Best Insurance Companies to cover boats - and do they cover catastrophic incidents like wrecking you 2024
tcbass reply :
As most of you have seen I am most likely buying a new used bass boat pending a test drive and inspection. It's an expensive boat to me. I want the best boat insurance for it. I was also wondering if boat insurance can cover catastrophic incidents like hitting a rock and destroying the lower unit or the outboard starter blowing up.
I'm in MN and not looking for small local companies in different states. I'm looking for a good large company such as Progressive, American Family, Geico, or a small local company in MN that does well.
1.) What are the best insurance companies for boats?
2.) Do any insurance companies cover catastrophic incidents like hitting a rock and wrecking your lower unit or having your outboard starter blow up for no reason?
A-Jay reply :
I'm in Michigan & using Progressive (Through USAA)
Policy documents note that the COLLISION COVERAGE will pay for sudden, direct and accidental loss to a covered watercraft resulting from collision. COMPREHENSIVE COVERAGE will pay for sudden, direct and accidental loss to a covered watercraft that is not caused by collision.
A loss not caused by collision includes:
1. impact with an animal (including a bird);
2. explosion or earthquake;
3. fire;
4. malicious mischief or vandalism;
5. missiles or falling objects;
6. riot or civil commotion;
7. theft or larceny;
8. windstorm, hail, water, or flood; or
9. breakage of glass not caused by collision.
Check with whatever company you select & the State's insurance law's you insure in, to ensure you're getting the coverage you're looking for.
A-Jay
tcbass reply :
On 7/30/2016 at 12:57 AM, A-Jay said:I'm in Michigan & using Progressive
Policy documents note that the COLLISION COVERAGE will pay for sudden, direct and accidental loss to a covered watercraft resulting from collision. COMPREHENSIVE COVERAGE will pay for sudden, direct and accidental loss to a covered watercraft that is not caused by collision.
A loss not caused by collision includes:
1. impact with an animal (including a bird);
2. explosion or earthquake;
3. fire;
4. malicious mischief or vandalism;
5. missiles or falling objects;
6. riot or civil commotion;
7. theft or larceny;
8. windstorm, hail, water, or flood; or
9. breakage of glass not caused by collision.Check with whatever company you select & the State's insurance law's you insure in, to ensure you're getting the coverage you're looking for.
A-Jay
That covers collision on the water, not collision when trailering?
A-Jay reply :
On 7/30/2016 at 1:02 AM, tcbass said:That covers collision on the water, not collision when trailering?
My particular policy & options include trailering & tow vehicle coverage. These may or may not be available in your area.
Most all the Major players who insure watercraft have websites that provide complete coverage information.
The challenge is comprehending that "Insurance Lingo"
Good Luck
A-Jay
Robeng reply :
Im in Michigan too. I use allstate for my old boat n trailer n towing. For on water help i use BOAT US. However they do boat insurance and have stated recently they lowered pricing.
Bass Turd reply :
Question on this topic. I have an older boat from the early '80s. Tri hull fiberglass with a 50 HP Mercury. POS I paid $2000 for it ten years ago. I have about $1000 worth of electronics on it. Do I need to insure this boat? I've always thought it just wasn't worth enough to insure but now I'm curious about what you guys think.
tcbass reply :
On 7/30/2016 at 1:31 AM, Robeng said:Im in Michigan too. I use allstate for my old boat n trailer n towing. For on water help i use BOAT US. However they do boat insurance and have stated recently they lowered pricing.
Who lowered their prices, Boat US or Allstate?
Robeng reply :
Boat us
S. Sass reply :
On 7/30/2016 at 2:00 AM, Bass Turd said:Question on this topic. I have an older boat from the early '80s. Tri hull fiberglass with a 50 HP Mercury. POS I paid $2000 for it ten years ago. I have about $1000 worth of electronics on it. Do I need to insure this boat? I've always thought it just wasn't worth enough to insure but now I'm curious about what you guys think.
I use Progressive as well. My policy covers a load of stuff including $1000.00 of fishing tackle, medical payments, uninsured boaters and more for a lousy $200.00 a year. If my boat was free I would buy the insurance at this rate. One rod n reel cost more than that. A lower unit ? etc one little accident and you will regret not having it.
Avalonjohn44 reply :
On 7/30/2016 at 2:00 AM, Bass Turd said:Question on this topic. I have an older boat from the early '80s. Tri hull fiberglass with a 50 HP Mercury. POS I paid $2000 for it ten years ago. I have about $1000 worth of electronics on it. Do I need to insure this boat? I've always thought it just wasn't worth enough to insure but now I'm curious about what you guys think.
The boat itself might not be worth having insurance on, but I think the value for you would be coverage in case you accidentally hit somebody and damage their boat or hurt them... Certainly this is a remote possibility, but with how litigious society has become, I would find peace of mind in paying ~$200 to avoid medical costs and buying somebody a new boat if you have an accident.
S. Sass reply :
On 7/30/2016 at 4:08 AM, Avalonjohn44 said:
The boat itself might not be worth having insurance on, but I think the value for you would be coverage in case you accidentally hit somebody and damage their boat or hurt them... Certainly this is a remote possibility, but with how litigious society has become, I would find peace of mind in paying ~$200 to avoid medical costs and buying somebody a new boat if you have an accident.
Exactly if the throttle sticks or some other crazy accident happened and I hit someones nice new boat or hurt someone God forbid at least I have coverage. They can still try and sue me but just about any judge is going to limit damages to the insurance unless some intent is involved.
Bass Turd reply :
On 7/30/2016 at 4:08 AM, Avalonjohn44 said:
The boat itself might not be worth having insurance on, but I think the value for you would be coverage in case you accidentally hit somebody and damage their boat or hurt them... Certainly this is a remote possibility, but with how litigious society has become, I would find peace of mind in paying ~$200 to avoid medical costs and buying somebody a new boat if you have an accident.
Yes.. thank you. Good points I hadn't considered. I'll be looking into insurance next week. Thanks everyone.
tcbass reply :
On 7/30/2016 at 2:54 AM, Robeng said:Boat us
Do do they cover on the water and trailering?
Or do you need regular insurance for trailering?
Avalonjohn44 reply :
On 7/30/2016 at 5:12 AM, tcbass said:
Do do they cover on the water and trailering?
Or do you need regular insurance for trailering?
There are so many options available from various companies that the best way of knowing is to call them or go to progressive's website and build a quote
iabass8 reply :
On 7/30/2016 at 5:12 AM, tcbass said:
Do do they cover on the water and trailering?
Or do you need regular insurance for trailering?
You need to talk to an insurance agent and ask them your specifics. Theres so many policies that can fit you needs that very few are identical.
Redlinerobert reply :
This is the only company I've used for the last 17 years and have been very happy with their service.
http://www.1800bassboat.com/
tcbass reply :
On 7/30/2016 at 5:50 AM, Redlinerobert said:This is the only company I've used for the last 17 years and have been very happy with their service.
http://www.1800bassboat.com/
Cool. Have you ever had to make a claim?
Chris186 reply :
I have Geico for my boat, they cover a lot including loss of equipment and such. That's on the water, trailering my car insurance covers. It doesn't matter what I'm pulling, if it's hooked up to my car it's covered. I have Amica for car insurance.
Ski213 reply :
I have progressive. I like the coverage on paper. Fortunately I can't speak to how they handle claims.
This is outside your question but make sure you ask a lot of questions when you're shopping. There are many options. What if kind of things. What if this happens? kind of questions. Make sure the trailer is covered as well.
A good agent is probably going to be at least as important as the actual insurance. That's obviously going to be a local thing.
DelcoSol reply :
I have Progressive. Coverage has been great. Took care of my old boat when it was totaled with no issues. Now they have the propulsion plus rider that cover your lower unit not only from accident but also if it dies due to wear. Get an agreed hull value policy.
gimruis reply :
I tore the lower unit off my family's boat in 2009 when I hit a boulder going about 25 mph. It literally sheered off the entire lower unit made of cast iron and tore some of the housing out of the upper outboard too. We had boat insurance on that craft that replaced the entire outboard for a brand new one and all I paid was the $500 deductible. The nice thing about boat insurance policies is that they don't depreciate like auto policies do - as long as you have the boat when you initially insured it, the policy is still the same. So ya we basically got a brand new outboard worth $8 grand for 500 bucks.
I have my own boat now that I bought new last year and full replacement insurance on it is about $245 a year. The boat itself, trailer, and everything attached has a declared value of $25k, so 245 bucks a year is dirt cheap. You'd have to be an idiot not to have boat insurance for that kind of pricing. In Minnesota boat insurance actually isn't required but if you had a boat worth any kind of decent money it would be wise to have it. I currently use Progressive Boat Insurance. My policy doesn't cover tackle or gear - it covers items that are physically attached to the boat. Items like tackle or gear are covered under my home owners insurance policy.
Redlinerobert reply :
On 7/30/2016 at 6:31 AM, tcbass said:
Cool. Have you ever had to make a claim?
Yes, one for each boat. Damaged hull from scraping a rock on boat #1 and a stolen trolling motor from boat #2. Both claims handled quickly and professionally.
Wildbillb reply :
World wide marine out of grand ledge Michigan. Bob is a great guy and an actual fisherman. So he understands.
tcbass reply :
On 7/30/2016 at 8:29 AM, DelcoSol said:I have Progressive. Coverage has been great. Took care of my old boat when it was totaled with no issues. Now they have the propulsion plus rider that cover your lower unit not only from accident but also if it dies due to wear. Get an agreed hull value policy.
See any options like starter wearing out or transom rotting?
DubyaDee reply :
Wear and tear will not be covered. The rule of thumb for coverage is typically, 'sudden and accidental'. Don't skimp on bodily injury liability. There is no reason to have less than $500,000. That covers pain and suffering for the other party. You don't want your current and future assets to be at risk and in the hands of the legal system.
Bluebasser86 reply :
I have Progressive and have had on all my boats. I've used it once when a bearing froze and wrecked my axle 80 miles from home. They sent a flatbed trailer, loaded the boat and the trailer onto the flatbed, hauled it all the way and dropped it off in the driveway, didn't cost me a dime.
I can't remember the exact amount but I have crazy high coverage of my boat, property damage, liability, and injury, as well as 10k coverage of anything not attached to the boat (a lot of policies don't consider your TM "attached" since it can be easily removed and rods/reels/tackle aren't covered by a lot of policies), and it's all a very affordable $32 a month.
Ohio Archer reply :
I have Boat US on both my boats. With my new one I got a rider added for accidental damage to the lower unit. Added a few dollars (don't remember the amount) to the yearly premium. With the cost of lower units it was an easy decision.
BTW, Boat US in underwritten by GEICO Marine.
tcbass reply :
On 7/30/2016 at 11:39 AM, DubyaDee said:Wear and tear will not be covered. The rule of thumb for coverage is typically, 'sudden and accidental'. Don't skimp on bodily injury liability. There is no reason to have less than $500,000. That covers pain and suffering for the other party. You don't want your current and future assets to be at risk and in the hands of the legal system.
Progessive has an option called "Propulsion Plus" which covers the outboard's lower unit, even from wear and tear.
Does any insurance cover wear and tear on the outboard motor itself, like the starter?
DelcoSol reply :
On 8/3/2016 at 4:32 PM, tcbass said:
Progessive has an option called "Propulsion Plus" which covers the outboard's lower unit, even from wear and tear.
Does any insurance cover wear and tear on the outboard motor itself, like the starter?
I highly doubt it. That would be a warranty item at best. My advise to you if you do not have any motor warranty is to plan on putting aside or having access to $2500-5k. These motors are extremely expensive to repair and will break. A buddy of mine just had to shell out 3k for a compressor repair and another had an injector go killing his powerhead for 7k.
mc6524 reply :
Progressive does have propulsion plus coverage that does act like a warranty. I have the insurance option
S. Sass reply :
On 8/4/2016 at 6:36 AM, mc6524 said:Progressive does have propulsion plus coverage that does act like a warranty. I have the insurance option
I believe I do as well the lady explicitly told me if I rip it off on a stump or it just fails from use its covered. It was one of the better reasons I saw to get it.
tcbass reply :
On 8/4/2016 at 8:43 AM, S. Sass said:I believe I do as well the lady explicitly told me if I rip it off on a stump or it just fails from use its covered. It was one of the better reasons I saw to get it.
Thx guys. With your advice I went with Progressive and got the Propulsion Plus lower unit coverage.
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