Cost of Boater's insurance - Is $550 a year high???

Leoskeys · **Joined:** Sun Jan 27, 2013 8:30 am **Posts:** 16

Hello,

I bought at 2011 224 Funship that is brand new, docked at my home(not trailered), and probably will be used 50 hours a season(May-Oct). I was suprised when my Liberty Mutual insurance agent quoted me $550 for annual boat insurance. Does that seem high, what are others paying?

afw200 · **Posted:** Fri Jun 07, 2013 8:48 am

Seems a bit high, but not knowing where you boat, it could be normal for your area. Some more about Insurance below:

Insurance, what do you pay ?

EvilZ · **Posted:** Fri Jun 07, 2013 8:53 am

You could always go to http://www.boatus.com/insurance/ and get an online quote to see how it compares.

french829 · **Posted:** Fri Jun 07, 2013 9:21 am

Seems a bit high--but as stated, could be right depending on your location. I think it might be worth getting a couple of quotes. I have Progressive and pay around $350 a year.

ric · **Posted:** Fri Jun 07, 2013 11:02 am

Noooo not boatus. They only pay what they deem its worth. My neighbor had a 20k policy on his Velocity and it was totaled in an accident last year. He got 7k.

Go with an agreed value policy only. Not stated value or actual cash value.

Rick2752 · **Posted:** Fri Jun 07, 2013 11:44 am

I have a 2001 four winns vista insured the boat for 18k and the trailer for 2500. 1800 on contents. Boat is trailered, I also have liberty mutual and I think it was around 460. I didnt like boatus either because they wanted me to designate a certain boating area, inland lakes, erie, cumberland. I plan on hitting all of the above and dont want to call them everytime I go somewhere new.

webmister · **Joined:** Wed Apr 16, 2014 8:21 am **Posts:** 29

I would say it's about average considering that you are probably insuring it for about 40k. Also, you didn't mention limits and that can make some difference. By far the biggest factor for insurance premium is location.

rpengr · **Posted:** Wed Apr 16, 2014 2:44 pm

I pay $365/yr from Progressive. $17k agreed value. 50/100/300 limits. Includes Ocean to 75 miles off-shore.

LouC · **Posted:** Thu Apr 17, 2014 2:41 am

If you are in the northeast all the companies are raising rates because of Sandy. For the value of the boat it does not seem high.

298VISTA2000 · **Posted:** Thu Apr 17, 2014 9:23 pm

LouC wrote:

If you are in the northeast all the companies are raising rates because of Sandy.

Personally, I have not been affected by Sandy when it comes to my boat or home insurance but I originate home loans for a living and you would not believe the increases in homeowners' insurance premiums within the last two years. Instead of Atlantans opting for a $500 or $1,000 deductible, they are now having to go for a $2,500 or $5,000 deductible in order to get their premiums in-line. I just hope all those Sandy victims appreciate this socialized insurance system we have and the fact that we are having to foot part of the bill. States' rights look better all the time.

LouC · **Posted:** Thu Apr 17, 2014 11:08 pm

Interesting... Because of hurricane losses in Fla, The Carolinas, Gulf Coast etc many companies just red lined all of coastal Long Island years ago. We got dropped by State Farm about 5 years ago because we live 370 ft from the water but we are elevated 100 ft above sea level. So we had to go to a much more expensive company that only does coastal properties. This was years before Sandy, the last hurricane with major losses in LI was Gloria, in 1985, yes 29 years ago. We here in coastal NY been getting penalized because of losses in the south east for many years...it started in 1992 after Andrew debased Fla that's how they got the windstorm deductible.
Meanwhile there were no significant losses here from 1985 till 2012. It's all about the ins industry and how they manage risk, states rights has nothing to do with it....

www.iFourWinns.com

Cost of Boater's insurance - Is $550 a year high???

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