Boat Insurance for a $6k cash boat? (first time buyer) - Page 2 - SailNet Community
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post #11 of 20 Old 02-15-2007
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I've bought and registered boats in Illinois and Michigan.

Both states handled the registration and title through the Secretary of State(I think some states call this office the DMV), same as car registration.

For boat registration, the procedure was pretty much the same but much more expensive in Michigan. Illinois was only $28 for 3 years on a 22ft sailboat. The same boat in Michigan cost $115. One issue I ran into was that Illinois did not have titles for trailers and Michigan required one. The work-around was to call it a homemade trailer and get it weighed at a truck stop while the boat was in the water.

When you buy a boat, you should get paperwork with signatures from the seller that you'll take to the Secretary of State office. They'll assign you a number, give you a registration and submit the paperwork for the title which will be mailed to you in a few weeks. They have always kept the same number for boats I have bought. I think they keep it reserved for a year or so, even if it expired so don't pull the old numbers off the boat, like I did once, only to have to re-apply the same numbers.

I would guess the State of Washington handles things in a similar manner.

Those grand fresh-water seas of ours - Erie, and Ontario, and Huron, and Superior, and Michigan, - possess an ocean-like expansiveness...They contain round archipelagoes of romantic isles...they have heard the fleet thunderings of naval victories...they know what shipwrecks are, for out of sight of land, however inland, they have drowned full many a midnight ship with all its shrieking crew. --from Moby Dick
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post #12 of 20 Old 02-16-2007
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I would encourage you to insure the boat. When I got my first boat, a Pearson Triton, I only had liability insurance to meet the needs of my marina. My thinking was that if I caused any damage to my boat, it was within my means to fix it and if I damaged another boat, then the insurance would cover it. I had faith in my ability to do no harm, though, and the minor expense of liability insurance was preferable to full coverage.

Then a hurricane came along and I was faced with the prospect of removal of a boat at $300 a foot. Incredibly, and fortunately, my boat was the only one on my pier to make it. Since then, I have taken the prudent route and fully insured the boat.

I know you won't get any hurricanes up your way, but if you lose the boat for any reason, the salvage fees are not something you'll want to cough up in addition to losing your boat.


-Jason

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post #13 of 20 Old 03-05-2007 Thread Starter
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Thanks for all the very useful info folks! Just a quick update to where I'm at.

1) right now I'm going with our home/auto insurers (Allstate) they have offered to wave their 30 year limit but need a out of water marine survey. I was planning on getting that anyway so not a problem. cost is around 120/yr to add to our vehicle policy and covers 300k liability.

2) In Washington state is is exactly like a car, in fact you take the title (which looks like a car title) to the same place you take your car titles. The procedure, etc is all the same. The cycle for Wash is april, so since the registration was current when I bought the boat I wont get a registration sticker until april.

3) Insurance companies that don't do exclusively marine coverage are often slow and a bit clueless it seems.
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post #14 of 20 Old 04-02-2007 Thread Starter
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Another update:

#3 turned out to be more true than I knew at the time. After a whole month of strange delays and other crap my little local ma and pop allstate office finally called me and said they don't insure boats over 30 years old, and only make exceptions if the boat is valued over 10k and has an out of water marine survey. What a crock. I mean, ok, you don't/won't insure it, why did that take a month to tell me?!?!?!

Contacted BoatUS and had coverage in one working day for 125 a year, 300k liability plus their basic boat saver coverage.

My sample space of one would seem to indicate you should just call a marine specialty insurer first and skip your home/auto insurer...
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post #15 of 20 Old 04-02-2007
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Sounds like you've got it covered..

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You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.

—Cpt. Mal Reynolds, Serenity (edited)

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post #16 of 20 Old 04-02-2007 Thread Starter
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Quote:
Originally Posted by sailingdog
Sounds like you've got it covered..
......groan.
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post #17 of 20 Old 04-02-2007
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Sorry...couldn't resist... if you're still having issues or want to get another quote, give Christine Hartge a call. She's out of Annapolis, but I'm pretty sure she can get you coverage. Her number is 1 (800) 999-5251.

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You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.

—Cpt. Mal Reynolds, Serenity (edited)

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post #18 of 20 Old 04-02-2007
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I am going to need liability insurance because most marina's require it. Im suprised how affordable it is, BTW i'll probaly go with USAA.
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post #19 of 20 Old 04-02-2007 Thread Starter
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Yup, my marina requires 300k liability with proof every year. I was thinking just liability, but when my wife found out how cheap the other coverage was she told me to get it. It's worth the money just to give HER peace of mind. If she starts to freak at my overly exuberant approach to the dock or my habit of staying on a tack as long as possible I can just remind her 'insurance..' and she'll hopefully settle down.
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post #20 of 20 Old 04-02-2007
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All marinas in the chicago area require insurance. ( however they don't ask for it) I paid $259.00 a year off my home owners policy for my 26 Columbia which included Liability bodily up to $300k property 100k uninsured boater $100k ea up to $300k medical $5000 each person comprehensive up $5000 (500 deductible) collision $5000 (500 deductible) wreckage removal and emergency towing $500 each incident. I was by far over insured but better safe than sorry. My main concern was more from the other guys... uninsured power boats full of booze.
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