Boat Insurance

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prtfin

Well-Known Member
Hi guys and gals. My boat insurance is due and the price keeps going up like everything else these days. I am paying just under $500 for my 19' 1998 Sylvan and trailer. Coverage is with Premier Marine Ins.
Just wondering if that is a reasonable price or if any of you deal with a better company.
Thanks.
John
 
Sounds reasonable to me. I'm over $600 for an 87, 24' glass boat. Replacement costs keep going up. I'm also with Premium (5 yrs) and my brother switched to Premium.
 
Think it all depends on how much insurance coverage you put on it. I only have $5000.00 covered for a 87 thunder craft and trailer, pay just under $400.00.
Find out how much your boat is worth first.
 
I think the coverage is for $15000 or replacement plus $2000 for trailer and $1000 for contents.
 
I got insurance for my new 2022 boat and motor(s) and all of the gear with value of $75k from Northstar Marine Insurance in Barrie. Total was $700ish including tax. The number is 866-717-9295
 
Weird. I called Northstar this past year (17 foot 2000 princecraft)

They girls told me NOT to get insurance with them unless I planned on mooring the boat at a marina or having it stores off of my premises !

I keep my boat in the garage all winter or in my driveway. She said my house insurance would have better coverage than theirs !

She just told me to make sure I have lots of pics of the boat and what I have on it.

I called my TD insurance, told em about the new to me boat and it added 11 dollars per year to my home insurance.

So I skipped on second insurance!

The girls at Northstar was very nice, explained a lot and I would go with them if I was under a different situation for sure!
 
Insurance is insane. Not just for boats. I did a lot of shopping around last year and pretty consistent. I’m with April marine still. Don’t get me started on auto and house insurance rates. Realistically all a bunch of crooks. Have to have it, then they have 6 figure lawyers on payroll looking for loop holes on how NOT to pay you……. Read the fine print. Also. Lots of old threads with other recommendations for insurance. What works for some may not work for others.
 
$420 for my 2008 Legend extreme 18'. Insured for $28,000 boat trailer and equipment
 
I have our new one insured for 135k and the policy is $1350/yr thru MD Marine. Im not sure on the smaller boats but our past 19' Lund it was about 1.10% of total value/yr and this one works out to exactly 1%. Careful putting it on your house insurance as I have 2 friends and have heard the same from customers that have had their home insurance go up big time because of Marine or RV claims! Most actual marine insurance will also free towing and "gas" calls to basically anywhere on the water and also allow you to set a certain value for electronics and gear up and above the value of the boat!

Ryan
 
I am with Northstar too, for the last 5 yrs on my 2017 Lund Crossover. As comments above I went with a specialized marine insurance too to get the coverage i need for my usage.
 
RyTek Marine said:
I have our new one insured for 135k and the policy is $1350/yr thru MD Marine. Im not sure on the smaller boats but our past 19' Lund it was about 1.10% of total value/yr and this one works out to exactly 1%. Careful putting it on your house insurance as I have 2 friends and have heard the same from customers that have had their home insurance go up big time because of Marine or RV claims! Most actual marine insurance will also free towing and "gas" calls to basically anywhere on the water and also allow you to set a certain value for electronics and gear up and above the value of the boat!

Ryan
Click to expand...
On the adding it to home insurance topic... my house is with Intact and my father in law is my broker. He said for a 25 hp and under boat, I just needed to send him photos and serial numbers of the boat and motor, but above that size it could not be on my home insurance policy. Your company/policy might be different 🤷‍♂️
 
One of several topics on this topic. There is no one answer. Different folks have different needs
It's easy to find reasons not to buy

Ever go out in the fog?
ever go out to watch the stars or moon (ask Deniis O'Leary about that one)
Ever take a friend out?
Most people never need it. That's how it's meant to work


Off Topic - Boat valuations and Insurance

A little food for thought as the season is about to begin (and my insurance renewal comes up). The last 2 years, boats (and apparently everything else), have had their values grow exponentially. If you are like me and bought in 2014 when the CDN buck was worth more than the US buck, this has...
www.longpoint.on.ca
 
dogfarmer said:
What are the biggest concerns of not having insurance ? is it theft of boat or electronics while docked ?
Click to expand...
I see two main elements:

1. Liability: this is the coverage that you’ll want in case something awful happens to someone. You can get coverage even if you are not at fault (but check the fine print). Imagine some other dummy hits you, and he has no insurance. It could go to court and blah blah blah… if the guy is broke you will end with nothing. It is rare, but that situation isn’t fun for anyone.

2. Loss/damage: this is for bad things happening to your boat. If it’s old and paid for, you probably don’t care as much, but if you are making payments on a $50k boat you probably want this.

Other things:

As far as trailering, your auto insurance should be enough for liability if you blow a tire and have an accident (but they will definitely not pay to repair the boat, trailer etc).

Trouble in the water… the boat insurance may cover towing, delivering some fuel in emergency etc. All valuable but probably not worth $400 a year if it is your only reason to insure.
 

Off Topic - I'm Done

My new F19 Legend stolen sometime Saturday from 171 Highway 6 in Port Dover ON. About 30 hours on 115 HP Merc. I took all reasonable precautions - trailer coupler lock, removed pin from swing out tongue, kept in well lit "secured" storage facility with punch code access and CCTV coverage. Perch...
www.longpoint.on.ca
 

If your boat is older, liability is the main concern. Just like an older car, you drop collision.
Ever been out in the fog on the big lakes? Did someone scream out of the fog 30 feet to starboard?
Lawyers, insurance, cops, and fireman. All things we don't wanna pay for till we need 'em. It's your choice, just be aware of the consequences, As @Octavius Brine said if something happens and you don't have insurance - everything else you got becomes the source of funding.
 
i was with northstar for 7 years, easy service but premiums kept creeping up, 2 years ago i called every boat specific insurer, ended up going with April marine and saved almost 30%. no incease in the past 2 years. no complaints. i was paying *800 a year for 60 k insured, now paying 500 and change......like others mentioned keep your boat off your house policy
 
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