Insurance Poll

[Launchman2000]

I saw a post a few weeks back about the girl who died after a head injury wakeboarding and it got me thinking about insurance on my boat, the liability end anyway. I am shopping insurance and wanted to poll the group to see what the right amount of liability to carry, right now I have my boat insured for $20K and my liability is at $200K, per person, etc., The annual premium was $725, I guess I am just wanted to see how much other owners have. Thanks.

[Newbie girl]

I have a 86 Supra and I have liability - 300K, uninsured boater 300K, comprehensive and collision @ 8K and additional 2K personal effects - $341/year

[Diggs]

Ouch... that is pretty high. You should get an umbrella policy if you are concerned about that type of stuff. It is cheap and covers much more than just your boat. I think I pay around $400-$450 annually for a 2010 Supra. I also have an umbrella policy that is cheap to extent liability. State Farm.

[scotthons]

That does seem really steep for your boat insurance. We have an '06 21V with agreed value for much more than what I paid for it (I guess my reasoning was if something happened to the boat I do not want to be patient looking for a deal) and I can not remember what the annual premium is, but I know it is less than $725. It may be wise to look into an umbrella policy. My wife and I have one for $2 million and it is incredibly cheap.

[LloydP]

I am not sure what my coverage is, I believe it is $41k total replacement value on boat/trailer, and $250,000 liability. This costs me about $450 a year. I do, as Diggs suggested also have a $1m umbrella liability coverage policy that costs about $250 a year. Definitely the way to go - in my opinion.

[The Squeaky Wheel]

I pay around $600 for a 21v that I valued at 60k with assorted belongings.

I also have a several million dollar umbrella that covers a whole lot more......

[Skylar18]

Wow Launchman, that is a bit high being in Texas. I am in Austin and I am paying 378 a year and that includes 300,000 liability, 300K uninsured and full replacement value of the boat.

Check Progressive

[thescott]

08 22SSV
Boat & Boating Equipment : $52,000.00
*Boat & Boating Equipment Deductible : $520.00
Boating Liability per Accident : $300,000.00
Fuel Spill Liability : $800,000.00
Boat Trailer : $4,500.00
Boat Trailer Deductible : $50.00
Uninsured Boater per Accident: $300,000.00
Medical Payments per person : $1,000.00
Personal Effects per Accident : $1,000.00
Personal Effects Deductible : $ 50.00
Freeze State - Ice and Freezing Endorsment - Yes
Current Annual Premium : $469.00

[Launchman2000]

Yes, I thought that seemed high also. Well I actually got a better deal today through Farmer's, $300K Liability, etc for about $308. That seems to be in line with some of the others.

Thanks for all the feedback and advice

[Diggs]

make sure you check their whole policy. Some of the ones that are cheaper have a layup period. They make you declare 3 months that your boat will not be used and others do not cover under water damage (Props and Shafts).

[Fman]

Uninsured boater: $500,000 w/$1000k deductibe, plus we have a $1,000,000 umbrella policy on top of this that covers our house/boat/cars.

Boat insurance: $519/year
Auto/Umbrella: $249/month (3 vehicles)

We took out the umbrella because I take a lot of kids on my boat, and I have a 17 year old driver in the family. Everyone is your friend until there child gets injured. God for bid it happen, but sometimes accidents do happen. Hopefully we never have to use it!