another New Boat buying/pick up question (Insurance)

[BobJohnson]

there is another discussion going on right now about what to expect when picking up a new boat which is really good https://jetboaters.net/threads/question-about-boat-pick-up.5024/, but I wanted to start a new one about insurance on a new boat....

When you have bought a new boat before, when did you get insurance on it? I have been getting quotes on mine, but that is it so far. Boat pick up date for me will be sometime mid to end of April.

1 Do you have insurance bought and signed for before the day you go pick up boat?
2 Do you go pick up boat, take it home/marina and then buy insurance before driving it on water? If so, what happens if you have accident on road after picking up?
3 ?

I believe I need the Hull ID in order to get insurance, so that leads me to # 2. But, am I missing something?

Love to hear what you all have done in the past.

 

[McMark]

I got insurance when I signed thr papers to buy the boat in January even though it's still sitting at the dealers indoor storage. If you are financing, you have to have insurance to get the loan. I used veritas in st Pete FL as a broker. Jennifer Isaacs is the agent.

 

[Icatfish247]

I'll second what was said above. Bought my (used) boat in February, bank wanted insurance prior to issuing payment. Insurance issued a policy and just told me to contact them if the test drive didn't pass so they could cancel if needed.

Also your insurance rep could provide clarification on the coverage but I believe some are setup to cover anything attached to the vehicle. Obviously that's more of a situation specific question worth the question though.

 

[Belleville_Boater]

If your financing then as the others stated you have to have insurance on it before they will cut you a check. If your NOT financing then it's your choice but my opinion is get the insurance first before everything else. Reason being, especially with my cursed luck, is that ANYTHING could happen at anytime including at the dealership before pickup. Insurance is reasonably cheap in comparison and it's definitely worth the piece of mind that your covered for all situations when you sign the papers. (Just my two cents)

 

[Cobra Jet Steering LLC]

Based on my own experience last spring when someone slammed my van, trailer and ski on the interstate totaling everything. they only had the minimum 10 k property insurance coverage that didn't cover half of the damage. My insurance was Progressive and not only did they have the best rates for my needs they also stepped up and covered everything with not only great service , but they even waived my deductible after all was said and done they sent me my deductible back since it was totally the other person's fault. I can't tell you what they would charge in each state but I would strongly recommend checking with them when you get quotes.

 

[Williamsone46]

It depends on your situation. If your current vehicle or recreational vehicle insurance covers new purchases for a period of time, generally 15-30 days than in most cases your good to take delivery prior to obtaining insurance on your new purchase. If not I would for sure have insurance prior to taking delivery regardless on the stipulations of the lender. You would hate for something to happen similar to @Cobra Jet Steering LLC and not have insurance.

 

[Belleville_Boater]

Wow glad it worked out for you @Cobra Jet Steering LLC, can't imagine how upset you were that it happened. Mentioning Progressive brings up a great point on the type of insurance you want to get though. I would highly recommend that you go with an 'agreed upon value' insurance policy which basically if you have a total loss of your boat you are paid that agreed value rather then the 'fair market value' at the time of the incident. Also, when I shopped around to the typical insurance players I found that they were twice as expensive as some other insurance companies that only dealt with boat insurance, also the private companies were the agreed value for half the cost of Progressive for the fair market value.

 

[Cobra Jet Steering LLC]

I know in my situation I was quite pleased , I gave them a shot at my vehicle insurance also but they couldn't touch Geico for those rates, nor could Geico touch progressive's boat rates. I guess every state and situation is different plus I get old guy with a gun rates, LOL.

 

[Belleville_Boater]

I believe I need the Hull ID in order to get insurance, so that leads me to # 2. But, am I missing something?

My insurance company needed:
1) Hull ID
2) Engine(s) Serial Number(s)
3) Year, Make, and Serial # for Trailer
4) Lien Holder Info (if any)
5) Drivers License Number

 

[Zeus2013]

You should have insurance in hand when you take prossession. Like others said, you will need it for s loan to be issued.

 

[Julian]

My insurance company needed:
1) Hull ID
2) Engine(s) Serial Number(s)
3) Year, Make, and Serial # for Trailer
4) Lien Holder Info (if any)
5) Drivers License Number

They will want that within x days of taking possession. They know you wont have that when you call to get it before pick up.

 

[Belleville_Boater]

They will want that within x days of taking possession. They know you wont have that when you call to get it before pick up.

It must depend on the insurance company, mine required all that information before they could give me a binder.

 

[Zarrella]

It depends on your situation. If your current vehicle or recreational vehicle insurance covers new purchases for a period of time, generally 15-30 days than in most cases your good to take delivery prior to obtaining insurance on your new purchase. If not I would for sure have insurance prior to taking delivery regardless on the stipulations of the lender. You would hate for something to happen similar to @Cobra Jet Steering LLC and not have insurance.

I have always thought what you said to be true. Except when I bought my boat I figured I have 30 days to call them. So we went on vacation ....twice, from Florida to South Carolina including leaving the boat in the water for a week. So about 25 days into owning it I called USAA to add the new boat to my current boat policy. I was shocked to find out USAA was no longer writing in Florida. As it turns out I took those 2 trips with NO insurance.....big mistake. If you are purchasing a boat I recommend you at minimum have a conversation with the insurance company.

 

[Cobra Jet Steering LLC]

Especially with a new boat or one that is new to you anything can happen and I sure was glad to have full coverage in my situation, heck they paid me more than I asked on the ski and the trailer, I did not have full coverage on the conversion van and the other persons insurance was a real pain in the ass to deal with for the damage done to that. My car insurance wouldn't get involved so I was on my own with that.

 

[BigN8]

Check out Boat US

 

[Bruce]

I use Allstate for insurance. They will cover 100 miles from the US coast (Bimini) and they automatically provide 30 days of cover on a new boat purchase if you have an existing policy. I have not financed a boat so I am unsure if the automatic coverage would satisfy the banks requirements but my agent will add a vehicle over the phone and mail a bill so it would only take a few minutes to officially add coverage.

 

[txav8r]

I wouldn't sign the purchase agreement without having a binder all set up. And I would make the call to my insurance agent just prior to closing the deal and transferring the money PRIOR to leaving with the boat. I don't give a flip about the legal limits. I don't want to test the law. If you are worthy enough to pay cash and drive off with the boat, you probably could stomach the loss, but do you want to? If you have any financing on it at all, the lender will absolutely require coverage to be bound before they will fund the loan. Now that said, depending on your financial institution and your relationship with them, they may only want VIN, HIN on the boat and trailer, amount paid and financed, and let you go with that, saying that if you back out or actually buy it, they will do either for 30 days. I have a great company for lending as well as insurance and have over 25 years of history with both. So it is just a phone call for both. But just get coverage bound before the boat is yours...you never know what could happen, and you don't want to be out that amount of money. The insurance is CHEAP compared to a new boat. And liability is even worse...have coverage.

 

[octavio3311]

They will want that within x days of taking possession. They know you wont have that when you call to get it before pick up.

Sure you can. The dealer should be able to provide you with all that info.

 

[veedubtek]

I've had my boat 5/6 weeks now? Financed. I just bought insurance when I saw this thread. Completely forgot about it, and USAA never asked for it.

 

[Mauimike]

I got the insurance the day the boat was to be delivered, which was a week after the deal completed. The dealer nor the bank asked for it. Used Allstate.