grimsbylander Posted March 1, 2012 Report Posted March 1, 2012 I see many of you guys getting out between the December and April "dry dock" period. I know my insurance policy stipulates my boat be stored, properly winterized and covered. Is there an extension that can be purchased?
Fish4Eyes Posted March 1, 2012 Report Posted March 1, 2012 If your willing to pay, i'm sure you can play whenever you want. Call up the insurance company and ask.
fishnsled Posted March 1, 2012 Report Posted March 1, 2012 I was just talking to my company about it and they do not offer addition coverage during the dry dock season. However, if I'm towing the boat I'm covered but not covered if something happens on the water during that period. I might have to consider this is weather allows next season. (Or the end of this one.)
Joey Posted March 1, 2012 Report Posted March 1, 2012 I've never even heard of this "dry dock" period. Do you carry your boat through your house insurance?
Roy Posted March 1, 2012 Report Posted March 1, 2012 Mine is covered for the full 12 months of the year. I specifically asked for that.
John Posted March 1, 2012 Report Posted March 1, 2012 I am covered for 12 months of the year.......January is the same as June.
fishnsled Posted March 1, 2012 Report Posted March 1, 2012 I've never even heard of this "dry dock" period. Do you carry your boat through your house insurance? In my policy is states the boat must be "dry docked" from Dec 1st to April 1st, to prevent water/ice damage to the hull and motor. My policy is separate from my house as my house insurance would not cover the boat and needed a separate policy. My insurance is up in a month and would gladly switch to a difference company with 12 months of usage in the agreement/policy. Who are you all with? Contacts?
captpierre Posted March 1, 2012 Report Posted March 1, 2012 Good thread. Everyone should check their policy.
grimsbylander Posted March 1, 2012 Author Report Posted March 1, 2012 Good thread. Everyone should check their policy. I'll be honest...I was thinking I'd be ready to go mid-March. A buddy suggested I read my policy regarding this clause. There it was! So, I have an extra couple weeks to get ready! With an early spring like this, I imagine I might not be the only one to jump the gun and unknowingly take that risk. Or, maybe everyone else does read those 10 pages of fine print!!
craigdritchie Posted March 1, 2012 Report Posted March 1, 2012 (edited) NEVER insure the boat as a rider on your house insurance. Ever! Clip a rock and that lower unit repair WILL count as a claim on your home policy. They won't tell you that, but it does. There are some good insurers out there who specialize in boats. A couple I'm personally familiar with: MD Marine Insurance, located in Orillia Northstar Marine Insurance, located in Barrie Skipper's Plan, based out of Toronto Harbour Insurance, in Toronto HUB Insurance, based in Oakville Marine Expert, in Brossard, Quebec, and Mississauga, ON There are definitely other ones and I know I'll probably slap myself later when I think "argh, I forgot to mention XXXXX Insurance." These guys obviously make their big profits insuring large cruisers and sailboats, but small fishing boats can cost more than some of the big rigs do, so they insure everything. Whatever you do, just make sure you get FULL REPLACEMENT COVERAGE on everything, so when you hit that rock, the lower unit is fixed and you're all set. If you do not have full replacement, they'll only cover the value of what your used outdrive is worth, and you're on the hook for the difference. The extra cost for full replacement coverage is chump change, but it can save you huge dollars down the road. And yes, most insure the boat for 12-months regardless of whether its in use or not. The value of the boat doesn't change whether its in the water or on the trailer, so why should the coverage? Edited August 8, 2012 by Craig_Ritchie
Targa01 Posted March 1, 2012 Report Posted March 1, 2012 I have just switched my boat insurance to harbour marine. With them my boat is covered for 12 months and one of the best insurance policy I have seen so far. They also treated me really well. Very impressed with them.
Joey Posted March 1, 2012 Report Posted March 1, 2012 NEVER insure the boat as a rider on your house insurance. Ever! Clip a rock and that lower unit repair WILL count as a claim on your home policy. They won't tell you that, but it does. Well of course it does, but if you don't claim it under your house insurance, where do you think it goes? They will claim it on your boat insurance policy and then that will go up. Same difference bud!!! All I know is after discussing it with the insurer, I get much more coverage under homeowners insurance, including fire, theft, replacement value of boat AND contents, which includes my fishing gear.
craigdritchie Posted March 1, 2012 Report Posted March 1, 2012 Well of course it does, but if you don't claim it under your house insurance, where do you think it goes? They will claim it on your boat insurance policy and then that will go up. Same difference bud!!! Not the same difference at all if your home and boat are underwritten by two different insurance companies. The amount of the increase will also be different - unless your boat cost as much as your house.
kickingfrog Posted March 1, 2012 Report Posted March 1, 2012 Not the same difference at all if your home and boat are underwritten by two different insurance companies. The amount of the increase will also be different - unless your boat cost as much as your house. They do have a very nice boat.
Joey Posted March 1, 2012 Report Posted March 1, 2012 Not the same difference at all if your home and boat are underwritten by two different insurance companies. The amount of the increase will also be different - unless your boat cost as much as your house. Not even quite sure what you're trying to say here to respond Craig! The Boat is under the same insurance company as the home. The increase would be dependent upon the claimed amount, just as in a boat policy or home policy. Usually with the first claim, there is no raise in policy price. Maybe you need to talk to your broker. The best thing you can do is combine all your assets under the same policy, it saves a ton of money each year.
Wolf 3 Posted March 1, 2012 Report Posted March 1, 2012 The value of the boat doesn't change whether its in the water or on the trailer, so why should the coverage? Once you hook anything up to your hitch it is treated as a single vehicle for insurance purposes. That is why if you tow your boat/RV make sure you are fully insured (optional loss or damage coverage).
spincast Posted March 1, 2012 Report Posted March 1, 2012 This response comes up every time. I agree with you Joey - and I have been buying commercial truck fleet and business insurance in the100 - 200k premium range for over 20 years. It teaches you stuff when deductibles are in the 5 - 10 k range and a settlement can run to the millions. Insurance companies have target loss ratios. Ask for your four year loss ratio - it will tell you a lot and its your information. You have claim, they will recover that cost over a period of time. Mnay factors determine how the increase will be handled. For an individual, if your boat can be covered (and each policy has its limitations, exceptions and escape clauses that you need to read before you buy) under your house insurance you will be bettter off in the long run. Do the math. 5 years, no premiums. 1 claim. small increase to recoup claim over amortised period. You still have 5 years no premium. Or 10, as the case maybe. For most people this will pay for the deductible and increase. Also as an individual the single biggest source of savings, after checking the market for competitive pricing is bundling your policies with one company.
John Bacon Posted March 2, 2012 Report Posted March 2, 2012 Not the same difference at all if your home and boat are underwritten by two different insurance companies. The amount of the increase will also be different - unless your boat cost as much as your house. I get a $30 per year discount for not having a claim for three years. I will lose that if I make a claim. Not a big deal. I have been with the same insurance company for about 20 years. I have made four claims in that time; 2 break-ins, 1 stolen bicycle, and 1 sank boat. I have never experienced any major increase in premiums because of these claims. There are advantages to grouping your policies which includes but is not limited to multi-policy discounts. When my bike was stolen from the bicycle carrier attached to my van, the bicycle was covered by house insurance while the bike carrier was covered by my auto policy. I only had one deductable because I insure both through Monnex. If someone breaks into your garage to steal your boat, then you are much better off if you have both under one policy. Also, your boat does not have to cost as much as your house in order for it to cost as much to insure. That is not the way insurance works. Insurance is based on risk. Boats are higher risk than houses so they cost more to insure relative to the value. You wouldn't need too fancy of a boat in order for it cost as much to insure as your house. The Dec 1st to April 1st rule is a good point though. I will definitely check that out before doing some late March pike fishing.
Sebastian Posted March 2, 2012 Report Posted March 2, 2012 Just wondering what you guys are paying for full coverage. I have a 17' lund with a 90yammy and 9.9 yammy kicker.
irishfield Posted March 2, 2012 Report Posted March 2, 2012 The largest expense is the liablity portion. I paid $600 / year for $35,000 replacement and 3 million liability on my old Glastron boat. I only pay $875/year on my Lund and accessories covered for replacement @ just shy of $100,000 and the same 3 million liablity.
spooner_jr Posted March 2, 2012 Report Posted March 2, 2012 The largest expense is the liablity portion. Actually, the liability cost on a boat policy is usually minimal. When we do a boat with liability only, premium is usually in the $50/yr range.
John Bacon Posted March 2, 2012 Report Posted March 2, 2012 I pay about $300 a year for a $16,000 boat on my house policy.
irishfield Posted March 2, 2012 Report Posted March 2, 2012 Actually, the liability cost on a boat policy is usually minimal. When we do a boat with liability only, premium is usually in the $50/yr range. Okay.. let me dig out the old paperwork to see why at triple the boat value the policy premium only went up by ~ $275, when I was expecting it to double or almost triple with full replacement coverage.
express168 Posted March 2, 2012 Report Posted March 2, 2012 When I had my boat I wasn't able to just add the rider to the house insurance because the HP exceeding the max that they would insure under the home policy. There are arguments either way to add a rider or to get a seperate policy, I see another end to the seperate policy. God forbid you have a collision on the water with injuries which could be a big claim, and decide to not get another boat for a few years. There will be an increase on home premiums but no increase on a marine policy as you wouldn't need one without the boat. Now with boat accident on your home policy god forbid you have a major claim on the home afterwards, after that policy expired insurance would get pretty expensive. I know I am talking extremes but the extremes is why we get insurance in the first place, not the minor stuff. This is coming from a guy that experienced a house fire claim of about $90,000, believe me house insurance was fun for about 5 years after that.If you carry a mortgage their is no option but to have house insurance.
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