Boat Insurance

[Basskicker]

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

[Entropy]

I have a 91 side console, 91 25 hp mariner, tariler, toatl ins for about $4500 ot $5100 ish and pay $130 with StateFarm Ins. (have truck with them too) That includes every imaginable coverage, with a $200 deductable.

[Entropy]

You could lower the insurable valued to say $4500, that would drop your amount, is it it worth over $7000 to replace it with the same thing?

[LeXXington]

Check around buddy, It seems a bit high, as I am paying less and insured as $13,000 but I also have 2 cars, a house and life insurance

 

but do get insurance.. One goof may sink the boat, but if someone gets hurt you are on the hook for way more than the cost of the boat

[lookinforwalleye]

I know a lot of people don`t insure to me that is penny wise and dollar foolish especially if you out there running around on a busy lake pulling tuber`s and skier`s accidents happen.

 

The price your paying seems a little high.

[Landlocked]

Hi Basskicker,

There was a great recent thread here:

http://www.ofncommunity.com/forums/index.p...mp;hl=INSURANCE

[express168]

Like others have said insurance is worth it for the liability aspect if not for the boat but I have to agree the rate seems a touch high.

[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.

[Roy]

I just got my renewal today. $401.12

[POLLIWOGG]

Its amazing what guys will spend on insurance but they wont spend $150 on a safe boating coarse.

 

If you know your collision regs. know your aids to navigation, know where you are and know what your doing you cut your risk factor way down.

[Tootsie II]

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.