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Boat insurance!!!!!

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Rob LaMoy

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I need to vent. I have been trying to get bass boat insurance that gives me good liability coverage, covers tourneys and guide service and all contents of my boat. I would think, the agencies would be busting down my door. Nobody wants to touch it, and if they do, it's a stupidly high rate. I'm sorry but insurance in my opinion is legal theft. At what point does it become price gouging? Don't know if I spelled that right lol. Seriously, Washington governs everything else so closely but insurance, (and I won't even touch HMO's right now) can run wild in the streets as long as they have a license to sell in that state. It's no wonder people view insurance sales as the bottom of the barrel. Sorry to vent folks but I am disgusted. If any of you state team folks have a good policy that covers all those things, please let me know.
Rob
 

Rich Stern

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Rob, if you have homeowners insurance, have you tried getting your boat covered in an umbrella policy along with your home?

You may also want to call some of the companies that specialize in marine insurance. There are many. Search the web for "boat insurance." Many of the web sites available have online quote systems.
 

Doug Patillo

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Rob: Go to Overtons.com and click on Boat Insurance. I am not sure how cheap they are, but they have an online quote system you can use.
 

Rob LaMoy

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Thanks guys, I will try that. I read a post a few pages back that suggested 1-800-bassboat, but they are only in CA. Hey, us northern guys have boats too. I did get a quote from my home company and it is $267 a year with a $250 dect. Does that sound right? Sounds too cheap to me.
Rob
 

Rob LaMoy

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Doug,
Overton's uses Progressive and they won't quote for business use.
Rob
 

Doug Patillo

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Sorry about that Rob. I knew that but wasn't thinking....it's Friday you know!
 

Sam Elkins

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Rob, If you've got a guide business I'd make sure my liability insurance was more than adequate and not in any way connected to my home or personal items.
 

Jon Jackoviak

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I also have my boat insurance under my home owners policy. I pay $150.00, with a $250 deductible and $100,000 liability. I have my insurance through Citizens Insurance. It maybe something you should look into.

Jon
 

Bill McElroy

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I went through a local independant agent who sold me an "AutoOwners" policy for $287/yr with full replacement coverage and ZERO deductable on the boat, motor, trailer and electronics,....Rods, reels and tackle are covered under homeowners w/$100 deductable. I've been with him for 3-4 years and had 1 claim,...it was handled immediately and covered everything!! I don't have any other policies with him or anything......I called several companies locally for quotes, and he was the best by far. I'd make sure you call those local independant agents who can get cheaper rates,...they deal with several different companies at once...they can beat most everybody!! Also,..DON'T tell them that you fish tournaments UNLESS they ask.....Alot of companies still view tournaments as "Races" and they hike up the rates substantially!! Also don't brag about how your boat does 70MPH and it handles great in 3 footers!! BAMM...you just got jacked again!! Tell them your top speed is 40MPH IF they ask,,...and it's just a family fishing boat that you want full coverage on!!,.....What they don't know,..won't cost you!! LOL My first Nitro I had to get a policy for did @65mph and I was fired up!!....When the agent was filling out the paperwork he started asking questions,...."how fast?"....I said.."65!!..Runs great!!"...He said,..."40?!!"...I said "Oh no,,...it'll do 65!"....he said,..."No!!...It does 40!!,....you can't afford the insurance on a 65MPH Racing Boat!"....I said,...."Oh,...ok!!,....Yeah...it does 40!"....LLOL....Then he said,.."I'll just make sure your covered enough to replace your boat, motor and trailer and contents........but I can't write anything affordable for a Professional Bass Boat that ends up Racing every weekend!!".....So my suggestion is to make sure your covered enough to replace it or pay off your loan if it's totalled,....but don't give any more info than they ask for,...you may say something that triggers a "risk factor" without even realizing it. It pays to keep shopping!!
Regards,
Mac
 

Rob LaMoy

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I hear ya Mac. I did that instinctively. My boat only does 50mph really! LOL. I should have said 40. It pushes 60 but I said 50. I did get a commercial quote from an Ace agency of $700 a year with a 2% dedeuct. That really isn't bad. Full coverage, $300,000 liability, plus a whole bunch more. Contents are $2500 without TM or depth finders. That should do it I think. I want to be covered in case one of those "stupid people" decide to book a trip and sue ME for being themselves. LOL. Well I just got off the phone with "my" guy and I'm going to get a $270 policy that covers me, my boat and $100,000 for tourneys and pleasure fishing. I'll get a seperate policy for liability for guiding and theft is covered under my home owners. Anybody other than me confused? LOL
Rob
 

Rich Stern

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Keep in mind that your insurance for guiding purposes is tax deductable as a business expense, and therefore the "real" price winds up being somewhere between 15% and 40% lower than what it says on the paper, depending on how much you make and pay in taxes.

I would even go so far as to say that the insurance you pay for tournament coverage is legitimately tax deductible...IF you are reporting your tournament winnings to the IRS. But I digress into the arcane... :)
 

Rob LaMoy

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Yeah Rich, if I actually won enough of them to say there was some kind of income LOL. I have big one next month. Anywhere in the top 5 will get me a good check. Then another in August. We'll see. I know good ole' Uncle Sam is never late collecting when he thinks he's due!
Rob
 

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