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.