Boat Insurance 101

[fishinwrench]

Cool.  Please let us know what they say.  I carry Gieco liability on my two paid for trucks and always kinda worried about how they would handle a claim, so when this latest job popped up and they told me it was Gieco my first reaction was "uh oh".... but so far they have been great to deal with.

[Ketchup]

7 hours ago, fishinwrench said:

Cool.  Please let us know what they say.  I carry Gieco liability on my two paid for trucks and always kinda worried about how they would handle a claim, so when this latest job popped up and they told me it was Gieco my first reaction was "uh oh".... but so far they have been great to deal with.

My brother had a claim 3 years ago against them and he was impressed by how easy it processed, and how quickly they payed.  His was a vehicle claim where he was towing his trailer with his Jeep on it headed to Moab and a dump truck had broke down in the lane on the highway and he rearended it, complete loss to his Dodge dually, the trailer.  He still has Geico. I use them on 3 vehicles.  

[Ranger520vx]

I have mine through United Marine Underwriters. It runs me $245 a year. And it does cover my boat while fishing tournaments as long as endorsements and prize money doesn't equal more than half my annual income. I did have a claim late this winter when I hit a stump and smoked the lower unit. They paid off with no hassle and within a couple weeks. If total loss they will pay the amount that the boat is insured for. But on my lower unit they deprecated it 3% because it was over 10 years old but now that I replaced it the 10 years started over so will be full replacement less deductable for next 10 years. This is coverage I have.

[Quillback]

10 hours ago, Ketchup said:

Just did a Geico quote. $15000 value, $500 deductible, $1000 fishing gear, mechanical "lower unit" coverage, $100,000 liability, etc.  for $477 a year.  Thinking thats not bad.  Anyone care to share their coverage and amount? 

Seems a bit high, I have Progressive, $320/year, $42K, $2500 gear, $500K liability, $250 deductible.  I don't have lower unit coverage.  

That being said, I just saw a post on BBC where a guy said his Progressive policy jumped $250 this year, mine is due soon so I will see if it remains $320.  

Give this guy a call to see what you can get:  Bob Luellen 517-627-8080

 

[Daryk Campbell Sr]

Keep in mind, though different states have different laws. That translate into different pricing.  Also, your "garaging zipcode" (place you primarily store your boat) will factor into your price also.  I learned that the hard way with my first car.  I bought it from a friend of mine, we were same age, and lived only a few blocks from each other.  We used the same company, as our parents each had the same one.  My insurance was $80/month higher.   I lived in a higher rates zip code.  

Ketchup, call an underwriter and ask for a copy of the "policy definitions".  It will be the bible of what is and isn't covered.  

[Ranger520vx]

Ketchup if you're over here at Pomme I have my policy if you want to look it over.

[DChance]

13 hours ago, Ketchup said:

Just did a Geico quote. $15000 value, $500 deductible, $1000 fishing gear, mechanical "lower unit" coverage, $100,000 liability, etc.  for $477 a year.  Thinking thats not bad.  Anyone care to share their coverage and amount? 

That is high. 

I have 25K AGREED VALUE (very important) can't recall deductible, $5k or 6K in gear, typical liab. ext. And mechanical Breakdown coverage (included powerhead and anything mechanical, only 1 company offers this) and I am at $479. 

If I recall, homowners ins. will not cover unless it is at your property and damaged, say storm or fire etc. And it will be an ACTUAL value price. 

[Ketchup]

Thanks for the replies guys. Appreciate it.  Well i called Geico. The price i posted is accurate they said. That does cover the basics, including lower unit. He said that most claims are paid out within 2 weeks. I asked about theft, or in my case loosing the trolling motor/bow electronics/fishing equipment while fishing, he said thats all included in the price they provided. Heck it cost me 4 years of rates to replace that stuff.  I told him i would get back with them. He said since im a current client that its just a click away online.  Reading your guys info makes me want to dig a little deeper. 

Quill i watched a youtube video i found while searching boat insurance, were Bob gave a talk about it.  Guy seems very knowledgable. Thanks

Ranger i appreciate the offer. I just want to make sure i get the coverage i need for whatever comes my way. Never had a claim on a vehicle or anything. Have only hit 1 floating tree in all my years of running boats that i recall, so my time is coming soon.  

[snagged in outlet 3]

I just requested an outline of my coverage.  I'll report when I git it back.

Heck I just figured if I hit a rock in the Meramec it was on my dime.

[fishinwrench]

29 minutes ago, snagged in outlet 3 said:

I just requested an outline of my coverage.  I'll report when I git it back.

Heck I just figured if I hit a rock in the Meramec it was on my dime.

Nope, most impact related claims are covered, even on the lamest of insurance policies.