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Posting a reply to: Re: Boat Insurance

Muskie Fishing -> Muskie Boats and Motors

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pstrombe

Posted 3/23/2021 11:22 PM (#977309 - in reply to #977230)
Subject: Re: Boat Insurance

Posts: 189

State Farm Policies are stated value policies. The premium is higher than many other companies but in the event of a total loss you are paid the face value of the policy not the depreciated value of the boat. If you have a liability umbrella with your homeowners policy that limit; typically $1,000,000 is also applied to scheduled watercraft. Friend of mine got sued when his backseat partner (drunk) fell getting onto a pier after a club outing and broke his arm. MedPay would have covered the event if he would have purchased a policy. Another component of a boat policy is the pollution coverage and salvage costs. If you have an accident that leads to a fuel and oil cleanup recovery or salvage the policy will pick up that expense. Policy would not cover any business pursuits - guiding etc. Read the policy as there are some really crappy policies out there. Some years back my father bought some cheap policy and when his boat sank in the marina due to a storm his claim was denied due to a sinking exclusion. I typically chose to insure for less the then full value (self insure) of the rig to save some on premium based on what I consider to be a reasonable out of pocket expense if the xxxx hits the fan.

Edited by pstrombe 3/23/2021 11:40 PM