www.iFourWinns.com

I just bought my first boat, a 1997 16'6" Horizon QX fish-n-ski. My question is what insurance do I need on a recreational boat? I tow the boat from my garage to the lake. I own the boat outright. What insurance company(ies) does everyone recommend? I have no idea.

Thanks,

Mike

Check with your state first, there may be required dollar levels. You're MOST important form of insurance is liability. Accidents that cause damage or injury to others (including guests on your own boat) can get VERY expensive. We use Zurich Marine. We also have an umbrella plan added to our homeowner's policy. The first should cover most issues, the latter extends to cover everything beyond that.

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-Bill Kearney, 2005 348 Vista

+1. I bought property coverage for the boat and its contents/equipment from my American Family agent, who does my home and auto as well. Then, I bought a $1M umbrella policy to cover me in case I accidentally cause harm to someone else, or someone gets hurt while on my boat.

I would seriously consider buying a LARGE amount of coverage under the umbrella policy. The premiums are not very high, and if you just go with the bare minimum required by the state then someone who has a claim against you could pursue your home, vehicles, or the boat itself if the policy limits are not enough.

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Paul
2007 Four Winns Horizon 220
Mercruiser 350 Mag MPI w/ Bravo III Drive
2004 Ford Explorer Limited (V8-AWD)
Pomme de Terre Lake (Southwest Missouri)

I agree with the above posts,make sure to get at least liability insurance. I'm with State Farm and pay around only $293 per year for the following on my 2000 248 Vista;

Boat, Equipment, Motors ---$35,000
Boat Trailer -----------------$4,000

Deductibles for above $ 500 for the boat and $100 for personal property.

Watercraft Liability $500,000. If nothing else get the Liability insurance

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Fred 248Vista
So much water so little time!

Just a thought.....
The only claim I and most that I know have had was nowhere near the water, but happened on the trailer. In case you think about dropping your insurance because it's winter time, and nothing bad could happen. My sail boat was totaled because a storm came up while trailered. Friends have had boats damaged while in storage facilities, as well as my bosses dock sinking from ice/snow accumulation.
Just because you aren't in the water....well, you know.

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Walt B
"Debt-Charged"
Black '07 H210SS
6.2L Bravo One turning a 21P HIFive
Wakeboard Tower with Perfect Pass Stargazer version
Missouri River; Kansas City, Mo.

+1 on the umbrella policy. I think everyone should have one of these, boater or not.

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Mike
2005 Four Winns 230/240
VP 5.7GXi/DP
1998 F-150 XLT
Boat Pic

We just told our Allstate agent we had bought a new boat and she applied the appropriate coverage required by the state and it covers everything. A side note on this is when a trailer is connected to a vehicle I believe the towed item regardless what it is becomes covered under the vehicle and driver that is towing. Not all states may be the same but thats how Maine and NH are. When we got our insurance i asked am i covered if: it sinks, i run it up on the rocks, i hit someone else, somone vandalizes it, a tree falls on it, it gets damaged or stolen when stored for the winter......she said yes to all so I consider that sufficient

_________________
Guns kill people like spoons make people fat.
2007 Horizon 190 Gxi
97 Pathfinder SE 4x4
73 International Scout II

You may want to actually read the policy, not all agents are accurate and their word ain't gonna help in the event of needing a claim. That and state 'requirements' are notoriously low.

Also, if you're insuring the boat itself look into what they're paying. Is it replacement? Agreed value? You'd be in for a rude surprise if you thought it was one and got the other.

And, really, really, REALLY look into an umbrella policy. If you have any sort of valuable assets or significant income you'd be hard-pressed to justify not having such a policy. S-hit happens, don't let misfortune turn into financial ruin.

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-Bill Kearney, 2005 348 Vista

+1,000^^^^^^^

If you have the disposable income to buy a boat, you have the money to spend a *little* extra to get the best insurance coverage possible. Finding out after the fact that you don't have the coverage you need is not pretty. I used to work in that industry and saw it happen frequently-especially in cases of property damage where the insured thought everything was covered solely because "their agent said it covered everything" or "they've always paid their premiums on time." The worse scenario is when a person gets hurt, it was your fault, they have $300K in medical bills and other damages, and your policy only had a $25K or $50K limit. Guess who they are going to look to for the difference?

The law does not care about either of those things when it comes to the actual language of the policy. If the insurance company can rely on the policy language to get out of paying, they will do it. Whether you like my opinion or not, it is grounded in my personal experience of working to help insurance companies avoid payment under their own policy. I'm just trying to help you before you get into a situation where you wish you had known better.

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Paul
2007 Four Winns Horizon 220
Mercruiser 350 Mag MPI w/ Bravo III Drive
2004 Ford Explorer Limited (V8-AWD)
Pomme de Terre Lake (Southwest Missouri)

Getting an insurance policy should be done the day before you sign for the boat. When you take it home, you are fully covered.

Not all insurance policies are created equal. The boating insurance that you get as an add-on to your homeowners many times is not good insurance. I used to have a great policy with Met-Life as an add-on to homeowners and they about 4 yrs ago went from an all peril boating policy to a named peril with many exclusions. They excluded any ice damage even if the boat was properly winterized. ( I asked about ice falling from the roof and landing on the boat. It would not be covered). They excluded any environmental damage. (If you accidently spill at the marina fuel pump, there was no coverage. If a fuel line breaks and fuel is accidently pumped out of your bilge, there was no coverage). And at the same time they raised rates by 25%.

I changed to a marine policy that actually covered all perils and it was cheaper than the original Met-Life charges.

Always have a million dollar excess liability coverage on boat, home, and cars. It is cheap insurance for peace of mind.

Boating should be an enjoyment in life and not a financial nightmare. Proper insurance is key to long term financial stability.

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07 Tiara Sovran 4300
07 338 Vista - SOLD

You guys are correct and my casual attitude really isnt and wasnt when I got the policy. We did go over values replacemnt repair liability payments etc at the time. My wife and I are buying a new house in a another year or two and at that time will be placing everything in a Trust, in doing so we will be purchasing insurance that is an umbrella policy that covers the trust and its benificiaries, my wife myself and the kids.....

Im going to pull that policy out agian this weekend and double check it you guys have me thinking agian....

Side note She has been my agent for 20 years and ave never had a problem in that time. So there is also a certain amount of trust we have.

_________________
Guns kill people like spoons make people fat.
2007 Horizon 190 Gxi
97 Pathfinder SE 4x4
73 International Scout II

I don't think anyone is calling your agent incompetent-just trying to make sure you've covered all the bases.

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Paul
2007 Four Winns Horizon 220
Mercruiser 350 Mag MPI w/ Bravo III Drive
2004 Ford Explorer Limited (V8-AWD)
Pomme de Terre Lake (Southwest Missouri)

Yep, it's always good to have an agent that you trust. But trust only goes so far when claims are required. You don't want to get caught out, for whatever reasons. Plenty of times people get lazy, assume things or just honestly make mistakes. But none of those help you when you're in a jam facing ineffective coverage (or worse, none). Good luck reviewing the policy, reading mine gave me a headache.

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-Bill Kearney, 2005 348 Vista

I used to spend all day reading them, and court cases interpreting them. Went through a LOT of Tylenol in those days.

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Paul
2007 Four Winns Horizon 220
Mercruiser 350 Mag MPI w/ Bravo III Drive
2004 Ford Explorer Limited (V8-AWD)
Pomme de Terre Lake (Southwest Missouri)

Are there any good companies to contact to get quotes?