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Boat insurance...


BillyBarilko

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They put mine under what they called my "Umbrella Policy" and I'm covered for theft, fire and liability. I believe like any other insurance the latter is what costs the big bucks. They went by the size of boat and the size of the motor. I have a 14 ft aluminum w/ 25 HP motor and my agent said if I move either the premium climbs. <_< I'd like a 16' with my motor as she runs sweet.

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Bull,

I'm in the business and can tell you there are many options...generally the higher value the boat the better (read cheaper) it is to insure outside of your home through one of the dedicated boat markets. If you need further info. feel free to give me a pm...not trying to sell, just trying to help! :D

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Who do you all use? Any recommendations? Any tips on who I should stay away from?

 

I was thinking of just adding my boat to the my statefarm policy, has anyone here done that?

 

thanks,

Bull.

 

Did you ask your Statefarm agent if you can add it to your house policy? my Statefarm agent said I could not do that with my new rig it required it`s own policy.

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Make sure you are covered 12 months of the year, some policies only cover boats for the warm months. I have a stand alone policy with premier marine insurance. Boat motor trailer package worth about $30000 cost me about $600 per year. That is a replacement value policy as the boat is only 1 year old.

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Mine is insured through State Farm where I have all my insurance. Cost about $175.00 (all perrals) a year, boat is an older one only valued at about $6800.00 but I also have $4000.00 for personal property. If you are already dealing with State farm, they would be the first ones I would call.

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I have Allstate, which I'm not sure if they are located in Canada or not. I tried to get our with the same carrier as my home-owners (which is not Allstate) and they also said I would need a separate policy for the boat and motor. I did a little shopping around of the local agencies and got a better deal with a competitor. Mine too is based on the price, length, and hp of the engine. I think it's around $250.00 US per year ... give or take a few dollars. I may be able to do a bit better with more national companies, but I like the idea of a local representative. I keep the original policy for the boat and trailer in the truck and a photocopy in the boat.

Edited by Rich Clemens
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State Farm will not insure your boat under a homeowner policy, unless the value is less than $1000, and then your homeowner deductible applies (minimum is $500). It will be covered under its own policy. Your premium depends on the value of the boat, horsepower to length ratio, and the age of the boat. If you have an older, large expensive boat, you are better off to go with a dedicated marine insurer. If you want a rough idea of what it will cost you with SF, let me know the age, length, horsepower and value and I'll work it out for you.

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Sheesh, what's with all the State Farm guys?? :dunno: LOL! Taper nailed it saying Premier Marine or even a company called Cowan Dalton has great rates when you're getting into boats from about $15 000 and up. Not trying to toot my own horn but the best bet would be to call a local broker who may have more options availble than an agent like State Farm. You wouldn't have to have what they call "supporting" business ie. homeowners with them. You can also increase your boat limit to include "all attached equipment" along with "accesories" which most are aware can really add up. Anything not attached to the boat can be claimed under your homeowners but most likely would be best to try under the boat policy. There are so many variables involved to try to answer all questions on a message board and that is why I recommend calling a broker....or pm me with a phone number and I can try to help. Again, not a sales pitch, just trying to help some fellow fisherpeople!

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State Farm will not insure your boat under a homeowner policy, unless the value is less than $1000, and then your homeowner deductible applies (minimum is $500). It will be covered under its own policy. Your premium depends on the value of the boat, horsepower to length ratio, and the age of the boat. If you have an older, large expensive boat, you are better off to go with a dedicated marine insurer. If you want a rough idea of what it will cost you with SF, let me know the age, length, horsepower and value and I'll work it out for you.

 

Who said they would????????? My boat is 83,115 power,17.5 ft,1,000,000 liability. Just to cover the boat motor and trailer Im paying 246 dollars for the year, with a 500 deduct.

 

Im only insuring it so I can fish tournys. If it were not for that I wouldnt be bothered.

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It would be wise to have a separate policy for your boat. My broker has me insured with Dominon of Canada, they insure my auto and home. For my small aluminum boat I pay $17. per month, and insure it for a full year. My broker advised against putting it as a rider on my homeowners.

 

John

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i would like to add something from personal experience regarding "all' insurance.

If your going to put your boat under your house insurance think about it first, how much will you cover it for? do think you will have it stolen or other claim related issues?

I had a house fire a number of years ago, after the fire someone stole electronics and such which we reported to the insurance company ( im not gonna slag off who) anyways the long and short was that even tho no claim or payout was made it was listed as a "LOSS' and as such reflected in the actions of my insurance company.

Talk to your broker and get written confirmation about your options on claims, if you claim $1000.00 for your boat damage and then your roof leaks you may be over you limit/years for claims and they wont cover you. if the boat is worth it take out a seperate marine insurance, I just think i need home insurance for the home and when i really need it i want it:) you dont need to be fighting a broker and insurance company over issues with a $1000 boat clain last year when your basement just flooded.

Just take the time and look into it from all angles, Im sure some Ins. reps will have more to add or dispute, but been there done that and never again

HIH

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I also recommend Premier Marine, $1,000,000 liability,replacement value not actual cash value of the boat and motor $17,000 there is a big difference between the two, trolling motor $800, accesories, and tackle $500, trailer $1500, yearly premium $395. And if anything happens to the boat the home policy will not be affected.

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I also recommend Premier Marine, $1,000,000 liability,replacement value not actual cash value of the boat and motor $17,000 there is a big difference between the two, trolling motor $800, accesories, and tackle $500, trailer $1500, yearly premium $395. And if anything happens to the boat the home policy will not be affected.

 

 

Did they ask for a survey?

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