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Boat insurance worth it?
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   Fishing Boats, Motors, Trailering, Q & A or Discussion

Posted by SPOONMINNOW
5/4/2018 8:21 AM
I'm buying a new boat and wondered if boat insurance is worth the annual premium. Never had it on by Ranger bass boat for over 25 years, but then again I rarely ran it on heavy traffic waters. New, the boat cost 21k - aluminum with an aluminum trailer. I figure the best insurance is using common sense on the water and daring jerks on the water to a duel like a club member did and turned his boat over crashing into a jet ski. 
Posted by ficht158
5/4/2018 10:41 AM
in todays world I would not put that boat on the water without insurance. shop around as the rates are not that bad.
Posted by zack1a2
5/4/2018 11:15 AM
Stay away from Allstate at all cost!
Posted by SPOONMINNOW
5/4/2018 11:17 AM
Just checked out Progressive and full coverage, including trailer, was $209/yr. Being that everything is aluminum and new boat value of $22k I'm sure was a lot cheaper than a new fiberglass bass boat selling for more than 50k.

Wife insists we get it considering my deteriorating driving skill (according to her). LOL
Posted by SPOONMINNOW
5/4/2018 11:33 AM
Nice thing I just found out about Progressive is that if I have no accidents for one year, 25 % is taken off the deductible and another 25% per year after that lowering it to zero deductible.
Posted by Pop-R
5/4/2018 11:34 AM
My agent recently shopped my pontoon boat that is valued at 14K and switched my policy over to Safeco for just over $200 a year it protects you from theft of boat or property on it, accidents & Injuries caused by or on the boat and even includes tow insurance. In this day and time I wouldn't want to be without it. You can make a claim on the boat fiberglass or engine foot if you hit a log.
Posted by Rob Lee
5/4/2018 11:53 AM
You’re kidding right? I wouldn’t pull mine out of the garage without it. My annual boat premium is 425.00. That is 35.41 a month for 30,000 in liability. Boat, motor, trailer, electronics power poles.
Posted by Paul Nichols
5/4/2018 12:29 PM
I deal with boat insurance companies a good bit. When it comes to anything to do with the outboard motor Progressive is by far the worst insurance I've dealt with by far.
Posted by JEEPnFISH
5/4/2018 12:53 PM
Gas fire, garage fire, towing to and from lake, theft.
I would insure to fool out of it.
Posted by SPOONMINNOW
5/4/2018 1:27 PM

Paul Nichols - 5/4/2018 1:29 PM I deal with boat insurance companies a good bit. When it comes to anything to do with the outboard motor Progressive is by far the worst insurance I've dealt with by far.

 From your experience, what happened?

Posted by rusty50576
5/4/2018 2:17 PM
I’ve had a boat stolen and was glad I had insurance
Posted by Smalliefan2
5/4/2018 3:47 PM
Unless you can afford to lose your $21K, get insurance. The way folks drive, your boat could be whacked driving to the ramp, and totaled. I use Boat US, agreed upon coverage, and pay $ 188./year. That is a five year no claim discount. Includes $300k liability, accident, med, property, spill clean-up. You may be safe and alert, doesn't mean the other jerk is. To me, it is no different than homeowners or auto.
Posted by 31airborne
5/4/2018 3:59 PM
The liability aspects alone oughta lead you to buying a policy. Most states won't let you register your sled without it. And with all the thieves and s***heads out there ripping stuff off the premium is a small price to pay for a lot of peace of mind.
Posted by CATCHMAN
5/4/2018 4:24 PM
I am a Farmers agent in Cleveland, TN. Give me a call at 423-226-4200 and I'll check it out. Homeowner insurance doesn't cover a boat. You might get some personal property coverage on it if it was in the basement or garage, but it would be minimal. If you keep it under a boat cover in the back yard, it better be covered all by itself. Boat insurance covers a boat. Same goes for four-wheelers, motorcycles, etc.
Posted by gobigorange
5/4/2018 8:50 PM
State Farm just replaced my lower unit this year no questions when i hit a log on nickajack
Posted by heath423
5/5/2018 11:36 AM
Boat insurance is a must. One never leaves the house heading to the lake looking to have an accident. Years ago I caught hit a huge wave by accident and had 5 rod/reels go over-board in 30FOW with river flow. Insurance replaced those items. Boat Ins is fairly cheap and a great piece of mind in the event you ever had to use it.
Posted by finbully
5/5/2018 12:20 PM
Really are you serious no insurance? If you were ever involved in an accident you could end up loosing everything you have and owe reperations for the rest of your life.
Posted by SPOONMINNOW
5/5/2018 6:08 PM
Looks like I've lucky for over 25 years. State Farm (my home and vehicle insurance) is not bad for boat and trailer. Deductible is $500 and hopefully won't have to use it. I still haven't heard negative experiences about Progressive, but Paul advised strongly against going with them. (Could it have been his agent?)
Posted by Gator
5/5/2018 8:23 PM
I think Paul is speaking from his viewpoint as a Marine dealer and he has dealt with them on claims. Personally, I feel you are taking a HUGE financial risk if you don’t have insurance coverage, just think of the amount of money you could be sued for should you have an accident involving a child. Liability would cover situations like that.

Edited by Gator 5/5/2018 8:58 PM
Posted by Blue76
5/5/2018 9:56 PM

zack1a2 - 5/4/2018 11:15 AM Stay away from Allstate at all cost!

 

 Why?  I have Allstate and they are cheaper than anyone I can find. I beached mine about a week after I bought it and had not even made a payment yet on the premium but they sent a marine estimator out within days and paid me way more than the estimate I got for the repair.  It couldn't have been any easier or better experience. 

 Evidently you had a different experience. 

 I don't even have any other insurance with them. Cost me less than $200 a year  

 Greg



Edited by Blue76 5/5/2018 9:57 PM
Posted by SPOONMINNOW
5/5/2018 10:24 PM
Something to consider!
Posted by Dirtroadhound
5/6/2018 10:30 AM
I have Progressive and about a month ago the bearing went out on Hwy 153 on the way to The Chic. I called Progressive and they sent a flatbed who towed the boat and trailer (22' Lowe deck boat) to trucks and trailers for a repair. The tow driver said the tow would of been $400. I am glad I had/have insurance just for some piece of mind while towing and on the water.
Posted by SPOONMINNOW
5/6/2018 10:51 AM

Dirtroadhound - 5/6/2018 11:30 AM I have Progressive and about a month ago the bearing went out on Hwy 153 on the way to The Chic. I called Progressive and they sent a flatbed who towed the boat and trailer (22' Lowe deck boat) to trucks and trailers for a repair. The tow driver said the tow would of been $400. I am glad I had/have insurance just for some piece of mind while towing and on the water.

 How soon did they send the whole amount: tow and repair?

Posted by BulletTJ
5/6/2018 11:29 AM
If you accidently hit a new bass boat it could cost you $100,000.00. I wouldnt put a raft in the water without insurance. JMHO
Posted by Paul Nichols
5/6/2018 3:48 PM
Progressive insurance has only covered 1 claim at my shop EVER (15 years) and it was on a lower unit that my customer was paying EXTRA money on top of his insurance to make sure his lower unit was covered. They took care of it alright and made me put a used/remanufactured lower unit on the man's motor and then told me not to put a new water pump impeller on the lower unit just to put his old one back on.( I would not do that so it came out of my pocket).
Posted by Dirtroadhound
5/6/2018 6:45 PM
They paid the tow company directly and I paid for the repair on the trailer myself.
Posted by Crtay
5/6/2018 10:22 PM
I have it who is cheapest
Posted by pakjohn
5/19/2018 8:08 PM
I agree it's worth it, just insured my new boat with USAA (underwritten by Progressive) for 233.00 a year. Besides liability, comprehensive, and towing, it covers you if you break down on the water. I went over this in detail with the agent because I was going to buy a towing policy with Seatow or whatever they call it here because if you ever need them and are not a member look to pay hundreds to get pulled back to the dock. My USAA policy covers it for 30 dollars a year, pretty good stuff.


PakJohn
Posted by Backlash
6/13/2018 7:58 AM
Be sure to read policy, and in particular, what is NOT insured. Just to name a few:Does policy cover trailer? Is unattached personal property, such as rods,reels,tackle,etc. Boat damage in garage: does boat ins or homeowners cover? Loss towing. Who covers: auto or boat? Is coverage on boat,motor replacement or actual cash value? What about liability? How much comes with policy? Some tournament trails require $300M. Ins. Policies are not easy to read, but doing so and asking questions may save a lot. One other thing....does policy offer premium discount for having completed boating safety courses?
Posted by bullet02
6/13/2018 10:03 AM
Like backlash and others have said I would have it. But just make sure you know what is and isn't covered and how things will be handled when you do have a problem. I also left allstate for this same reason. I took my house cars boat and all and won't go back.
Posted by WaterChap
6/13/2018 11:11 PM
I’m with Geico Marine and it’s pretty cheap peace of mind. My policy covers everything and it’s pretty inexpensive. But I’m not running around in a $80,000 boat, either! My conversations with them and the material they send me is pretty easy to understand, which is important for confused person like me.
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