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Chance_Taker4

Boat insurance question

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I am looking to upgrade my boat to a newer one. I am on the fence between a Bass Tracker Pro Team 175 or a 19' Nitro (Both pre-owned). Does insurance fluctuate base on building material and motor size like they do with motorcycles. The Tracker is newer (2008) and has a 75hp and the Nitro (2004) has a 125hp I wasn't sure if the fiberglass and bigger motor would make a higher premium and my current agent couldn't tell me without having serial numbers.

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I'm no expert on insurance but I've found that when an agent ask you a question,  your answer will affect the price you pay.  They will most defininately ask you how big the boat is,  what it's made of, and the HP of the motor.  Personally,  if I called my agent with the question you just ask and he couldn't give me an answer,  I would look for another agent.

 

When I bought a new boat last spring,  I got an exact quote then when I pulled the trigger the agent called the dealer and got the serial numbers.

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Length of watercraft and power of motor plus freshwater only or fresh and saltwater or saltwater only.

 

Your credit score.

 

Your licenses, especially a state safety course certificate.

 

Saltwater boats can have warranties while freshwater boats do not.

 

Warranty: Only use during certain months of the year; only go out so far into the salt water; captain has a valid safety course certificate; and what ever else the underwriter requires.

 

Not following the warranty voids coverage.

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Your insurance will be heavily based on the value of the loss. A $30K valuation will cost more than a $10k valuation. Bot insurance is different than car insurance. A good policy does not see depreciation. If you pay $30k for your boat and it sinks 10 years later, you get $30k

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Length

Size motor

Book value

Recreational vs business use.

Freshwater vs saltwater

Zip code

Credit score

Car drivers history

Lay-up period

 

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On the last policy for my old NITRO with a 225 efi, the Agent asked what the top speed was. That was a factor in the rate along with other things like replacement value vs agreed value, contents coverage, etc.  My current Agent and on my Ranger with a 250 it was all based on agreed value.  

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13 hours ago, slonezp said:

Your insurance will be heavily based on the value of the loss. A $30K valuation will cost more than a $10k valuation. Bot insurance is different than car insurance. A good policy does not see depreciation. If you pay $30k for your boat and it sinks 10 years later, you get $30k

Sometimes. Coverage mostly comes in three flavors, Actual Cash Value, Replacement Cost, and Agreed Value. Premiums will of course vary accordingly. 

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Normally not a fan of Progressive Insurance but they had the best deal for me. As others stated lots of variables determine the cost, you just need to call around and see who has the best deal.

 

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Okay, I may only have a canoe, but Liability and Un/Under Insured boaters are a worry.

 

I've been with Metropolitan for decades; house, car, boat. They've been good to me (storm damage on the house, one total loss on vehicle) and given my long-time loyalty, I get some terrific discounts.

 

I even have the fishing equipment (lost to the bottom of the lake?) covered under a rider.

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who cares. Because really boat insurance is dirt cheap.

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