Boat Insurance...How much do you pay?

mrclark321

mrclark321

New Member
Aug 22, 2010
249
Sarnia, Ontario
Boat Info
340 Sundancer 2002 " For Sale"
Engines
6.2 MPI's
Just curious what everyone else is paying for boat insurance for set values? Since losing my boat in Dec. to the fire we had are old boat insured for $50K and were paying around $550, now after purchasing the new boat we are insuring it for $115,000 Can. and the price has gone up to $1072 for the year. Sure seems expensive. :wow: We are insured with Premier Marine, just wondering what others are paying, rather pay less and blow it on gas or something useful.

Dan
 
For an agreed value policy it seems close. I have mine insured for $75k and my policy costs me $900 with Boat US. I did have a cheaper policy (less the $750) with NBOA but after 5 years they wanted a full out of the water survey, and they requested this in June just after the boat was launched, it would have cost me $1000 to haul and have a survey, so decided to switch companies instead. Boat US said they will never request a survey. So based on this I don't think your numbers are way out of line, especially if they took good care of you on your claim of a total loss...
 
I pay $780 for agreed value of $250000 through nboa for inland waters and layed up from 11/1 to 4/1 so I would pay more if it was coastal and no lay up
 
I'm on the Big Lake as well, $425, inland only agreed value of $125,000 with $1,200 deductible. It was more than double at first till I mentioned the boat has no access to Ocean waters.

Mainstream, where on the Lake are you? I'm in Gilford at Silver Sands.
 
Hey pkunze I'm next door at mountain view it looks like ice out should be any time now
 
My brother is at Mountain View, H dock i believe, he has a 320 sea ray. We didn't want to be too close thats why I'm at SS!
 
I'm on f dock I have probably seen him he must have a bulkhead slip I'm out at the end of f dock hope to see you up there
 
I have my boat insurance set at 50K fixed pay out for the boat. I pay $480 and change a year for insurance. I also have this policy rolled into auto, home, and farm so that helps.
 
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I was over insured with a broker then switched to NBOA with an agreed Hull value of $80k for around $700. April 1st to Nov.1st saved around $500. My buddy switched also a 320 and saved that too.
 
I use Progressive, for 15k cash value, towing, etc I pay $53 a month (dropped to $22 for winter storage)
 
Wow, I think I pay around $1000 per year for my 280Da with a $50k value and no towing. Although I have access to the Gulf and can boat year round I may need to start looking at other companies.
 
The rate goes on how much you insure boat for 115000. is way to much for an 02. You can not insure for more than you paid it is called insurance fraud.
 
vandal said:
The rate goes on how much you insure boat for 115000. is way to much for an 02. You can not insure for more than you paid it is called insurance fraud.
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So why does it go on how much you purchased it for?, is it not on what the appraised value is? Also being from Canada the prices are a little higher and we have to include taxes at 13%. All I want to do is have enough money to purchase the same boat I have now, no more no less, check the going prices of a freshwater 2002 340 and I think it's in the market.

Dan
 
For $25,000 agreed value 4 yr $500.00 deminishing deductible no survey required from WestMar is $283.00 includes Great Lakes, Pacific Coastal Waters of the U.S. and Canada thats for 12 months of boating complete insurance with $1000.00 towing, 850,000 containment spill, uninsured boaters, medical payments and personal effects.
 
Hello you are correct a 2002 340 according to nada is between 87 and 99 grand with no options insurance companies use the nada and other price value guides just like banks as long as you had an appraisal of your boat then that would be fair market value insurance fraud would be sinking the boat or lying about damage to get a claim. An insurance company will not write a policy for more then the boat is worth at a fair market value all policies usually have to go to underwriting I hope this helps
 
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I just paid over $1300 for agreed value of 30K boat, 4K trailer and 300K liability.

Looks like Boat US that was slightly cheaper than Progressive was not that great a deal.

However, I live in Florida and the boat lives on the bay in Destin, Fl and the odds are the insurance is also based upon possible hurricane damage issues.

Therefore, I do think location, location, location does matter.

Ron & Deborah Mason
1998 270 DA
7.4 Bravo III
 
vandal said:
The rate goes on how much you insure boat for 115000. is way to much for an 02. You can not insure for more than you paid it is called insurance fraud.
Click to expand...

Boy I hope not... that was the price set by my insurance company. I certainly did not pay 50k for my boat. Even 7 years ago.
 
I pay $650 for 2006 340 SDA with a hull value of $150,000.00 with 10% deductable. Great lakes and its tributaries with lay up from 11/1-4/15.
 
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