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Boat Insurance

Discussion in 'Boats and Motors' started by OSU_Fisherman, Jan 10, 2008.

  1. OSU_Fisherman

    OSU_Fisherman Bassin' Buckeye

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    I'm just about getting to the point where I am wanting to get into something bigger than a jon-boat. Probably nothing fancy, but I see that there are plenty of good looking bass boats out there in the $3000 range. I doubt I'd get a motor much larger than 50hp for that kind of money.

    My question is, what should I expect to pay for insurance for a boat between $3000 and $4000? Figured I'd see what you guys think before I head to the Ohio Boat and RV Show this weekend.
     
  2. Should be under $200.
     

  3. OSU_Fisherman

    OSU_Fisherman Bassin' Buckeye

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    Is that per year? half? quarter?
     
  4. KaGee

    KaGee Monkeywrench Staff Member

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    Per year. Mine is around $150. Boat insured for $5k, Trailer for $1500 plus liability.
     
  5. worminator

    worminator I'll be bach

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    before you go with a policy call around and see what it would cost to repair and or replace the motor. This past summer I had to replace a lower unit on a 48 horse evinrude. I bought the boat for $2500.00 so i figured I would insure it for $2500.00. BIG MISTAKE........... the lower unit repair was $1800.00 if they could find one and to replace it with a new one was closer to $3000.00. I was on an island in Canada so I was kinda behind the eight ball if you know what I mean. I ended up buying an older 50 horse and lost my arse when I turned it in to my insurance company. I should have insured the boat for say 2500 and then the motor for an additional 3000. I'm not sure if all companies are like this but you know how they work with depreciation and all. I guess what I'm saying is, don't insure it for what you paid for it. Even older motors are expensive to replace and rebuild. Also, the figure of $150.00 a year sounds real close for a boat in the $3000.00 range.
     
  6. The cost should be less than $100.00 per year. Check with your auto ins.
     
  7. Hetfieldinn

    Hetfieldinn Staff Member

    I have mine with the same company that has my home and auto insurance. Boat is valued at $34K, and the insurance costs $230 a year.
     
  8. triton175

    triton175 STX 206 Viper

    Like Het said, try the company that you have your car insurance with. That's what I do and my 12K boat premium is $130/year. Also, be sure that your insurance co. knows the value of the contents of your boat, electronics, rods,reels, tackle, etc. in case the whole thing gets stolen or burned up.

    Brian
     
  9. Coot

    Coot It's all about the doin'

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    $10,000 boat = $100/yr
     
  10. Hetfieldinn

    Hetfieldinn Staff Member

    Good point. Most insurance policies will not cover contents of the boat-rods, reels, tackle, ect. But the insurance company will allow you to add a contents rider to the policy to cover such items. The added cost is next to nothing compared to the money that most people have wrapped up in the items.
     
  11. Were at 210 year with full coverage, and a nice liabity amount and includes llike 500$ towing in or out of water also includes emergency mechanical repairs, we use state farm.
     
  12. K gonefishin

    K gonefishin Eye Slayer

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    Het I have an additional 12K on my boat for all tackle, I think if everything where to get ripped that was on the boat I could buy everything over again. This added $240 per year to my policy, IMO well worth it. I'm paying so much anyways I could care less about that extra coverage. I hate insurance premiums.