Boat Insurance Questions

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Bob, can you give us some examples on where boat insurance would be valuable in ND and when it would be a waste of money?

 

StevePike Said:
Bob, can you give us some examples on where boat insurance would be valuable in ND and when it would be a waste of money?

I don't want be negative or offend you, but if you have ever had a boat claim to file you would never ask that question again. I've had two claims that would have costed me around $10,000 without insurance. Boat insurance is usually very inexpensive when compared to other vehicle insurance.  A "must have" in my opinion, especially if you have a boat with a high value.  

Bob, could you shed any light on the matter?  

 I've paid a hundred bucks a year on the two boats I've owned since 1988.  I collected on a drive through a hail storm, two sinkings and a hit on a log that took out my lower unit.  I wouldn't leave home without it.

Not to mention insuring what is inside the boat!

I really don't know where to start on this one.  I think one of the most important things to think about is liability and injuries to others.  Most of us can overcome a $2,000 loss.  It would be a whole different situation with a $300,000 loss.  I will assure you that if someone is injured or killed on your boat, you will hear from an attorney in a very short amount of time.  If there is not insurance in place and you are sued, you will see personal assets depleted to cover the loss.  They can even attach future earnings. With the low cost of boat insurance,  I think you will appreciate the peace of mind. Remember I insure every boat the exact way I would do it for myself. I hope this helps. Thanks.  Bob Luellen 800-339-1235

"TON STAFF", whoever you are, I am not offended. I was just trying to spark a little conversation about the topic from the "man in the know" who is in the industry. Since I have not had any incident where boat insurance would have been valuable to me, I was looking for some insight from a professional on it.

From yours and Bob's response, it appears everyone needs boat insurance. Even if it is just for peace of mind. 

Bob, where is your office so someone can stop by and discuss this with you? 

To some degree I am a little surprised that liability insurance is not required by law.  Or maybe it is and I don't know it because it just seems like a good idea anyway?

Either way, I couldn't imagine not having comprehensive insurance on a newer boat that would cost several thousand dollars to repair, or as much as $50k to replace with today's floaters.  Especially if you are a river rat and like to race up and down the river, eventually you will find a log, rock, or one of rustneversleeps' sunken rigs that will damage your rig.

I carry comprehensive insurance on my boat, combined with home and auto I get enough discounts to make it fairly painless on my ~$20k rig.  As with all insurance, my personal preference is to shop locally though.  I like having the ability to stop in and harass my agent if there is ever a claim and the process seems to be dragging out.