Boat insurance.

[fender66]

the damage t my trailer was cover also i had to pay my 500 deductible
they driver was not hurt ut took the Summer off from work..
she came after me and my insurance paid her 25k. the following summer she came at me again looking for more money
i told my lawyer that they didn't print enough money to take away my guilt they made another offer she rejected it
her friends said she had a million dollar case that was not the facts.. she wound up with nothing after she said no to the last offer

People like that should.....well, I don't have anything nice to say so I better not say anything at all. :evil:

 

[bad1]

Do you have it?
***Yes I have my 22 Foot pontoon and also my 1032 Jon boat covered.

Why?
***I got my Jon boat at a great price, as well as the motor. Total cost for Boat (2007 Alumnacraft), Trailer, 2001 3.3HP Mercury motor, 30lb trolling Motor, LARGE Deep Cycle Batteryfor about $400 after taxes. So If I sink my boat, crash the trailer, and lose the motor, I am not out much money...BUT....If I accidently run into a $100k boat, or any boat per say, and NO insurance..well I will be eating bread at the homeles shelter. I fish near the Marina in the early mornings or late night, thus my xposure to big and xpensive boats is heightened. Also my trailer is covered, and if my car breaks, both are towed, as well as on the water towing.

In Texas, you are liable for damage PERIOD!!! Additionally boats and outboard motors in Texas have to be titled, so if I do crash and damage any other property, and do not have titled boat and motor, then my boat and all coverage will NOT be covered. So if you buy any boat and outboard combo, and there is no title, you are putting yourself and the titled owner of that rig at risk, the titled owner has the primary responsibility (thus when I sell a boat, outboard or even car, I go with the buyer and change title registrations Immediatly)

Why not?
***see above

Who do you have it with?
***Progressive

Cost per year for what type coverage?
***$105.00 per year (Coverage for $1500) - Jon Boat (I don't have to carry additional insurance on my fishing and tackle gear, portable fishfinder, since they are covered on my 2009 pontoon, plus I get multi vehicle discounts since my Motorcycle and scooter Insurance is also with Progressive)
***$275 per year - 2009 Avalon Pontoon

 

[perchin]

If I'm not mistaken, anytime the trailer is connected to your truck, it is covered under the vehicle policy.

That's correct.

Myth: BUSTED!

That's entirely not true. Maybe for your insurance company but many do not cover it. If that was the case, the motor that was stolen off my boat would have been covered.

Either or, I'd call and ask your insurance company about it. Chances are good the boat/trailer/motor needs its own policy.

What would I know.... Although my Insurance license did expire last year. I can say in the great state of Michigan, we have a no fault policy, and this holds true.....

 

[russ010]

I think that when you hook up a trailer to your vehicle it is covered under the vehicle insurance. When I drove trucks we never had to check each trailer we hooked to for insurance because it fell under the tractor's insurance. The trailer would be registered and licensed but not insured.

trailers are covered - it's considered mobile equipment. As long as it's attached it's covered (even if it comes unattached as in redbugs case (which sucks that happened))... Trailers on trucks are covered in the even they cause damage. Auto insurance is in parts - Bodily Injury (for the other person, not you), Property Damage (your trailer hits someone's mailbox)... then there's Comprehensive and Collision. This is where you can get get your boat trailer repaired so long as you pay the deductible. If you carry Liability only (no comp/coll) you are S.O.L on any repairs.

If you boat is parked at your house, a lot of times your Homeowners Insurance covers it.

But like said before, every insurance company is different, and there are 100 different ways to interpret an insurance policy. The best boat insurance you can get generally comes from an insurer like BoatUS, Boat Insurance Agency or the company Redbug uses (sorry, forgot the name).
You can try the State Farms, Geico's and all the other insurers (I use USAA)... but that is not their bread and butter and generally they put "newbies" in those departments to get their feet wet.

 

[wasilvers]

I called my agent and he looked into it for me. He said that as long as my boat had motor of <50hp, it was covered under my homeowners policy with the same limitations.

But now I put a 50hp on her :x

I don't have insurance yet - mainly because I'm cheap. Next year I will be getting it. I was quoted about $200 annually for pretty decent coverage of the boat and contents (replacement value).

 

[russ010]

i may be mistaken... but I think homeowners only covers it while it is parked at your house. If it's attached to your vehicle, it may or may not be covered by you auto comprehensive. While it's on the water - it's just about got to be covered by its' own marine policy. Even if your boat is covered for marine insurance under your homeowners policy, you still may want specialized coverages that you just can't get with a standard homeowners policy.

 

[Quackrstackr]

Myth: BUSTED!

That's entirely not true. Maybe for your insurance company but many do not cover it. If that was the case, the motor that was stolen off my boat would have been covered.

Either or, I'd call and ask your insurance company about it. Chances are good the boat/trailer/motor needs its own policy.

Speaking of theft, have you checked your auto insurance policy for theft? If not, you probably should.

I've twice had my truck broken into with contents stolen out of it. The auto policy covered the broken back glass but didn't pay a dime for the contents. Luckily, my homeowners picked it up.

 

[clarkbre]

What would I know.... Although my Insurance license did expire last year. I can say in the great state of Michigan, we have a no fault policy, and this holds true.....

I’m not saying you don’t know anything. I’m saying just because a trailer is hooked to your vehicle, doesn’t make it insured. What exactly is covered if the trailer is attached to the vehicle? Again, I ask you, if a trailer/boat/motor is hooked up to a tow vehicle, and the motor is stolen, why doesn’t the vehicles full coverage insurance cover it? What part of the vehicle’s coverage covers the trailer/boat? Also, how are travel trailers covered? Some of the 5th wheels you see towed behind a diesel pick up are worth more than the tow vehicle itself. So, you pay to insure your tow vehicle and your 5th wheel (that is worth more than your truck) is covered at no extra cost?

Also, homeowners insurance doesn’t automatically cover vehicles parked on the property. I would advise to seriously look at what is excluded from your homeowners and vehicle policies. Boats, RV’s, and other licensed vehicles often times need their own policy against theft, natural disaster damage, and vandalism.

 

[russ010]

What exactly is covered if the trailer is attached to the vehicle? Again, I ask you, if a trailer/boat/motor is hooked up to a tow vehicle, and the motor is stolen, why doesn’t the vehicles full coverage insurance cover it?

It's not covered because it can be removed - it's not permanently installed

What part of the vehicle’s coverage covers the trailer/boat? Also, how are travel trailers covered? Some of the 5th wheels you see towed behind a diesel pick up are worth more than the tow vehicle itself. So, you pay to insure your tow vehicle and your 5th wheel (that is worth more than your truck) is covered at no extra cost?

The coverage that covers is Comp/collision - IF it's in your policy. Liability only covers you trailer if it were to cause some type of accident while attached (or unattached in redbugs case). Liability covers the other person - not you or your own personal effects. Before you tow, it's generally a good idea to call the company and tell them what you are doing... they may want to charge you a little extra for the amount of time you will be on the road with it. You'd be surprised how cheap it actually is, especially if you have a good driving record.

Also, homeowners insurance doesn’t automatically cover vehicles parked on the property. I would advise to seriously look at what is excluded from your homeowners and vehicle policies. Boats, RV’s, and other licensed vehicles often times need their own policy against theft, natural disaster damage, and vandalism.

Like I said, every policy is different. But most policies that I have seen cover these - unless you get something like Safe Auto or The General... those are the policies that don't cover anything. You get what you pay for.

 

[perchin]

What would I know.... Although my Insurance license did expire last year. I can say in the great state of Michigan, we have a no fault policy, and this holds true.....

I’m not saying you don’t know anything. I’m saying just because a trailer is hooked to your vehicle, doesn’t make it insured. What exactly is covered if the trailer is attached to the vehicle? Again, I ask you, if a trailer/boat/motor is hooked up to a tow vehicle, and the motor is stolen, why doesn’t the vehicles full coverage insurance cover it? What part of the vehicle’s coverage covers the trailer/boat? Also, how are travel trailers covered? Some of the 5th wheels you see towed behind a diesel pick up are worth more than the tow vehicle itself. So, you pay to insure your tow vehicle and your 5th wheel (that is worth more than your truck) is covered at no extra cost?

Also, homeowners insurance doesn’t automatically cover vehicles parked on the property. I would advise to seriously look at what is excluded from your homeowners and vehicle policies. Boats, RV’s, and other licensed vehicles often times need their own policy against theft, natural disaster damage, and vandalism.

Sometimes I go back and read how I wrote something and #-o .... It really wasn't my intent to be a jerk there.... but was me typing my thought process in order. Like I was thinking...... well, what would I still know, I have not sold it for some time now, Although My license did only expire last year, and so on. :lol:

Anyways what russ said for the most part sums it up. And all of the homeowner policies I have ever seen or sold also covered the before mentioned.

I'm also not saying that you should not need boat insurance, as I believe you should still have it to cover all possible cases of theft, injury, and damage. :wink:

By the way guys not to be a downer but, Russ is probably the only one whom is legal to give out insurance advice. And I know he has a hefty bank of knowledge in this field... as I think he once stated he is an underwriter.... I don't envy your need for constant update training there sir :lol:

 

[clarkbre]

Ok, lets agree to somewhat agree. I’m not doubting you guys at all, you’ve had the training so your points are extremely valid. I just want to make sure people on this forum don’t get the wrong impression that if it’s hooked to their tow vehicle, it’s covered no matter what.

It does make sense that the liability would be carried from your tow vehicle to anything attached to it. And it does make sense that an “act of God” damaging your boat on your house property would result in a claim settlement.

However, it’s advisable to go above and beyond. You can get a designated policy for your boat/motor/trailer package that covers theft, vandalism, at fault accident on the road/water, etc. This insurance is good specifically for boat repairing or replacing your set up.

On a side note, I carry a policy for my camera equipment. Sure my homeowner’s insurance covers it if the camera gets stolen or damaged by an act of God at the house. However, I have a policy that specifically covers damage in the field. So, if I drop it in water, damage it boating, or it gets stolen on vacation, it is replaced at an agreed value.

 

[russ010]

However, it’s advisable to go above and beyond.

That pretty much sums it up right there.

And don't read too deep into what I write - I never try to come across as a know it all or *******, but if you read it like that I'm sorry.

And yes... I do insurance everyday, all damn day long... and it does get interesting sometimes. But I can be wrong too - I don't deal much with personal insurance. I underwrite accounts that generate atleast 700million in revenues yearly (papa johns, lowe's, home depot).. would I blow your mind if I told you that Dollar General generates more in sales than those 3 put together?

 

[KMixson]

I underwrite accounts that generate atleast 700million in revenues yearly (papa johns, lowe's, home depot).. would I blow your mind if I told you that Dollar General generates more in sales than those 3 put together?

I think it is Dollar Generals policy to build a store in every town that has a population greater than 100. You may be 75 miles or more from a Lowes, Home Depot, or Papa Johns, but there is a Dollar General right around the corner. I have 5 stores within 4 miles of my home.

 

[russ010]

but there is a Dollar General right around the corner. I have 5 stores within 4 miles of my home.

that's all?? I'm going to have to call them and tell them to build more.

Their business plan is unreal... but dang if it don't work... I'll just say - over 5 billion in sales annually