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Boat Insurance


Basskicker

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I need some advice on boat insurance....what would you do?

1-14.5' Gruman (10 years old)

1-25HP (2005) Johnson 2 Stroke

1-trailer (10 years old)

$500 coverage for items in boat, rods, reels, electronics etc.

 

I am covered for $7784 with a yearly payment of $245.60

Does this price sound resonable?

My yearly payment is due this week.....I've always had a boat for years and NEVER had insurance, but when I purchased this boat from a dealer last year I had to have insurance.

I'm contemplating in my head whether or not it is necessary?

What would you do?

Thanks

 

Jason

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Guest Trophymuskie

You guys have it easy iI just got my insurance policy today, It cost me close to $900. Then again I am insured for $83K boat and equipment as well as 2 mil liability. :)

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I'm presuming that you "had" to have insurance because you financed the purchase through the dealer. That means you may not be able to reduce the coverage of the principal items of the the loan until it is paid off. Your PL/PD may be reduceable if it's something like $ 10,000,000.

I pay $ 176. yearly for a 27 year old 16' Giesler cedar strip, a 27 year old trailer and 2000- 30 h.p. Johnson and $ 2,000,000. liability (PL/PD). The only one that truly matters to me is the darned liability part because that's what can hurt you a lot more than just the loss of the equipment if you are found at fault in an accident.

I also live in Ontario and presume that you do to.

 

Good luck! We all just love insurance companies.

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