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Shopping for Watercraft insurance. Need your input please.

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gabswiss

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I bought a 1996 Challenger and I'm shopping for Insurance.

What type of coverage to you have/suggest?

This is what I selected:

Bodily injury 10000/20000
Proprety damages: 10000
Uninsured/Underinsured boater: None
Medical payment $5000/person
NO comprehensive and collision (Only paid $2700 for boat...I think it's not worth spending extra $450+/year for it)
On-Water towing: $500

Does that look appropriate ?
I don't know anything about how ppl behave on the water and what type of accident are the most likely to happen.
thanks!
 
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id say, get the highest you can afford. I dont think it cost that much, but again, never had it,..I should,...
If you nail someone, I think they get more than the amount your bodily injury covers, then your tak'n seconds out on house, sell'n ur new boat, doin things thats against your will, for the good of the group...:ack: ( not mak'n lite of this thread at all, just, lack of better terms)...
 
May want to check w/ your states insurance laws. Some states require a higher minimum coverage than others. Some may not require insurance at all. Be sure to compare rates and ask maybe get some discounted premiums if you bundle up your home/auto/recreations.
 
Watercraft liability insurance

Okay, pay attention here because this is important. Those coverage are great....if you are on welfare. Basically, an opposing attorney is going to go after either your net worth or a multiple of your income...whatever is greater. You should figure out your net worth..take everything you own minus everything you owe. Then take your income and multiply it by 2 1/2 times. Your liabilty coverage...the first part (per person) should cover the greater amount. You should consider an umbrella liability policy given the litigious society we live in.

Medical payment is your call...but check with your group coverage because some group will exclude injury from an vehicle accident such as a car or a boat. Yes, they do change that coverage year to year based on your company's discretion.

DO NOT SKIP on Uninsured and Underinsured Motorist Coverage...this is very very inexpensive coverage. This does not apply to your boat. It applies to you and your passenger in the event that they are injured by someone who don't carry any insurance or have coverage like you.:rofl:

Guys, buying more liability insurance is like buying Doritos at Sam's Club. It isn't going to cost that much more. It can cost you a bit more now or cost you for the rest of your life...in Wisconsin, they can garnish your wage 20% for 25 years...enjoy!!!:hat:
 
Another to make sure is that the policy includes theft. Lots of policies will only include theft if the boat is stolen from a secured area...kinda lame cause that secured area will likely have insurance anyways!

Matt
 
Sikiguya said:
Okay, pay attention here because this is important. Those coverage are great....if you are on welfare. Basically, an opposing attorney is going to go after either your net worth or a multiple of your income...whatever is greater. You should figure out your net worth..take everything you own minus everything you owe. Then take your income and multiply it by 2 1/2 times. Your liabilty coverage...the first part (per person) should cover the greater amount. You should consider an umbrella liability policy given the litigious society we live in.

Medical payment is your call...but check with your group coverage because some group will exclude injury from an vehicle accident such as a car or a boat. Yes, they do change that coverage year to year based on your company's discretion.

DO NOT SKIP on Uninsured and Underinsured Motorist Coverage...this is very very inexpensive coverage. This does not apply to your boat. It applies to you and your passenger in the event that they are injured by someone who don't carry any insurance or have coverage like you.:rofl:

Guys, buying more liability insurance is like buying Doritos at Sam's Club. It isn't going to cost that much more. It can cost you a bit more now or cost you for the rest of your life...in Wisconsin, they can garnish your wage 20% for 25 years...enjoy!!!:hat:
Click to expand...

This is the correct way to purchase insurance. Lots of people skimp thinking it won't ever be necessary. Need it one time and it is the most important part of boating based on how sue happy everyone is these days. More is better, and not much more for better protection after you sign up. You also get a premium discount reduction in most states if you have a boating safety course under your belt also, if you state doesn't already make it mandatory. Check around for the best rates after you understand the coverage you need for the best price.

Karl
 
Ok thanks for the replies guys ! Especially Sikiguya :cheers:
Going to look more into that.
 
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Boat Insurance

Sikiguya has good advice. My most recent experience buying a new 2008 Challenger SE w/Tower, through Allstate Insurance, is the following:

The umbrella came be completed once the home and auto coverage is bound.
Boat with home and auto discount $232., based on coverage below. Policy based on agreed value not actual cash value.

ALSTAR BOAT INDEMNITY QUOTE SUMMARY

Item 1 2008 SEA DOO Terr 002
COVERAGE Limit Premium
Actual Cash Value 18,000
AA - Liability 300,000 96.84
CC - Medical Payments 1,000 7.92
TT - Physical Damage 18,000 106.52
Premier Options 2
Deductible 500
Trailer 2,000 20.64



Item Premiums: $ 231.92

So, we have a quote from Allstate for $232 for a 2008 Challenger SE w/Tower and trailer. Your physical location may affect your premium. Also, if you don't have an "all-in" quote, a quote that includes your home and auto as well, your premium will obviously be higher. But, I found, after research, that Allstate was pretty fair on an annual insurance premium for my boat. Best advice is to do your homework and research premiums for your geographical location. Good luck, and happy boating!
 
If I were you I'd double check that number for the collision/comprehensive coverage... it shouldn't be that pricey...

And definitely get agreed value, rather than "actual" cash value... I paid 500 for my boat, but with the work I've put into it I wouldn't be able to replace it even for the 2500 that the insurance says it is worth...
I'm on progressive, and $4000 agreed value only added about $100 per year to the policy for collision and comp with a $250 deductible... Also added $1000 of personal articles coverage which would cover my GPS, life vests, radio, cooler, beer, etc.
 
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