Boat insurance

[josko]

What do folks carry for boat insurance? In particular, how high to go with liability protection? Are there some deals in Mass. particularly worth looking into? Any companies to avoid?

[RayG]

Hi Josko,

Having just bought my first boat (I will be taking delivery next Saturday), I have some numbers. I will be trailering, so I went with the "more is better" attitude. There are also a few other factors.

I went with:
300K on the liability side - cost $59
physical damage premium - cost $229
trailer insurance - cost $27
age of boat discount - ($34);

Plus a few other lesser options. Total for the premium is just over $300/year. For peace of mind, it is relatively cheap.

Oh, the boat is a new 1690 Maritime Skiff, 50HP Johnson and a Calkins trailer. Next saturday will not come quick enough!!!

Ray G

[Adam-Albino]

Josko,
Did the same as Ray. Got a bit cheaper rate through BoatUS - but its about the same.
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[jeffg]

Josko,
if you take people out on your boat often, you may want to look at higher personal liability limits, like $500,000+...sadly, there is no limit on the amount you could get sued for. Also, a possibly cheaper alternative is to go with what Adam and Ray said and get an umbrella policy for personal liability--for not that much you can get an extra million in coverage for home, boat etc.
Just something to consider.
Godd luck,

jeff g.

[grego]

My 1996 19' Sea Pro runs around ~300. I think I have 250K liability, but I'd have to double check. Got a discount thru Worchester insurance by doing multi-policy (boat + two vehicles). I changed from MET because the cost was higher, no multi-policy discount & I was unhappy with the service I was getting.
GregO

[FlyByNite]

Hi Josko- Most of the guys gave you good advice. I'm a broker in NY and have a small boat that I use on the south shore of LI. You should go for the higher liability limits and getting an umbrella policy is always a great idea. Some companies, like the one I use for myself (Commercial Union, now CGU) attach the policy right onto your homeowners and/or auto, for a discount. I would recommend that you deal locally, even if the national programs are a few dollars cheaper. If there were to be a claim, especially mid-season, you woud want to have local claims help. A good local broker can make things happen faster. Also, if your policy has a "navagation period", watch the dates when you are not supposed to be in the water. You can extend the period for a few dollars.

Good luck and enjoy your new boat. I hope you never have to call your broker until you get your next bigger boat.
Michael G