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Insurance? Pro/con? use/avoid?

Timdelta

Timdelta

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Hi all, since I now have boat on order, I am trying to sort some things out. Let’s talk insurance!!! Woohoo! What are must haves, nice to have, and don’t really need. How about good company’s ie. ones to use and ones not to use. I just did a basic quote with one company and it seems like medical was too low (I thought) I know we have some real experienced folks and probably a few insurance people too. I have been a lifelong USAA guy so will reach out to them later on, hopefully they have boat stuff.
 
I have a Travelers yacht policy with a defined value in case of total loss. No haggling over depreciation or equipment.
 
Hi Tim. Congratulations on the new boat! Insurance is pretty exciting part of the experience!! Here are general comments which need to change with everyone’s situation, and may likely change by what state you live in. So others may have different experience, advice…..

Most folks rely on their medical policy (or Medicare or Medicaid) for the medical care component of a boat calamity. So minimal coverage may be fine.

Many will rely on their home owner’s insurance to cover boat. Can be usually added at a minimal cost as addendum.

The one thing that a home owners policy will not typically cover is the environmental cleanup if necessary in an accident. This may or may not be of concern, but to me was enough to get a separate policy. I check my home insurer every couple years about this. So far, no luck.

Lastly…liability for Others. My boat insurance has some coverage. And my home owner’s umbrella add-on should cover any thing in addition. You need to ensue this is included in whatever you do as we are a sue-happy world.

Good luck! Cost should be minimal, but worth the peace of mind!
 
I just asked my State Farm agent to write up a policy for the boat. They already have my auto, home, and life policies... why not the boat, too? It’s simalar to my auto... full replacement for the boat and about $300K liability.
 
I use BoatUS. Large fuel spill coverage, replacement value, liability, etc…. $265/year
 
Replacement cost and a rider for personal items kept on the boat .Example ,fishing tackle ,anchors & line ,tools .Basically anything that can be stolen from the boat .
 
Great info. I’m seeing importance of: defined value, fuel / environmental spill, personal effects, never thought those or BoatUS. I still think medical is too low. Florida is home to Morgan &Morgan and all the other injury attorneys and everyone sees it as a lottery win to be injured and sue. Sad! Keep the ideas coming I’m not the only one to be new to boats. My dealer had 172 on order when I bought mine. (Various brands)
 
BoatUS had the best and most economical (for me) spill coverage and full value replacement.
 
You are right about the injury attorneys in Florida. We were driving on vacation and 70% of the billboards in Florida were for accident attorneys.

I have our boats with progressive with stated value for total loss. I asked while shopping insurance what they would pay for a total and it was about half of the boats value. I got some sale listing for a comparable boat and they changed the policy to stated value.
 
Timdelta said:
I have been a lifelong USAA guy so will reach out to them later on, hopefully they have boat stuff.
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I've been with USAA for almost 50 years and use them for most things, however they have vectored most (all?) watercraft coverage to Progressive. I have reason to not trust them and have been very happy with my switch to BoatUS (Geico) for our boats. They provide several "extras" that are easily worth the cost of membership if you are a "boat guy" and the policies are reasonable too. I found coverage easy to modify to comply with other coverage (read umbrella, etc.)

In review, the above sounds like a sales pitch. To be sure, I have no association with BoatUS, Geico or TowBoatUS.
 
I found CHUBB to be a tad more comprehensive than the BoatUS or AAA policy. Replacement at 120% of purchase for 3 years, $500K Liability and Uninsured Boater, Trailer included, $5K personal property, $10K Medical, $2K deductible: $790 annual vs $579 from BoatUS , $660 from Geico, $639 from AAA. Devil in the details: Boat US policy excluded freezing, limited to cash value. CHUBB included a rental craft, Pet Injury, operating other craft ($50K limit), Environmental Fines and Penalties (was not clear if Boat US was limited to cost), Search and Rescue. Boat US policy was 15 pages, CHUBB was 29. I will probably switch to Boat US after the 3 years is up and I loose the 120% coverage.
 
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I agree about USAA, I have been with USAA for 49.5 years and they are not what they used to be. As for the Chubb who doesn't like Chubb? The Chubb 120% for the 3 years and then switch to BoatUS sounds like the plan!!!
 
We have had ALL of our insurance needs through Erie Insurance group since we've been married. 37 years. We switched our boat insurance to BoatUS when we first moved to Lake Norman. The environmental spill coverage was the deciding factor after closely comparing both policies......
 
Don’t forget the insurance for the boat lift. Boat insurance Does Not Cover the lift or dock. Any doubts?, check with your carrier and get it in writing.
 
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