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  #1  
Old 09-22-2011
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Insurance

We just made a deal for a Catalina 25 and I was wondering about insurance for it. The boat is not very expensive, however I would hate to loose her in a storm or accident on the highway while towing.

What are the recommendations for acquiring insurance and what type of coverage is best for the cost?

I have not had a survey done on the boat, however she seems to be well maintained and is in very good condition.

Thanks
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Old 09-22-2011
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You will likely need a SAMS Accredited Surveyor preform a survey in order to get insurance.

If it helps; I use Boat US for Insurance, which is underwritten by CNA. I priced a couple of insurance companies, but Boat US had very good service, and it includes free towing (with restrictions) through TowBoat US if you need it.
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Old 09-22-2011
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If you own a home your homeowners or car insurance may be the cheapest price.
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Old 09-22-2011
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I have USAA insurance on house & cars but they do not insure boats RV's nor motorcycles For the RV & Harley I have Progressive. I have a quote from Boat US that is very inexpensive.
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Old 09-22-2011
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Nationwide has been great to me.... prog, and gieco, statefarm, etc... honestly they couldn't even touch my rates... Yeah bundling insurance saves $$. so +1 from me on that.

Boats US was my next cheapest option, so I don't think you can go wrong with them.

Keep in mind all insurance companies make money by paying the least amount back to you when you have a claim. It helps to have an insurance company that will work with you should something come up.

OH and whatever you do to this boat... paint, electronics, etc. KEEP THE RECEIPTS. example a 40 year old boat is worth nothing on the books even in great shape, but if it had $10k in electronics on it, you want that recovered! Every dime you put into it will help you justify the "value" of the boat. You won't ever see it all back, but it will help your argument, should god forbid that day comes when you have to argue your loss.
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Old 09-22-2011
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I just got a quote from my agent, American Family, for a cash value policy with liability and what not for a boat value of $6k and it was $92/year. They apparently don't discount for having the house and the car insurance through them on boats. Agent told me that one of their other clients just used their homeowners policy to "cover it" and the person's boat had the misfortune of sinking on the lake. Homeowners policy only provided liability, not any salvage/recovery of the boat from the water.

FWIW.
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Old 09-22-2011
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Also, most insurance companies give a discount if you take a boating safety course.
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Old 09-22-2011
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Forgot that... +1 boater safety or ASA courses lower rates.
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Old 09-22-2011
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Lightbulb Get a Real Policy...

Marina requirements may vary, but in our area most all marinas and YC moorages nowadays require insurance coverage that specifically covers "wreck removal" and "pollution abatement".
(If your boat should sink at it's dock and that three gallon gas tank spills, you could be responsible for 50K in mandated cleanup charges instantly.)

Another thing is to always get a policy that covers your boat for an Agreed Upon Value. i.e. if your Catalina 25 would cost $8K to replace, equipped and in the condition yours is in, then that is what the policy should pay you in case of a total loss.
Do not ever settle for a cheap policy that lets the company pay out a "depreciated" value that they decide is enough.

L
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Old 09-22-2011
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Quote:
Originally Posted by cb32863 View Post
I just got a quote from my agent, American Family, for a cash value policy with liability and what not for a boat value of $6k and it was $92/year.
That seems very low for general liability and property damage. What does "cash value" policy mean?
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