Insurance on boats

[john3357]

Is it wise to have a separate insurance policy on a sailboat? Any thoughts?

[ChockFullOnuts22]

It's always good to have insurance, if you can afford the coverage you want. If you're talking about the unexpected happening and causing damage to the boat, it's nice to have insurance to fall back on for the cost of repairs. Some insurance carriers will even cover your sails if they are damaged under use. My grandfather has an O'day 28', and he had a sudden wind shear tear his genoa on him while he was sailing out on the Long Island sound. His insurance ended up paying for the cost of repairing the sail, which ended up being practically the same amount as buying a whole new sail.

Otherwise, you never know when things can happen--even in the marina. I had a large hickory tree fall on a neighboring dock in my marina a couple seasons ago...I was happy that it didn't fall on my boat!!

[rwmiller56]

I think it is wise to have a policy. Also, if the boat is slipped at a marina, most marinas require a policy, usually with a minimum liability of $300K.

[anthony]

I think your insurance company will ask you for a marine survey before they will insure it.
At least mine did. But losing my outboard this summer, my insurer has sprung for a new motor for me, so that has more than covered the cost of the policy

[c130king]

I have had both Progressive Insurance and now BoatUS insurance. Never needed any sort of survey.

I get more insurance for the same cost from BoatUS. I think I pay about $340 per year for Florida and that is pretty good coverage...don't have the policy handy.

Jim

[bubba]

In Seattle to use there marinas, boatlaunch's and docks you need $300,000 in liability insurance. I think it cost us $279.00 a year thru my homeowner's insurance agnt State Farm.

[mike uk]

Only $300k?

What if you're steering fails and you turn 90 degrees just as you are being overtaken by a $5 million Sunseeker?

OK, so he chops you in half and as you re-surface (wearing your PFD) his lawyer is on deck shouting down to you that it was your fault and you have bent his bow thrusters and it will cost you $1million.

I think you need proper insurance.

Sorry to be pessimistic (no I'm not an insurance salesman)

Mike

[c130king]

So how much liability insurance do you have?

[SkiDeep2001]

And just how much do they (insurance company) raise your rates when you file a claim, even when it's not your fault And yes I have insurance. Just saying, you know? They love to deny claims and raise rates as it negatively affects their bottom line. Was the owner of that $5 million dollar Sunseeker an insurance exec Rob

[DaveB]

It's all up to you ! I have had insurance on my boat $388 thru prudential with tow charges. If you need a tow than it could cost you $500 or more. You could only get tow covarage for a lot less but if you happen to side swipe a $500000 boat it could cost you thousands or if you so happen to ground the boat on a hard reef and hole it.
It's what you can afford!
Personally ..one is a more prudent sailer if the loss has to go deep in the pocket.
Dave

Is it wise to have a separate insurance policy on a sailboat? Any thoughts?

[TexasDan40]

I bought insurance for my new to me .
Policy with unlimited towing cost me about $300/year...that was with a 9.8 HP Tohatsu
I just installed a brand new 2010 50HP Tohatsu ($5100) and 2 new batteries...
I'm glad I saw this discussion thread, as I'll have to update my boat value with Boat US.

Anyway, what I recall is how much, much more expensive the boat insurance was if you keep the boat in a slip...wow.
Rigged on a trailer storage in Kemah, Tx cost $100/month...includes 24 hour gated access, water, electricity, showers.....
Just plain old traler storage cost about $40/month.
A 30' boat slip cost $300/month...plus much more insurance.

Your car insurance covers your boat to some degree while trailering...but not while parked or in the water.
I just sold a fishing boat for $5000...never insured it.
My is worth much more than that...so I insured.

Hope this helped.
Te

[Shane]

Just renewed our policy; $2mill. with very comprehensive coverage. Premium this year are $550.

The jist of our marina (Point Roberts, WA) requires $1m. as follows:

1. Combined bodily injury and property damage liability coverage (for example, Protection & Indemnity), with liability limits no less thean $1,000,000 per occurrence, with no less than a $1,000,000 policy aggregate, and no single event or aggregate deductible exceeding $2,500;
2. Pollution Liability coverage at no less than $1,000,000 per occurrence, or as included in above, and no single event or aggregate deductible greater than $2,500;
3. Hull & Machinery Insurance, including personal property coverage, in the amount of at least 50% of vessel replacement value;
4. Wreck removal coverage to be included in one or more of the above coverage's.

http://media.komonews.com/images/071005 ... _fire2.jpg

Oct. 2007 there was a boat fire in the marina that made PNW news. The boat wasn't worth the annual moorage, and iirc it took out 4 other boats plus dozens of claims resulting from hot embers on decks, sail, inflatable tenders, etc. I don't know what the final tally was, but I bet the boat bucks added up pretty quick.

Regards,
Shane

[Captain Kimo]

Have boat insurance as part of Homeowners Policy for coverage up to a 27 foot boat. Only claim was for 50 HP O/B damaged in low water at night at Lake Mead NV, before installing Hummingbird Fish Finder. USAA paid for repairs of lower drive train less deductable. Accepted single quote on repairs. Still running 1996 Johnson 50 HP 2 cycle today.

[mike uk]

The third party liability cover on my boat policy is up to £3 million ($4.6million).

I think this is fairly standard in the UK.

I guess if I caused damage to other people's property in excess of this figure and lived to tell the tale, then I'd probably be able to pay the difference by selling my story to the TV companies (followed by book and film rights etc).


Mike

[ChockFullOnuts22]

Yikes, guys...

I agree that one's insurance coverage should be appropriate for the area in which you're sailing, just for your own protection. If you insist on sailing next to yachts that are worth more than the sum of all of your personal assets, then it would be smart to have coverage enough to avoid being sued in the event of an accident.

If you stick to small lakes, where no one's boat is worth more than $50k, then I would think that you shouldn't need as much coverage as the sailor who routinely flirts with the big yachts. (But then again, I'm not a broker and have never been a victim in a situation)

Personally, I prefer to stay far away from other vessels, regardless of size...you can't be sure about who you're sharing the water with half the time...