Boat Insurance

[Corey Carrico2]

I am shopping for insurance on the boat and was curious who you use and why?



Seems that none of them cover "Fishing Equipment" theft. I try to not be lazy and take my gear inside but occasionally it stays the nite in the boat. Could you cover this equipment on your homeowners insurance? Any advice or recommendations appreciated as always!



--Corey

 

[Texas Transplant]

I use State Farm, as they carry all my homeowners and auto insurance also. If you are not a 'professional', then I believe your homeowners will cover 'some' tackle, depending upon the situation.



However, most does not, as you have stated. Case in point is the BASS pro who ealier this year had his rig, tow vehicle and all equipment stolen. Nothing but the tow vehicle and the basic boat/motor/trailer was covered. No equipment.



Not saying that this is correct, but if someone broke into your house/garage and stole your fishing gear (again - not a professional, but recreational), it would be covered under a deductible. The problem will be how to prove that you had it and what it's condition was in.



Keep receipts (really difficult, though I started keeping all my BPS receipts sometime last year), video tape, inventory, etc.



Does anyone here use Progressive? Comments? I've heard good things, but then again don't know from any personal experience, or from a friend/associate.





Tex

 

[Bob G.]

I use State Farm for everything cause 1 monthly bill is easier to manage for my wife!!



Bob G.

 

[Bryan Fary]

i have usaa insurance for my car and homeowners policy. when i called them to insure the nx882, they wouldn't cover it because it is rated at over 60mph. they recommended progressive insurance. haven't had any complaints, but i haven't had any claims either. they all have a provision that you can buy that covers equipment when it is on the boat. it is covered whether it is in the water or sitting in the driveway. mine is a $250 deduct. with $2500 maximum coverage. i think it costs me an extra $20 a year? i can't remember. all i know is, my 1998 pt185 insurance was just over $100/year and my 2000 nx882 coverage is right at $300/year.



guess that's what i get for buying a bigger / better boat.



bryan

 

[Roy Cody]

I have State Farm, and I have a $4000 equipment rider on my policy. It only costs me a few dollars for the extra coverage.



RoyC

 

[TOMMY RICH]

I have Nationwide only because EVERYTHING I own is insured by them.

TEE

 

[Texas Transplant]

RoyC - thanks for the tip. I'll call my State Farm agent today.



Tex

 

[Michael Snow]

I use amica...www.amica.com

 

[Kenny Lively]

Cory,



I use progressive, 2003 NX898 w/225 efi.......$377.00 year.

have never filed yet, just got it with my new boat. They have a program, you get a discount of 25% off your deductable for every year youdon't file. After 4 years no deductable. I have a $3000 equipment rider just a few dollars more.



I used Harbor Master before had several claims no problems paid well and never went up. But they would not write this last boat 'cause I dropped them while I was waiting on the new one to come in and they wanted to carry my house also along w/the new boat. I wouldn't change. KENNY

 

[Corey Carrico2]

Are you guys sure that it covers Fishing Equipment? They told me about the 'equipment' or 'personal property' rider but when they got into the fine print it sepcifically listed "Fishing Equipment" as NOT covered. A bit misleading....I thought equipment or personal property should cover fishing equipment but that was not the case so far with Travelers and National Marine Underwriters. If State Farm is different I will have to check them out.



Thanks, good info..



--Corey

 

[Greg Neely]

Get additional contents coverage. ONE Falcon Rod with ONE Crudao 200 and a spool of line with ONE Yellow Magic on it comes to about $250. Nearly everyone I know has more than ONE rod and reel and lure.



Does everyone see where I'm going with this? Your premium for the insurance for 10 years is less than the cost of the ONE rig above.

 

[Kenny Lively]

Cory,



progressive covers theft of fishing equipment $2500 limit w/$250 deductable. This includes rod, reels, lures etc. KENNY

 

[Russ De Kruyf]

I had State Farm on everything but my agent moved the boat over to Foremost. They said Foremost has better policies on RVs and boats.

 

[Buzz Bouvier]

Is there a ceiling on the amount of coverage you can put on your equipment? I can show receipts for all my rods & reels.

 

[Corey Carrico2]

Thanks to all. Hope to never have to use this but your feedback saved me a lot of shopping around. Progressive seems to be one of the few that actually cover the fishing stuff....once you read the fine print that is!



I had $2500 "Personal Property" rider with Travelers and then got the policy and it said no fishing gear...aaargh! The person who wrote it up did not know that...they just said "yes" to my questions and I bought.

 

[Bryan McDonough]

I found Progressive to be much higher for the same coverage, i also had issues about the maximum for content coverage, my max amount for content was $1000 with progressive, about 5k off of what replacement would be for the content.



I choose Farmers after being with Progressive for over 1 1/2 years. I upped my liability up 100k and content coverage to 6k, and it was cheaper than my progressive rate before upgrading the policy. Make sure you shop around.

 

[Rick Hale]

Progressive is the only company that had 100% replacement 0n new boats for 5yrs. Cost was $100 more per year then Allstate. My Allstate agent told me if my boat / trailer was stollen next year -- they would look up the book value for a 1 year old Targa / motor / Trailer in Kansas -- that is what I would get minus my $250 deductable -- not good. I know I will be upside down in the boat loan for several years.

Good Luck, Rick

 

[Bill Hamilton]

Boy - Lots of good information and got me thinking. Called my State Farm agent and was told 1) fishing equipment not part of the "accessories" on board the boat was covered under the homeowners policy less deductible at full replacement value, and 2) the replacement policy for the actual boat and accessories was what it would cost to replace (book value) if you could find one just like the one stolen. I would like to understand IF any carrier would provide you a NEW Nitro(say a 2005) model if your 2002 model was stolen in 2005. Mine said NO WAY. Can someone really define what replacement is and is it in the fine print.

 

[TOMMY RICH]

My Nationwide policy is like that...everything else is covered under my homeowner's policy.

TEE

 

[Gil Hebert]

Replacement will be the current "fair market value" of your boat, in your area. I read your email and thanks for brining up the subject. I just checked with my agent (Allstate) and he told me basically the same as yours. Mine covers up to 10% of the boat value and the rest would be under my home owners policy. He suggested I make a list and possibly some photos of my tackle, but said I don't need receipts. My policy is $350 annually on my 2001 Nitro 901. Got to go get my camera.

 

[Jim Jackson]

Mine is with State Farm, also. My agent says "replacement" means "one of like/same/or equal value. In other words, you get book value average retail. The problem you get into is "book value average retail" if yours is exceptional. And if yours is exceptional, how do you prove it?? And of course, all of our boats are exceptional, right??

 

[Bill Hamilton]

Jim J - All are exceptional, particulary the glass boats LOL. I did fail to mention that my agent said an itemized inventory is a good idea and pictures are even better. Remember to keep receipts for "accessories" that you may have added from the time you purchased your boat. Most upgrade sonar /gps devices or other things over time and these should be considered accessories. I sure hope I don't have to take a picture of each one of my plastics (LOL) or I won't have any time to fish. Just think of the value of everything you bring on board during a "normal" outing. Lots of money invested.

 

[fatrap]

A couple of years ago, my boat was broken into and the thieves stole all my rods, reels, and electronics. All of my coverage (boat, homeowner, auto) is with Encompass.



The boat components were covered (fish finders, broken locks), subject to deductible. My homeowners portion covered the fishing gear, also subject to deductible, and depreciation.



I estimated the loss at around $1800. If I remember correctly, I think I got about $1200 back from the insurer.

 

[Bob G.]

Talked to my State farm Agent after I posted earlier and found that my coverage is similar to Rich's. Everything that is mounted to the boat (motors, depthfinders, etc..) it is covered under the boat policy minus deductible. Everything else not mounted (rods, tackle, etc..) is covered under our homeowners policy minus deductible. I was told that the boat policy is for "replacement value". Now I need to call them back tomorrow and find out what "replacement value" is!!



Bob G.

 

[Rick Hale]

Progressive web site says--"Enhanced Physical Damage Coverage. We offer both Total Loss Replacement and Agreed Value coverages as a way to more fully protect your investment. With our Total Loss Replacement coverage, you'll get a new boat if yours gets totaled. With our Agreed Value coverage, the value of your boat will be locked in, protecting your boat from depreciation".

I had to turn a the detailed bill of sale to my Progressive agent. Check-it-out.

Good Luck Rick
http://watercraft.progressive.com/fish_bt_insrnc.asp

 

[TOMMY RICH]

good idea...and info!

TEE