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bassmasta

boat insurance

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Hi everyone,

 

New to the forum but definitely not new the fishing. Finally after all these years I bought my first boat. I don't plan on putting it on the water this season. It needs a little bit of work before I do that. I bought it off my father in laws cottage neighbour.

 

My question is, is boat insurance absolutely required when I start towing and putting this boat in the water?

If so, what kind of insurance am I looking to get and does anyone have any recommendations?

 

The boat is a 1988 15' x 6' fiberglass Gemini bass boat with a Suzuki DT75 (75hp) outboard. The outboard runs strong, but the interior gel coat needs to be restored, all carpets replaced, and finally clean up the electrical wiring. I will be storing it in my garage so I don't have any worries about theft. Maybe fire... knock on wood.

 

Thanks in advance for your help.

 

 

J

Edited by bassmasta

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Guest skeeter99

you dont need insuirance by law

 

but

 

boat insurance is cheap really!! for when something might happen on the boat you have maybe $150 a year for insurance

 

 

I have insurance on my bass boat since I fish tournaments and the rules say at least 1 million in liability insurance is required

Edited by skeeter99

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If you owe money on the boat, your loan will require you to insure it. If not, insurance is not required. While you are towing it, it is part of your vehicle.

I would get insurance as a rider on your homeowners plan..it is not expensive and should something terrible happen, you would have that piece of mind.

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Adding the boat as a rider to your house policy works, but check to make sure that any claims related to the boat won't impact the main (house) policy. Depending how things are set up, that could be the case.

 

If you want to get a separate policy just for the boat, it is best to deal with a broker that specializes in boat insurance. There are several in Ontario - Robertson & Robertson, Marine Experts and Northstar are all well known, dependable boat insurance brokers in southern Ontario. You can Google the contact info.

 

It isn't just hull coverage you need, you will want liability coverage as well. It will save your bacon if you damage someone else's property, and protect you against legal costs and other expenses.

 

Regardless of what you do, make sure your policy provides replacement coverage. If the policy provides pro-rated actual value coverage, which factors in depreciation, you will be screwed if anything goes wrong. For example, say you hit a rock and need a new lower unit. The new lower unit costs $2,000. Your used lower unit is valued at $800 after depreciation. They give you $800, and you're on your own for the $1,200 difference. When you hear people say they were screwed over by their insurance company, this is usually why.

 

If you get replacement cost insurance, you get a new lower unit. Period. No fooling around.

 

Cost difference between the two types of coverage is minimal .... a few bucks each year. Totally worth the upgrade.

Edited by Craig_Ritchie

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J,

 

You do not need insurance for using a boat on the water; however, I would contact your insurance company and ask them specifically regarding towing of the boat on the car/truck that is insured. I would also make sure that the tow capacity of the vehicle is rated enough to tow the boats weight. Should you get into an accident and the vehicle is not rated to pull your boats weight, I can easily see the insurance company backing out of any compensation. Safety first, and get all your questions answered in writing by your insurer. Some good companies with year round coverage are State Farm and The Co-operators. These two companies allow you to use the boat anually, most others call for a lay-up period which means you can tow, but you can't drop it in water during the winter months. Usually from Dec 1st until the end of March, every company is different. Good luck!

 

Justin

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You'll definitely need to register the boat and have liability insurance for it since it has a 75hp motor on it. Any boat with a motor larger than 10hp needs to be insured. That's why there are tons of 9.9's out there. As for fire theft, damgage, etc... that's up to you but for a 20odd year old boat, it'll only be a couple of hundred bucks a year.

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...

 

Just so everyone knows, I plan on registering the boat and the trailer legally. Bigbuck, are you sure I have to insure my boat if it's more then 10hp? Everything I've read/researched so far seems to say that it is not legally required. Regardless, I plan on adding it to my home insurance as a rider. Now I just have to call my auto insurance to see if there are any issues with me towing.

 

Thanks everyone!

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As far as I know boats over 10hp need to be insured, I could be wrong however. Needless to say though, I would get the insurance, at least liability because if anything ever does happen out on the water, I would not want to lose my house, savings, etc...

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most others call for a lay-up period which means you can tow, but you can't drop it in water during the winter months. Usually from Dec 1st until the end of March

 

Another thing to watch for in a policy is that some companies will not cover damage to a stored motor caused by freezing temps if you winterized the motor yourself. They want them winterized by a qualified marine technician.

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Guest skeeter99
As far as I know boats over 10hp need to be insured, I could be wrong however. Needless to say though, I would get the insurance, at least liability because if anything ever does happen out on the water, I would not want to lose my house, savings, etc...

 

no boat needs insurance by law in ontario yet

 

over 10 hp you must have it registered ie boat numbers on the hull not insurance

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I have a 20ft bowrider 140mercruiser,my friends love it.I fully insured it, just in case of anything.esp the liability. Not worth trying to save 2 bucks,anything can happen,seen it on the water and while towing.

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I insured the boat the first year I had it and saved about 5K by not insuring it since, I figure if I don't have insurance I won't be sued as all my assets won't pay for a lawyer.

 

Mandatory insurance is on its way and it will be interesting to see how insurance co. spin it, with more boats being insured cost should go way down but I suspect that won't happen.

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