Ketchup Posted March 29, 2018 Posted March 29, 2018 Its been very mildly discussed in a few topics, but looking for more. Maybe a sticky so those looking can find info pertaining only to boat insurance. With that said, heres a few questions: Is boat insurance manadatory? Is your home/vehicle insurance provider as knowledgeable about boat insurance, as a marine insurance company? Are there any insurance guys here? Would be nice to support fellow members. What is the "standard" insurance policy? Does boat insurance rate on boat length, year, style, or? Does insurance cover accidents like lower unit replacement, holes in hull, cracked/torn transom, damage done while NOT on the water? Are aftermarket/added upgrades "including fishing tackle" covered due to accident, theft, etc.? The "Named Storm Exclusion" add on meaning if your boat is damaged by a storm they attached a name to, then your SOL. Are there ways around this? On a total loss, what constitutes a "Full Recovery" payout on the boat/items? This should get it started. Please feel free to chime in with personal experiences, and if you sell marine insurance, please speak up, as im sure some, including myself are looking for a better policy. mixermarkb and BilletHead 2 TinBoats BassClub. An aluminum only bass club. If interested in info send me a PM.
Daryk Campbell Sr Posted March 29, 2018 Posted March 29, 2018 4 hours ago, Ketchup said: Its been very mildly discussed in a few topics, but looking for more. Maybe a sticky so those looking can find info pertaining only to boat insurance. With that said, heres a few questions: Is boat insurance manadatory? No, unless you have a loan. Sometimes a lienholder will require it Is your home/vehicle insurance provider as knowledgeable about boat insurance, as a marine insurance company? That really depends, on the availability of people within the company. Are there any insurance guys here? Would be nice to support fellow members. I am a licensed producer in the state of Missouri, I can sell you a boat policy but I am not as knowledgeable as someone who may be right next to the lake. What is the "standard" insurance policy? There is no such thing as standard. One agent may have a Baseline, and work from there depending on what your individual needs are. Does boat insurance rate on boat length, year, style, or? All of the above, plus location it's stored, history of the owner, specifics on what's included on the boat. Plus many more things. Does insurance cover accidents like lower unit replacement, holes in hull, cracked/torn transom, damage done while NOT on the water? It can, depends on the policy taken out. Are aftermarket/added upgrades "including fishing tackle" covered due to accident, theft, etc.? This also depends on the policy taken out. The "Named Storm Exclusion" add on meaning if your boat is damaged by a storm they attached a name to, then your SOL. Are there ways around this? I am not personally aware of ways around this. Typically it applies to coastal areas I believe. Coverage can typically be restricted during these occurrences for new or additional coverage. On a total loss, what constitutes a "Full Recovery" payout on the boat/items? Rule of thumb is what is considered to be market value. It is up to you the insured to document what was on the boat, attached to the boat, and what ever else you feel was lost. Your declarations page will specify what coverage will cover the loss specifically. This should get it started. Please feel free to chime in with personal experiences, and if you sell marine insurance, please speak up, as im sure some, including myself are looking for a better policy. I am not licensed for any state other than Missouri. I am based out of St Louis, I have not had much experience with claims on the boat side. When picking any insurance, please discuss everything available with your agent. Always understand ultimately you will decide how much you want to cover, and your payments will reflect that. Flysmallie 1 Money is just ink and paper, worthless until it switches hands, and worthless again until the next transaction. (me) I am the master of my unspoken words, and the slave to those that should have remained unsaid. (unknown)
snagged in outlet 3 Posted March 29, 2018 Posted March 29, 2018 I know one thing..........It's dirt cheap compared to a new teen driver of a car. grizwilson and Flysmallie 2
fishinwrench Posted March 29, 2018 Posted March 29, 2018 Is it mandatory? They'd like for you to believe it is..... but No, not unless you plan to participate in sanctioned events, then it is "required" by the organizer, but not by law. Standard coverage is good for impact/accident damage reimbursement, or storm damage/meteor strike, but not for mechanical failures or failures related to faulty products. However you CAN purchase writers that cover just about anything....for a price. If you want your boat covered for the cleaning of bird poop then there is an agent out there that will sell you that insurance. terryj1024 1
snagged in outlet 3 Posted March 29, 2018 Posted March 29, 2018 So they will license the boat without insurance??
Daryk Campbell Sr Posted March 29, 2018 Posted March 29, 2018 33 minutes ago, snagged in outlet 3 said: So they will license the boat without insurance?? Yes. I have 3 licensed craft. None have insurance as I stay on creeks and rivers. They don't have enough monetary value for me to consider a policy. My family and I are all who use them. Money is just ink and paper, worthless until it switches hands, and worthless again until the next transaction. (me) I am the master of my unspoken words, and the slave to those that should have remained unsaid. (unknown)
176champion Posted March 29, 2018 Posted March 29, 2018 I have insurance on my boat, boat motor and trailer combined i think it's like 6,000 total and i pay 13.75 a month and have 100,000 dollar libility. I fish one tournament a year but i feel for the cost of insurance it's worth it especially with the way people operate there boats on TRL, do i have to have insurance absolutely not UNLESS im fishing a touramnet. I know everything about nothing and know nothing about everything! Bruce Philips
fishinwrench Posted March 29, 2018 Posted March 29, 2018 I wouldn't mind fishing a few Derby's, especially when I'm on a killer bite! But I'm in no mood to pay insurance all year just so I can do it. I can make more money (before noon) here at my shop than I can make by winning an all day tournament. So as bad as I'd like to go out and put it on them every once in awhile.... it just doesn't make $en$e to even bother with it. Plus I hate the thought of relocating a culled limit of fish, for nothing. I'd rather not participate, and never have to be called "a hammer".
176champion Posted March 30, 2018 Posted March 30, 2018 I kind of look at it like having uninsured boater insurance in case someone runs over me I'm covered. I know everything about nothing and know nothing about everything! Bruce Philips
slothman Posted March 30, 2018 Posted March 30, 2018 1 hour ago, fishinwrench said: I wouldn't mind fishing a few Derby's, especially when I'm on a killer bite! But I'm in no mood to pay insurance all year just so I can do it. I can make more money (before noon) here at my shop than I can make by winning an all day tournament. So as bad as I'd like to go out and put it on them every once in awhile.... it just doesn't make $en$e to even bother with it. Plus I hate the thought of relocating a culled limit of fish, for nothing. I'd rather not participate, and never have to be called "a hammer". You are always welcome in my boat. fishinwrench 1
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