sharing my insurance premium 2020 SX195

[blacksapphirez]

2020 SX195 with 2020 Shorelander Traler.
Insured for agreed value. Liability and Medical is probably little low
Travelers is the insurance company. I have Auto insurance with them and I've been very pleased with the service and the rate!

 

[HangOutdoors]

Liability is low as well as medical, imho. Also you want replacement value, current model year within 2-3 years of yours. If you lose your boat, you probably want it replaced and if the prices and demand keep going up, you may not be able to. On mine, I have replacement value on the boat. I have also changed over to 1,500,000 + umbrella policies on vehicles and boat and home.

Each state can do their responsibility and liability regardless of whom is at fault differently. The way it is handled here in Michigan maybe totally different in SC. Remember just because your insurance pays a certain amount doesn't mean that is all that is going to occur. Depending on the situation you can end up owing a hell of a lot more money personally than what the insurance company pays. "A runaway boat that goes through a swimming area or hits another boat with many people are involved, hurt or worse, is going to a rough one."

 

[blacksapphirez]

agreed value means they will pay for the insured amount not the market value of the boat. so we're talking the same thing.

 

[HangOutdoors]

But that is where you can get hung up if the value is increasing or to replace the boat you will have to pay a premium that is 5-7k over MSRP. As long as you feel your agreed value covers all of these scenario's that you should be fine.

 

[blacksapphirez]

eh 35k will be fine. less i pay to insurance is better anyway

 

[Peter simon]

Highly recommend an Umbrella Policy. Insurance will tell you the minimum you need to have for the boat (liability, medical, etc) and the umbrella covers all else.

And please get a separate tow insurance. You dont want to file an insurance claim for a dead battery/tow/etc..

 

[2kwik4u]

Highly recommend an Umbrella Policy. Insurance will tell you the minimum you need to have for the boat (liability, medical, etc) and the umbrella covers all else.

And please get a separate tow insurance. You dont want to file an insurance claim for a dead battery/tow/etc..

X2 on the umbrella. I've had one for years. Knock on wood haven't had to use it.

Actually cheaper to HAVE the umbrella than not. Discounts on home, (2) autos, and a boat are more than the cost of the umbrella. I have mine set at $2mil currently.

 

[mrkalam]

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[Julian]

@blacksapphirez Seems like a reasonable price....but of course its very hard to compare one policy/person against another. You'd have to list your age, # claims, if you have an umbrella policy, factor in the insured's location (it is cheaper the further north you go-boating season is shorter), the waters it is insured for (my policy covers the Bahamas) etc.

That said, my policy for double the value ($70k), 5 times the liability, double the medical, with an umbrella is $800 and includes personal property up to 5k, with deductibles 1/3 of yours (State Farm - where I also have cars, house, jewelry and umbrella)

 

[Beachbummer]

Many times liability increase is extremely inexpensive. Might be worth to call and quote higher limits, you might be surprised. On a car quote once in my past, More liability was CHEAPER, it seems those seeking higher liability were better risks? no idea how that worked, but was happy to take it.

 

[HangOutdoors]

Funny thing about insurance. When I was younger I always needed insurance but couldn't afford it so I bought junk and made do. Now that I have large umbrella policies and riders on just about everything, I have never used it.

 

[Southernerd]

Funny thing about insurance. When I was younger I always needed insurance but couldn't afford it so I bought junk and made do. Now that I have large umbrella policies and riders on just about everything, I have never used it.

You will never use an umbrella unless you somehow cause catastrophic injuries or death of another person. Going through something like that is bad enough but its even worse when you have to worry about being exposed to large judgment that can be executed against your property. Anyone with any amount of non-exempt assets should carry at least 500k-1M in coverage and an umbrella is a great way to do that since it provides excess coverage to all your liability policies, i.e. your homeowners, auto, boat, etc.