Boat Insurance

A conversation among Whalers
bilbndr
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Boat Insurance

Postby bilbndr » Wed Jan 03, 2018 11:57 am

I am beginning to look for boat insurance. Any suggestions? do I need tow insurance too? Not sure if location is important, but I am in the Sandy Hook, NJ area.

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Dutchman
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Re: Boat Insurance

Postby Dutchman » Wed Jan 03, 2018 4:10 pm

Boat US(several under writers) seems to be competitive and if you insure with them you'll have some towing insurance or otions. I believe all Insurance companies will take are into consideration.
EJO
"Clumsy Cleat"look up what it means
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brianbeech
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Re: Boat Insurance

Postby brianbeech » Wed Jan 03, 2018 5:03 pm

I just bought Geico Boat Insurance a month ago and it included towing coverage.

I thought it was pretty reasonable.

jimh
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Re: Boat Insurance

Postby jimh » Thu Jan 04, 2018 12:18 am

My boat is insured by BoatUS.

Jefecinco
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Re: Boat Insurance

Postby Jefecinco » Thu Jan 04, 2018 9:18 am

It is fairly normal for boat insurance policies to cover "towing" for trailered boats but not towing on the water. If towing on the water is included it is worth reading the policy to see what the limits may be. On the water towing costs are very high. If you often use your boat several miles from your slip or ramp you may want to increase your coverage.

I have minimal towing coverage that is included in our BOATUS membership. Because we seldom venture offshore and have very reliable four stroke cycle engines on our boats we have elected not to buy additional towing coverage. We are very careful to maintain reasonable fuel levels. We almost ran out of fuel once. We were within sight of the ramp in our Sport 13 when the engine stopped. I was able to hold the three gallon tank and tilt it to a little fuel was at the pickup. That bit of fuel got us to the ramp and on the trailer. We now use a six gallon fuel tank on the Sport. It does not take long to burn three gallons of gasoline.
Butch

bilbndr
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Re: Boat Insurance

Postby bilbndr » Thu Jan 04, 2018 1:40 pm

I got a good price from Boat/US (re Geico Marine) that includes towing

porthole
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Re: Boat Insurance

Postby porthole » Fri Jan 05, 2018 10:53 am

I had BoatUS for years and currently have Geico same underwriters (same boss), different costs. My Geico policy was [more than] $300-less then the same BoatUS policy, and for a higher agreed value.

Here are two points to add based on my more than 20-year experience working part time with the local TowBoatUS company.

    • When it comes to claims and working with the insurance companies, we have never had better success than we had with BoatUS insurance. Over the years there were several insurance companies that we flat out would not work for. The good hands people [Allstate] were no good for many years (but okay now). Aetna is another black listed company. Not that many small boats need it, but the BoatUS policy--as well as others--includes a marine spill liability rider.

    • Towing coverage is not insurance, it is a contract. TowBoatUS is flat out the best policy out there as long as coverage is in your area. In the case of no towing operations in your use area, the TowBoatUS policy is still superior.
Last edited by porthole on Fri Jan 19, 2018 4:41 pm, edited 1 time in total.
Thanks,
Duane
1999 Outrage 21
1999 Yamaha SW Series II 200

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Dutchman
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Re: Boat Insurance

Postby Dutchman » Fri Jan 05, 2018 3:28 pm

Duane--I noticed last year that BoatUS said that Geico was taking over their insurance.

But--are you saying I should check direct with Geico and maybe get a better deal?

Is BoatUS skimming?

Or, is that extra cost for part of the on-water towing they offer?
EJO
"Clumsy Cleat"look up what it means
50th edition 2008 Montauk 150, w/60HP Mercury Bigfoot

porthole
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Re: Boat Insurance

Postby porthole » Sat Jan 06, 2018 12:05 pm

Dutchman wrote:I noticed last year that BoatUS said that Geico was taking over their insurance but are you saying I should check direct with Geico and maybe get a better deal? Is BoatUS skimming or is that extra cost for part of the on water towing they offer?


[A telephone] call costs nothing to compare. On my 1997 17 Outrage I had [insurance] with BoatUS, only because I had already been using them for over 20 years. When I got the 1999 21 Outrage I called to add it to the policy. The [quoted] price seemed very high, so I called Geico, who I already had for my motorcycle.

The Geico policy was about the same price as the BoatUS policy was on the OUtRAGE 17, with a two-year-newer, four-foot-bigger, and higher-agreed-value boat.

I wouldn't call it skimming, think of it like sub-contractors. Every time you add one to the job, and they add their own; there is a markup on the service.

BoatUS and Geico both offer marine towing, and it seems to contradict the purpose of BoatUS offering marine towing.

The BoatUS policy offers $250 of towing. That is about one hour or less of service in our area.

I'm a fan of the towing contract separate from the insurance. First off, the insurance may not cover the cost. And TowBoatUS towers are under contract to not accept direct billing from competitors. Advantage there so you do not have to pay out of pocket.
Thanks,
Duane
1999 Outrage 21
1999 Yamaha SW Series II 200

msirof2001
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Re: Boat Insurance

Postby msirof2001 » Sat Jan 06, 2018 3:19 pm

I use BoatUS and they underwrite through Geico. After shopping around, I found nobody I inquired could match the coverage and price of BoatUS.

As for towing, I use BoatUS TowBoatUS which used to be Vessel Assist. I have the Unlimited Gold which is their highest coverage in my area. With Unlimited Gold, they will come out 100-miles to tow me. In addition, Unlimited Gold will tow me to my home port, as opposed to the nearest port. Also, they will tow me, at no charge, from my home dock to a repair facility. This was very helpful for me. I am in a dry-stack and don't have a trailer. The dry-stack no longer loads or unloads to-and-from trailers. So the boat service needed to meet me (and boat) at the launch ramp which was about two miles away. With Unlimited Gold, I was able to get my boat towed from "the home port" to the launch ramp where the boat service hauled it out onto their trailer. All included in my annual dues for TowBoatUS.

Note: I'm in Southern California and not sure of the limitations in other regions.
Current: 2017 Everglades 295cc, Previous1: 1995 Boston Whaler Outrage 21, Previous2: 1974 Sevylor Caravelle 3-man liferaft.

jimh
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Re: Boat Insurance

Postby jimh » Sat Jan 06, 2018 5:13 pm

I cannot offer any first-hand accounts of compensation received from BoatUS insurance for either towing, repairs to my boat, or payout to others for damage caused by my boat, because, to my very good fortune, I have not had a marine casualty with my boat. I just keep renewing the BoatUS insurance every year, keep my fingers crossed, and try to operate the boat in the safest and most prudent manner I can.

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Dutchman
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Re: Boat Insurance

Postby Dutchman » Mon Jan 08, 2018 1:53 pm

I'm in the same boat (--I laugh aloud--) as jimh. Never needed it but have it thru BoatUS, the thing is where I boat 99% of the time we don't have commercial towing service available like TowBoatUS.
Because of that we recreational boaters count on maritime laws and when a fellow boater is in need we will help out even if it is because he/she ran out of gas. This system seems to have worked good for the last 30-years around here on the lower east side of Lake Michigan.
EJO
"Clumsy Cleat"look up what it means
50th edition 2008 Montauk 150, w/60HP Mercury Bigfoot

andrey320
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Re: Boat Insurance

Postby andrey320 » Fri Jan 19, 2018 4:21 pm

My AAA policy is about $100/year with a pretty high agreed upon value. They were good with a claim.
I have a 15 Dauntless in the Socal area.

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Dutchman
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Re: Boat Insurance

Postby Dutchman » Wed Jan 24, 2018 2:38 pm

Since my last posting I did change insurance providers due to switching over to a much less expensive home and car policy offered by the company that has that statue in New York harbor. They mentioned they have a subsidiary company that offered boat insurance. I got a quote and ended up less than half of what I was paying for two boats including a on water towing rider added. ($160)
PM me and I'll give you contact info if interested.
EJO
"Clumsy Cleat"look up what it means
50th edition 2008 Montauk 150, w/60HP Mercury Bigfoot