of 55 came in at $1300, agreed value of $75k. Big difference in price for not a lot of difference in value, definitely not in proportion.

that quote on the Tige is pretty good, I pay the same for the Chaparral with agreed value at $30,000 with 500k in coverage. I actually just shopped Progressive and might move all my coverage there as the total cost of the Chap, SeaDoo and Yamaha FX was less with full coverage than boat/us with just liability on the PWC's.

HomeWood · 07-11-2007, 03:38 PM

$130.00 for this first year of having my Tracker, but my boat is aluminum. Fiberglass is going to run a bit more. I use State Farm too.

chipj29 · 07-12-2007, 07:03 AM

siksukr, check out watercraftinsurance.com. Reed Bros/Atlas insurance (out of state) has great rates, and offers a discount if you are a member of AWA (American Watercraft Association). I pay around $225 for my Sea Doo PWC.

SIKSUKR · 07-12-2007, 07:16 AM

Thanks everybody.According to a couple quotes I recieved,I guess I'm not that out of line.

07-10-2007, 08:46 AM	#1
SIKSUKR Senior Member Join Date: Apr 2004 Posts: 5,075 Thanks: 215 Thanked 903 Times in 509 Posts	Boat insurance What's the going rate on boat insurance?I was just sent a premium for my 2006 Yamaha fx 140ho for $399.Sounds high to me.The boat was valued at $10,500 last summer.State Farm was the carrier.Anyone? __________________ SIKSUKR

07-10-2007, 09:02 AM	#2
AC2717 Senior Member Join Date: Apr 2007 Location: Maynard, MA & Paugus Bay Posts: 2,568 Thanks: 753 Thanked 353 Times in 265 Posts	Go Shopping If i were you I would go shopping seems high to me and I am in the business. Check out Travelers they have a excellent boat insurance progam, that is who I am with, not only one of the best programs but comeptitive in pricing. I insured it and register it in NH which does make a difference, I am sure you do as well

07-10-2007, 12:02 PM	#6
Coastal Laker Senior Member Join Date: Apr 2004 Location: In the Beautiful Lakes Region of course! Posts: 130 Thanks: 1 Thanked 9 Times in 4 Posts	What Kind of Coverage? It's hard to say if that seems high or not without more info. Did you get coverage for agreed value or market value? That would have the greatest impact on premium. After that, I would say deductible has a significant impact. Did you opt for a low deductible perhaps?

07-10-2007, 12:09 PM	#7
SIKSUKR Senior Member Join Date: Apr 2004 Posts: 5,075 Thanks: 215 Thanked 903 Times in 509 Posts	Actually,I was off a little on the value. Coverage for boat,motor and equipment ----$10,999 Boat trailer ----$800 Watercraft liability ------$300,000 Watercraft medical per person-----$1,000 $250 deductible for all losses __________________ SIKSUKR

07-10-2007, 12:15 PM	#8
NightWing Senior Member Join Date: Aug 2004 Posts: 410 Thanks: 4 Thanked 6 Times in 6 Posts	My experience with BOATUS Insurance was that the annual premium was pretty close to 1% of the declared value of the boat. When my boat was new, I declared the sticker value at 56K and the insurance was around $560. After a few years, I dropped the declared value down to 40K and the insurance dropped to around $400. That was several years ago and it may have changed. Your carrier might consider your PWC a high liability risk. Check with BOATUS. You have to join to buy insurance, but the membership cost is very reasonable. Last edited by NightWing; 07-10-2007 at 02:08 PM. Reason: brain fart. should be 1%, not 10%

07-10-2007, 09:09 AM	#3
robmac Senior Member Join Date: Jan 2005 Location: Nashua,Meredith Posts: 951 Thanks: 213 Thanked 106 Times in 81 Posts	I have the same carrier and my premium is lower.make sure if you have other policies you get multy line discount and send your agent a copy of your boating certificate to get that discount,also is it an NH address?

07-10-2007, 10:53 AM	#4
SAMIAM Senior Member Join Date: Apr 2004 Location: Moultonborough Posts: 2,891 Thanks: 334 Thanked 1,673 Times in 584 Posts	Wow...that does sound stiff. I have Boatus and my premium is $583 for 53k on the boat and contents,300k liability,500k each accident bodily injury and 300k uninsured boater......even covers the trailer for 3k.When we trailer to florida in march it's only a small fee for coverage in gulf waters. I'm happy with them.

07-10-2007, 10:54 AM	#5
Dave R Senior Member Join Date: Jul 2004 Posts: 2,984 Thanks: 246 Thanked 743 Times in 443 Posts	I think we pay about the same premium for a boat valued at about three times that, with more than twice the HP, at BoatUS. Perhaps the liability is much higher with a PWC though.

07-10-2007, 01:25 PM	#10
SIKSUKR Senior Member Join Date: Apr 2004 Posts: 5,075 Thanks: 215 Thanked 903 Times in 509 Posts	I think he/she means 1% of the value.For my boat that would be about $110 which sounds too low.Maybe it's about 3% with my coverage. I just got a quote from BoatUS for $350. Still sounds high to me. __________________ SIKSUKR

07-10-2007, 02:23 PM	#13
Camp Island Girl Junior Member Join Date: Apr 2004 Location: Gilford/New Boston, NH Posts: 11 Thanks: 1 Thanked 0 Times in 0 Posts	Get a Quote from Avery Insurance Hi, ask Avery Insurance in Wolfeboro for a quote on your boat. They were very helpful for me when I needed boat insurance and island property insurance. My agent is Deb Dickson. The website is www.averyinsurance.net. Hopefully, she can save you some money. You can find a direct link to them on the Winnipesaukee Home Page in Lake Links under Miscellaneous as well. Good luck. Camp Island Girl

07-10-2007, 03:24 PM	#14
codeman671 Senior Member Join Date: Jan 2005 Posts: 3,478 Thanks: 221 Thanked 809 Times in 485 Posts	I have an 06 FX-HO (160). Do you have the FX140 or FX-HO? My renewal from Boat/US just came through at $382.00. This is based on a $50k per person/$100k per incident liability, actual cash value for replacement/repair, $1k medical payments, $800k fuel spill and other liability, trailer coverage, etc. with $100 deductible, $50 on trailer and $500 for theft. With Boat/US on pwc you have to be named on the policy to be covered, if I let a friend take it and they crack it up it is not covered. They were quite specific on this and I had to sign a waiver originally that reflected my understanding of this. The cost on mine with a 2 place trailer (the machine is the limited edition blue one) was $13k. Figuring how easy it is to get hurt on a PWC or to crack it up I think the premium is fair. My brother broke his leg on mine a few weeks ago in a freak accident, he was tossed off it and snapped wis tibia.

07-10-2007, 10:20 PM	#15
secondcurve Senior Member Join Date: Jan 2005 Posts: 2,116 Thanks: 1,322 Thanked 559 Times in 288 Posts	I think you will find the cost of insurance has much more to do with the liability component than the coverage on the watercraft. You will also find that coverage can vary significantly among carriers. Don't be afraid to shop around.

07-11-2007, 12:00 PM	#18
Long Pine Senior Member Join Date: Apr 2007 Posts: 93 Thanks: 12 Thanked 33 Times in 12 Posts	Another data point for you....$458 for a boat valued at $26,000. Covers me, my wife, and my 16 year old son (having a 16 year old son on the policy probably isn't helping if our auto insurance is any indication). Liability coverage is $500,000 per accident; $250 deductible on comprehensive and collision - trailer coverage included; also includes allowance for boat towing for up to $300 per incident. Disappearing deductible too - it reduces 25% for every claim free year. Purchased the insurance through Avery Insurance in Wolfeboro. Insurer is Progressive Northern.

07-11-2007, 12:58 PM	#19
AC2717 Senior Member Join Date: Apr 2007 Location: Maynard, MA & Paugus Bay Posts: 2,568 Thanks: 753 Thanked 353 Times in 265 Posts	not expensive at all I am with travelers, for $500,00 liability, replacemetn cost on the Hull of $8,000 (older boar) but has 290 horsepower in it, $1,000 med pay, and $100 deductible with $475 allowed for towing, and $500 for personal property not screwed or connected into the boat

07-11-2007, 02:38 PM	#20
codeman671 Senior Member Join Date: Jan 2005 Posts: 3,478 Thanks: 221 Thanked 809 Times in 485 Posts	Here is another interesting one for comparison: Our 2007 Tige 24VE through Boat/US for the year is $399 on a $60,000 agreed hull value with 100k/300k coverage. They use an overall rating system for the number of claims on a particular type of boat and watch top speed closely. The Tige with 340hp tops at 43mph. Our Monterey (again with Boat/US) with 600hp and a top speed of 55 came in at $1300, agreed value of $75k. Big difference in price for not a lot of difference in value, definitely not in proportion.

07-11-2007, 03:38 PM	#22
HomeWood Senior Member Join Date: May 2006 Location: Clayton,NC / Sanbornton,NH Posts: 611 Thanks: 126 Thanked 137 Times in 75 Posts	$130.00 for this first year of having my Tracker, but my boat is aluminum. Fiberglass is going to run a bit more. I use State Farm too.

07-12-2007, 07:03 AM	#23
chipj29 Senior Member Join Date: Apr 2004 Location: Bow Posts: 1,874 Thanks: 521 Thanked 308 Times in 162 Posts	siksukr, check out watercraftinsurance.com. Reed Bros/Atlas insurance (out of state) has great rates, and offers a discount if you are a member of AWA (American Watercraft Association). I pay around $225 for my Sea Doo PWC.

07-12-2007, 07:16 AM	#24
SIKSUKR Senior Member Join Date: Apr 2004 Posts: 5,075 Thanks: 215 Thanked 903 Times in 509 Posts	Thanks everybody.According to a couple quotes I recieved,I guess I'm not that out of line. __________________ SIKSUKR