Boat insurance?

[Bill_AirJunky]

I've never had a boat claim in the 16 seasons I've owned a boat. I've heard good things about their claim process, though.

I know you have beef with them about some (I believe former) rules on Sky Ski's. Since I don't participate in that it's a non-issue, though I was under the impression those rules have changed anyway.

Well, the foils were an issue. Plus the denial of claims on 2 different boats that I know of. Good thing you don't make claims though.

[DarkSide]

I don't think there is a one size fits all. Keep in mind how you use it. I trailer mine everywhere. It also stays out at night at hotels a few nights a summer. So for me having good coverage and reasonable deductibles is important. I have never had a claim either, but knowing I could have a $10,000 loss in a matter of minutes makes me a little more conscious of my coverage.

[dalt1]

$308 year here for 60,000 replacement coverage. SkiSafe. Had Boat US for over 10 years before switching.

[MattMatt]

I don't think there is a one size fits all. Keep in mind how you use it. I trailer mine everywhere. It also stays out at night at hotels a few nights a summer. So for me having good coverage and reasonable deductibles is important. I have never had a claim either, but knowing I could have a $10,000 loss in a matter of minutes makes me a little more conscious of my coverage.

$10,000 in minutes sounds like property/boat damage. If I damage/sink my boat, that would really suck. If somebody gets seriously injured or dies (personal injury), I'm done for. Buddy of mine is a personal injury attorney and he has some really expensive boat injury stories.

For this reason I made sure to bundle my boat insurance with my other policies (State Farm) so that it is covered by my $1MM+ umbrella policy.

[Fman]

I have good rates with Ski Safe, I do have a three month layup (Dec-Feb). One thing about layup periods (at least with ski safe) is you can still use the boat on occasion, as long as you call them and give them the date you are planning on using it. Your boat is also still fully covered during layup with towing, storage, fire, theft, etc. I also went with a higher replacement value than I paid for the boat. I believe we paid $456 last year with $1000 deductibles. I have never had to make a claim with them before (knock on wood) but I have heard from others they are a reputable provider.

[DarkSide]

My 10,000 statement aplies to a lot of us in a basic theft. How much would it cost to replace 4 or 6 wheels if you found your boat on blocks? 3-5k right there.

Now look at amps and tower speakers, again quick to steal, and expensive to replace.

If you have a board or two, again expensive to replace.

3 guys could easily get amps, tower speakers and wheels in a matter of minutes

Or if you are staying in a resort all weekend and your entire trailer goes missing. I know I leave my trailer in the hotel parking lot. I don't look for it until I need it 3 days later

Edited January 25, 2016 by DarkSide

[MattMatt]

I went back and checked my State farm rates for my 2016 Axis A22 with a $75k replacement value and $100,000 liability protection. With a $2k deductable and no lay-up my premium is $356. It cost me an extra $32 a year to have it tie into my $1,000,000 umbrella policy for a grand total of $378 a year. I'm guessing a $150k Malibu would cost roughly double.

[Pnwrider]

I went back and checked my State farm rates for my 2016 Axis A22 with a $75k replacement value and $100,000 liability protection. With a $2k deductable and no lay-up my premium is $356. It cost me an extra $32 a year to have it tie into my $1,000,000 umbrella policy for a grand total of $378 a year. I'm guessing a $150k Malibu would cost roughly double.

From my experience, the liability is the costly part of the equation. Value of the boat doesn't move the needle as much as you might think.

[dalt1]

I've never had a boat claim in the 16 seasons I've owned a boat. I've heard good things about their claim process, though.

I know you have beef with them about some (I believe former) rules on Sky Ski's. Since I don't participate in that it's a non-issue, though I was under the impression those rules have changed anyway.

Well, the foils were an issue. Plus the denial of claims on 2 different boats that I know of. Good thing you don't make claims though.

I just renewed my SkiSafe policy today for $308. Inquired about Hydrofoil exclusion? The rep told me Airchair and anything with bungy stretchy ropes or parachute was excluded.I told her I couldn't find it in the policy so she put me on hold and searched. She could not find it either and stated it must have been changed and I was good to go! Still can't use parachutes or bungy stretchy ropes. Not a problem.

[Nitrousbird]

With a $2k deductable and no lay-up my premium is $356.

2k deductible...OUCH!

[pknappe]

I went with Boaters Insurance Agency out of Danville CA. They offered a policy from International Marine Underwriters for $607 per year that includes a two year extended warranty on my Indmar engine. Coverage is for actual replacement cost of the boat up to $84,000 with a $100,000 liability coverage.

[Wake4Fun]

Boater's Insurance Agency includes coverage that comes standard on their policy (replacement coverage, disappearing deductible, unlimited towing, etc.) where with Progressive, Geico, StateFarm you have to add those coverages and they make the policy really expensive compared to Boater's insurance Agency. Plus all they do is boats. No cars, homes, RV's...

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