Boat Insurance

[Dan668]

Getting close to renewal for my boat insurance. Does anyone insure their fishing tackle in the case of theft? I have spoken with a few parties but cannot seem to get a straight answer. I understand, my home policy should cover me at home. But what type of coverage would I need, say if I were at a friend's cottage for the weekend or a campground?

 

[Terry]

I use to insure my equipment separately from my boat and home insurance , I had lots of photos to prove what I had and we had an agreed value policy 

often boat insurance and home insurance has limitations on payout for fishing equipment and fishing electronics 

[AKRISONER]

i worked with my broker to make sure that my electronics set up was the primary part of the value of my boat. Because of its age the blue book value of a 16 year old is essentially nothing. But the screens, panoptix and trolling motor would all cost a very pretty penny to replace no matter what.

[Dan668]

On 7/11/2023 at 2:05 PM, AKRISONER said:

i worked with my broker to make sure that my electronics set up was the primary part of the value of my boat. Because of its age the blue book value of a 16 year old is essentially nothing. But the screens, panoptix and trolling motor would all cost a very pretty penny to replace no matter what.

Makes sense. I have agreed value replacement on my boat. It's 11 years old now. And it looks like another $ value is assigned for the electric motor. Guessing this is a rider.

I think I will just reach out to a few other brokers for more information. I just would hate to insure something and find out it's not applicable.

 

[Dan668]

On 7/11/2023 at 9:30 AM, Terry said:

I use to insure my equipment separately from my boat and home insurance , I had lots of photos to prove what I had and we had an agreed value policy 

often boat insurance and home insurance has limitations on payout for fishing equipment and fishing electronics 

Interesting, will have to see if I can find something similar.

 

Thanks

[AKRISONER]

12 hours ago, Dan668 said:

Interesting, will have to see if I can find something similar.

 

Thanks

give my buddy Mike Yestel at a call at Big Insurance Orangeville. Tell him Scott sent you, he will dig into it for you for sure. He got things structured just how I liked it with my boat.

 

https://www.thebig.ca/mike-yestal

[Cosmos]

On 7/11/2023 at 2:05 PM, AKRISONER said:

i worked with my broker to make sure that my electronics set up was the primary part of the value of my boat. Because of its age the blue book value of a 16 year old is essentially nothing. But the screens, panoptix and trolling motor would all cost a very pretty penny to replace no matter what.

I added all electronics separately to my boat policy. Had no issues to do that. 

[porkpie]

All of my tackle is insured under my home insurance. I have up to 40K for "sporting equipment" and I clarified specifics as to what could be claimed in the event of mishap as I collect certain things that may be worth more than a shimano sienna.   We also have a separate policy for our items up north.   As for my boat policy, it's a separate rider on my insurance and has all specifics laid out for trolling motor, electronics, kicker etc.  Any company should be able to do this for you relatively easily unless the agent is a dolt!

[captpierre]

Will have to look into equipment on the boat. Likely a deductible involved. 
Liability is my biggest concern. 
My broker recommended to insure the current value of the boat instead of replacement value. I keep the boat at the cottage in the boathouse. Unlikely to be stolen.  Rates were going up like crazy because of the cost of new boats. 
I pay around $500/yr for 2007 Tyee 1750 with 115 Yammy. 

[KraTToR]

purchased insurance for my new Ranger back in may and anything bolted to the boat is part of the boat. Personal items are typically covered up to $5k and then your home insurance picks up from there. 

Have a frank discussion with your insurance provider as its easy to rack up north of $5k in contents.

Also, my recommendation is to go with a company that specializes in watercraft insurance as they understand the nuances better than an "auto policy" provider.  They also offer depreciation and inflation protection in the event of a total loss.

Edited July 15, 2023 by KraTToR