Moderated Discussion Areas
ContinuousWave: The Whaler GAM or General Area
|Author||Topic: Boat Insurance?|
posted 07-10-2001 02:57 PM ET (US)
I was wondering what types of insurance that people on this site carry. I was looking at bentboat.com and got a sick feeling in my stomach. I have heard of boat u.s., westmarine, statefarm, nationwide, etc..
posted 07-10-2001 03:04 PM ET (US)
I go through an agent in N.J. by the name of Carle & Carle found them from an ad in local boat mag.. They have some packages catered to CC sportfishing boats, covers everything rods, reels, trailer, tackle, and towing. their rate was hundreds less than other firms. Boat US is great but they were also hundreds more. Give them a call- 201-568-5010
posted 07-10-2001 03:39 PM ET (US)
I found progressive to be the cheapest. It is like $52 for liability on my 17.
posted 07-10-2001 03:48 PM ET (US)
Boat US...also check through your homeowners.
posted 07-10-2001 04:05 PM ET (US)
My homeowners does liability for free under 50hp.
posted 07-10-2001 04:31 PM ET (US)
does your homeowners policy cover you for fuel/oil spills? Agree or not you can be fined if you accidently spill fuel or motor oil on the water. Even if as the result of an accident for which you are not responsible; you can still be held liable for the fuel spill. Boat/Us and other incurance companies that really know marine regulations and boats know this and other items that most homewner's insurance policy writers don't.
Personally I believe that if someone hits me and cauases my boat ot spill fuel or oil they should be responsible. But, that isn't how the enviromental regulations work. I am not stating that you will definately be held liable but you could be.
Even accidental spills that are your fault but small can result in a fine. Ever overfill your tank a fuel dock and have gas come out the vent? You can be fined under these circumstances and/or held liable for the clean up. The laws don't distinguish between the Exxon Valdeze and the Whaletosh.
Sorry to sound like a nanny, but this is one area that your Statefarm or allstate agent simply may not know about.
another is Longshormen's and Harbor Worker's Compensation. Did you know that you can be held liable for injuries sustained while working on you boat? Doesn't wotk this way on automobiles, but thanks to antiquated maritime law it doees for boats. Check your homeowner's policy for this type of coverage.
My point of all of this is that boats aren't cars or houses. Getting insusrnace from an insurance company that truly knows the needs of boaters could limit your exposure to a hefty financial burden. Getting a minimal amount of coverage that might be bundled with homowner's or automobile insurance is only a bargain until you discover it ain't enough.
posted 07-10-2001 05:41 PM ET (US)
I use Boat/US, I found it to be less than my Insurance company for my home and auto (USAA). Boat/US also insured my boat, trailer and engine for full replacement costs rather than depreciated values, oil spill and personal/property libility, medical, and personal property loss.
Remember anything over one cup of oil/fuel or anything that discolors the water is lost overboard is a spill in the eyes of the Coast Gaurd, which is not very much, could bring a $20,000 fine.
posted 07-10-2001 09:18 PM ET (US)
When I needed to insure my Whaler, I called EVERYBODY. Far and away, the most complete coverage, at the best price, payable in 4 quarterly installments or all at once was from Power Squadron's company.
posted 07-11-2001 11:02 AM ET (US)
Anything on your homeowners policy will not have a built in tank so no biggie. Read the boatUS mags. They always have articles on spills and salvage, etc. If you report a spill, your chances of getting a fine are about 0%. If you don't and the marina reports you, 1st offense can be up to $500 for recreational and under something like 300gals. The $20,000 fine is for like an oil tanker, plus what it costs to clean it up.
posted 07-11-2001 11:27 AM ET (US)
I will take you at you word on the fine structure. But, as you state you are responsible for the cleanup which can get costly; even for a small spill.
Most homeowner's policies will only pay for the "Blue Book" value, which usually is way low on a Whaler.
Boat US has 4 different insurance types. the two that are geared towards Whalers owners are:
Yacht policy- the most noteworthy feature is that you buy insurance for an agreed upon value. You tell them what the boat, they write a policy for that amount. In the event a of a total loss they pay that amount; not the "cash value". So, if one think's one's Outrage is worth $25K, and you buy a policy reflecting that one will get $25K for a total loss; even if the cash value is listed at $20K.
Boat Saver-less expensive but one gets the "cash value". In essence you get what they say the boat is worth in the event of a total loss. The fact that it might have cost $2K than they are willing to pay is not relavent; if their computer or "Blue Book" sais that it is worth the lower figure that is what you get.
It is just my opinion, but I would want the best insurance I could afford. There are too many factors in the marine environement to trust that your homeowners or auto insurance salesman is going to write a good policy. One doesn't got to a dentist for an ear infection.
George is of course free to make his own decision.
posted 07-11-2001 01:35 PM ET (US)
Yes, I want to write a policy on an agreed amount. Since the classics are so hard to come by in the first place I would not want to make things more difficult by only recieving "cash" or "bluebook" value. I don't plan on going with my home or auto insurance company. I will choose from a company who specializes in boats.
posted 07-11-2001 01:47 PM ET (US)
I only have liability on mine. keep it in the back yard, etc. Had Boat US on my big boat but found progressive to be cheaper with same options. Insurance is different price depending on where you live. Being in FL boat US is very expensive due to 12 month season. In NJ they covered me until Nov.1 and then only on blocks coverage until I think April 1.
posted 07-11-2001 02:10 PM ET (US)
I have a policy with The St. Paul Company. Covered to 17k (1k for trailer) on an '85 18OR. In N.O. it's a 12 month season, and premium is below $500 for a year. Also covered on spills, medical (including crew), and accessories.
Frankly, I didn't know about the spills until reading thread today. Called brother-in-law (agent) and he confirmed. Thanks for the heads up everyone.
posted 07-11-2001 04:36 PM ET (US)
I live in NJ also and shopped around. Allstate, BoatUS, Westmarine, Statefarm, Liberty Mutual and a few other boat specialists. Boats US wasn’t the highest but they were among the most expensive. Sea Tow just gave me quote also high.
NBOA was the best deal by about 70 bucks a year. All the bells and whistles. Only problem is they are affiliated with SeaRay
posted 07-12-2001 04:14 PM ET (US)
I purchased my policy through West Marine. They offered the best coverage and price for my area (Central Coast California). The nicest benefit is built in towing reimbursement for up to 15 miles offshore. So far I have not had to make any claims and that's the idea.
posted 07-12-2001 04:19 PM ET (US)
I have AIG car insurance that is spoonsored by boat US. No boat involved but I get $400/yr boat towing ins. for free with my car policy. That mixed with my minimum on my membership will get me in.
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