Boat Insurance 101

[snagged in outlet 3]

It’s ringer not hammer. 

[aarchdale@coresleep.com]

If you have a loan on a boat does the bank require insurance?  Mine is like $150 a year with state state farm.  I figured it was cheap enough i didnt see a reason in not getting it

[snagged in outlet 3]

Don’t know, no loan. 

[fishinwrench]

19 minutes ago, aarchdale@coresleep.com said:

If you have a loan on a boat does the bank require insurance?  Mine is like $150 a year with state state farm.  I figured it was cheap enough i didnt see a reason in not getting it

Yes, absolutely.   150.00/yr. is just throwing money away.  That policy likely isn't worth the paper it's printed on.   

[Ketchup]

20 minutes ago, aarchdale@coresleep.com said:

If you have a loan on a boat does the bank require insurance?  Mine is like $150 a year with state state farm.  I figured it was cheap enough i didnt see a reason in not getting it

What does your policy say as far as coverage to hull/motor and tackle?

[aarchdale@coresleep.com]

11 minutes ago, fishinwrench said:

Yes, absolutely.   150.00/yr. is just throwing money away.  That policy likely isn't worth the paper it's printed on.   

Well they cut me a check for $75 tow bill yesterday.   My bearings burnt up and ruined the axle.   Had it towed to m house because i knew i had "tow in" on my insurance...  If you cant afford $150 a year you probably shouldn't own a boat.  Its peace of mind for me

[jdmidwest]

You are covered by the tow vehicle insurance as long as you are towing as far as liability.  Anything outside of that requires more.  Comprehensive coverage on the boat and trailer, liability while you are on the water, damage while parked somewhere are all covered by other stuff.

[Ketchup]

9 hours ago, jdmidwest said:

You are covered by the tow vehicle insurance as long as you are towing as far as liability.  Anything outside of that requires more.  Comprehensive coverage on the boat and trailer, liability while you are on the water, damage while parked somewhere are all covered by other stuff.

So if the boat/trailer is covered by my truck insurance while towing, then the insurance for the boat covers while off trailer. So in order to be covered for liability alone due to an accident, i just need the basics? But to me that defeats the purpose of having insurance in a way, as how many days on the water VS how many accidents do us as fishermen have? Very slim chance you will need insurance for that reason. My main concern would be more realistic concerns: Tearing lower unit up, hitting something in the water at speeds, having tackle/electronics stolen, loosing tackle/electronics/trolling motor in the lake "yes it happened 2 years ago". So my reasoning for insurance goes well beyond the basics. 

[Daryk Campbell Sr]

I will have to "sharpen my pen" but if memory serves me right, it is the same as auto insurance.  Anything lost from the boat that is not permanently attached, would be covered on your homeowners policy,  not your boat policy.  I.e. tackle, rods,reels. Etc. 

[nomolites]

My policy has a valuation associated with “contents” which includes tackle/electronics and is adjustable.  Good idea to have photos and a list should they ever be needed...

BTW-I would not dream of operating somewhere like LOZ w/o coverage; as the song says people are crazy, and just to confirm I see it most times out...

Mike