Insurance, what to do...

[MESupra]

I was wondering what I should expect to pay for Insurance on my 1992 Supra SunSport. The 2 prior years I have run the boat I havent found much reason to buy insurance. First I did'nt have much into the boat and second I had nothing anyone could take. Now having a house and much more money into the boat, I feel like I have something to loose and insurance is looking better and better. Any recommendations on company's and expected prices, should I go full or just liability?

Thanks

[crystal waters]

Insurance is a very personal matter and one difficult to offer advice on at the best of times.
Certainly you need to protect your assets and family in case of a lawsuit and as a result should carry Liability insurance at the very least.
As for replacement insurance it depends how deep your pockets are! If your boat was stolen today or sunk would you want to replace it and if so could you afford to out of your own pocket?

[cole1]

Mine for my 90 covering $10k with trailer on full coverage is $250 per year...

[michael hunter]

Boat US good to have when things go wrong. Make sure you get the freeze rider.

[csuggs]

Mine's with Progressive. They were one of only a few companies that would write a declared value policy. I pay just under $300/yr for a $15K policy.

[ridein04]

I recently added our boat to my policy. They asked for a seperate value to be placed on the boat, trailer, and motor? When I checked the value of our Legacy it only lists a total value. I explained that this was an inboard, but that did not matter. Have any of you experienced this? The book value of the boat was ~18,500. Wasn't sure how to break it down. I went with $2500 for the trailer, $6,000 on motor, and $10,000 on boat. Should I adjust values?

[Okie Boarder]

We pay around $300 a year, as well, for full coverage with stated / agreed value.

[wotan2525]

I pay under $225/year for $14k stated value.

[mabbore]

my is 220 with full coverage through American Family. If you are on the fence about insurance, just check the recent post about the guy who just hit a rock. If that doesn’t give you nightmares I don’t know what will.

[cadunkle]

Years ago I got insurance with Boat US on good recommendations. They were kind of pricey around $500 and brokered the policy to Progressive. Boat US was a pain to deal with and I never got the policy details or bill in the mail, nor did they have a convenient online payment/view policy site. So I never got the bill and never paid, they cancelled two months later.

I went straight to progressive since I had my car, truck, and bike insured with them. They shaved off about $50/yr and it was easy. Talked to them and got rate lowered some more for $10k agreed value + liability. Then upped value to $12k after doing some upgrades and improvements. Now paying $487 which I think is ridiculous. I also heard from some performance boat guys that Progressive will not pay out easily on claims. Several guys said they had outdrive damage from hitting debris and other things a full coverage policy covers and Progressive would only replace their Alpha and Bravo drives with those cheap Chinese knockoff drives, not genuine Mercruiser stuff.

So I started asking and looking around and I can get a policy with Ski Safe for anywhere from $200-$325/yr for similar or greater coverage with a more reputable company. My Progressive policy is up in November and I'm debating if I want to stay with them through the season or switch now.

For what it's worth I also switched my truck insurance to Allstate and saved $400/yr, and am having them broker for classic insurance on my car which will come out to under $200/yr for an unlimited mileage agreed value policy. My bike is still with Progressive because my Allstate agent quoted me $1 more per year for that policy (~$85 or some trivial amount), told him if he wants it he's gotta come in at least $1 under what I'm paying now.

Anyhow, I would definitely get insurance on the boat. It's not required, but at least have liability in case something bad happens. When my boat is in the water it's always running and often within 1' of someone in the water. We're safe and careful but you never know when something bad can happen. Likely a agreed value policy for $10k-$15k wouldn't be much more than a liability policy, particularly for your short season in Maine. Be sure to ask about layup and any discounts for only using it June-Sept. or however long you tolerate the cold water.

[Salty87]

insurance is good to have for environmental spills too should something we don't want to think of happen.

[cadunkle]

Excellent point Salty. Boat sinks, especially if you keep yours floating, and you could be looking at tens of thousands for cleanup and raising the wreck. You'd be surprised the government fined and cleanup costs for 20-50 gallons of fuel and wreck recovery to raise a boat.

[mapleleaf]

After giving up on my home insurer to cover the boat, They kept asking for the Conbrio's wattage? seemed like they had never heard of a boat that was 20 yrs old.........my agent got me liability and 10k's worth of replacement for 330/yr........

[DAFF]

Salty brings up the enviromental aspect with good reasoning. Every summer you hear of tragic events on the lake, there is always a small probability something horrific could happen to any of us regarding another human life. For this reason it is a no brainer.... $300.00 just doesn't justify a reason to risk it all.

[scotthons]

Please at least get liability insurance even if you don't want comp/collision just get some liability insurance.

[sybrmike]

I hate taxes and insurance, but pay both. Be responsible even if (and especially since) many are not. Even if you can afford replacement or repair out of pocket, you might also consider a personal liability umbrella policy. Owning a boat is like having a pool - you're gonna have guests and can be sued by anybody for anything at anytime.

[redraider08]

We went with progressive, $400 for an $18K boat and 2 PWC's at $2500 each.

[MESupra]

After reading all the posts and the recent "horrible weekend" thread I am sold. I plan on calling my agent tomorrow and having her work up a quote. Last year when I had her work up a quote she used the replacement cost of a new SunSport, I never knew about the agreed value and plan on asking her about this tomorrow. I at least need liability. Last years quote was something in the order of $700 for roughly 3 months of boating. Its funny how my outlook on things have changed, I guess all the work & money I am putting into the Supra is making me soft. I will have to get some pics up soon.

[Chad Mueller]

Check Global Marine - I'm paying less than $350 for a 2012 22 Launch. They've got a recreational water ski policy with ACE Recreational Marine.

[haugy]

My insurance is up next month, and I'm debating. I was with Progressive, but I'm going to shop my local State Farm (car ins.) and see what they can do.

[MESupra]

After calling around yesterday I was able to gather 3 quotes and ended up hanging up on several agents who refused to give me a quote on just boat insurance, even after they said its not required to have homeowner or car through them. Anyway, Liberty Mutual came back at $588.oo, Progressive at $310.00 and Foremost at $320.00. All quotes are for full coverage with a agreed value of 13,000. BoatUS has yet to respond.

What do you guys think about these quotes? First Liberty Mutual seems way high, Foremost and Progressive seem to have some significant customer service issues? The lady (choice word) at BoatUS stated that BoatUS only covers investments not values, which seems like a giant pile of bullshit. Yes I only paid 5,800 (92' SunSport (composite with 700hrs), but I want it covered for its actual value.

Any recommendations?

[homer]

Woh! How did you lock that up for $5,800!? Was it a fixer upper that you had to do a bunch of work to?

[22supra]

My dealer recommended the following as they have all there coverage with this company, i am covered for $50K @ $432 per year with $500 deductable. I was told this company only offers marine insurance. I was getting screwed by Allstate at $500 per year for $10K worth of coverage on the old boat.

Norman-Spencer Agency, Inc.
Marine Insurance Services
Phone: (800)252-9597 ext. 1330
Direct Line: (209)946-6586
Fax: (209)466-4515
E-mail: [email protected]

[Nobodyrides4Free]

I have an 2002 loaded. My insurance with AmFam is $250 a year, with a 250 ded. You should have insurance on your boat at all times. If you hit someone or they get hurt, you could loose everything if they come after you. Can you say Lawsuit? Towing your boat to the lake and you get in accident and the same issue could arise.

[MESupra]

Getting the boat for 5,800, was a bit of luck I guess, at the time I had been looking for a Supra for about 1-2 yrs. I found this Boat in NH and tried to haggle the price lower and lower for a couple months until I realized how good of a deal I could potentially loose. Once I sold the Wellcraft 190 classic it was a matter of 3-5 days before hauling the Supra home. The boat was in good shape for the year, had not been run is 2yrs or so but always stored inside during the off season. I have put considerable time in removing decals, wetsanding, buffing etc. The interior was pretty much spent and between what is being done right now (rear bench and sundeck) and what will be done over next winter the boat should be nearly new come spring 2013. Mechanically speaking I have not spent a dime other than oil and filters for the past two seasons. This year I have strightend the rudder, repacked the rudder, belts, fuel line, plugs etc, only about $150 worth. I plan on doing all hoses, carb rebuild and a bit more next year. I continue to look for a newer "better" boat as I have issues with always wanting better but in 2 years I have yet to find anything with the Curves of a SunSport.

[haugy]

Check Global Marine - I'm paying less than $350 for a 2012 22 Launch. They've got a recreational water ski policy with ACE Recreational Marine.

Global Marine won't insure over 20yr old boats. I'm learning that today.

I'm hunting for new insurance, as I'm not so sure about progressive. I'd like to go with a Marine based insurance company vs. State Farm or something.