Who here does not carry boat insurance?

[Shlbyntro]

It’s not required. So how many people say fuck it?

I carry liability only on my 35PC, never know when a wind gust is gonna catch me in a marina and blow me into a row of boats.

Beyond that, I usually don't insure my small boats because I'm the only one ever driving them, I keep them mechanically sound and I usually sell them within a year of fixing them. I might break down and actually get full coverage for my Ultra when it's done tho.

 

[RiverDave]

Any of you people who think you're boat is a High HP and not insurable, Call Nikki Bostick
She will get you covered and is as legit as they come.
Just call her and tell her exactly what you have Values, HP, MPH & Purpose.

Nikki Bostick - Farmers & Foremost Insurance Agent
2694 Navajo Rd Ste 200
El Cajon, California 92020

(619) 303-4108

www.farmersagent.com/nkincaid

Insurance Agent · Insurance Broker

Hours 9:00 AM - 6:00 PM

Just an FYI foremost has very strict guidelines. I don’t remember exactly what they are but I think it starts off at 77 miles an hour they will not have any more than 100,000 liability. So if you crash the boat and someone gets hurt they are going to write you a check for 100 grand and walk away. Which in most cases wouldn’t even cover the medical let alone the boat.


There’s not a whole lot of people in the country that specialize in actual high-performance boat Insurance. It takes quite a bit of effort to get the correct programs and deal with the right vendors to properly Insure 150+ mile an hour cat or something else exotic. Off the top of my head I can think of Brad Stern, Andy at EP, Devin Wozencraft, Sy at total dollar, Stacy at wake zone. That’s not to say they are the only ones that can do it but they are generally some of the most recognized in this industry and all they have programs can insure true high performance. Some of those have better programs then others, and some have better niches in certain markets.. etc.

Long stor short I’m having a slightly hard time believing some random Farmers agent can insure anything regardless of speed and hp, it’s a very specialized industry.. and if a total loss or fatality does happen you better pray to god your insurance agent was 100% spot on with the coverages and speeds and HP because the industry experts (all of them) double time as expert witnesses for insurance companies.

 

[RiverDave]

insurance use to be next to impossible to get on both of these. with out spending thousands. if I would be honest about how much HP and how fast they go. never go weekends and usually when its quite.
put it on a business home umbrella policy.
if I lie about hp and speed they probably wont cover shit . it if I need it. View attachment 674999 View attachment 675000

Was talking to sandy about this earlier.. Most the v drives that Stacy did were placed with certain carrier (national casualty I believe?). They got out of the boat game last month and Andy said the c drives are going to be difficult to insure for awhile until another carrier comes into play.

 

[floatn turd]

insurance use to be next to impossible to get on both of these. with out spending thousands. if I would be honest about how much HP and how fast they go. never go weekends and usually when its quite.
put it on a business home umbrella policy.
if I lie about hp and speed they probably wont cover shit . it if I need it. View attachment 674999 View attachment 675000

100% what he said.
Add an old DUI and your truly screwed.
I never keep my turd anyplace I cant see it.

 

[Chris Lapoint]

Just an FYI foremost has very strict guidelines. I don’t remember exactly what they are but I think it starts off at 77 miles an hour they will not have any more than 100,000 liability. So if you crash the boat and someone gets hurt they are going to write you a check for 100 grand and walk away. Which in most cases wouldn’t even cover the medical let alone the boat.


There’s not a whole lot of people in the country that specialize in actual high-performance boat Insurance. It takes quite a bit of effort to get the correct programs and deal with the right vendors to properly Insure 150+ mile an hour cat or something else exotic. Off the top of my head I can think of Brad Stern, Andy at EP, Devin Wozencraft, Sy at total dollar, Stacy at wake zone. That’s not to say they are the only ones that can do it but they are generally some of the most recognized in this industry and all they have programs can insure true high performance. Some of those have better programs then others, and some have better niches in certain markets.. etc.

Long stor short I’m having a slightly hard time believing some random Farmers agent can insure anything regardless of speed and hp, it’s a very specialized industry.. and if a total loss or fatality does happen you better pray to god your insurance agent was 100% spot on with the coverages and speeds and HP because the industry experts (all of them) double time as expert witnesses for insurance companies.

First of all she's not just a random Famers Agent - As I wouldn't just recommend a random person and I don't expect anyone to take my word, just was putting it out there as someone to call and maybe see if she offers something your looking for, Her husband is James Bostick of Bostick Racing Engines (Google Them) She takes care of most the 120+ MPH Lower River Jet Boat guys with boat values exceeding 80k+ and has extensive experience with Open Motor, Dry Header 1200+ HP boats.

Again just my .02

 

[530RL]

Unless you are basically severely asset poor, it is pretty risky not to have as much liability insurance as you can afford.

If you have a reasonable policy, and have just a few other assets like a little equity in your home and some retirement accounts, most lawyers will take policy limits and move on. If you have a bunch of equity in your house and/or a bunch of other assets, you should probably look at your insurance not just for liability costs, but for defense costs as at the end of the day, lawyers are just looking at whether or not to pursue beyond policy limits as a business decision.

Unfortunately boats are just a little better than aircraft because they have very high payouts compared to automobiles and other risks when involved in accidents. When there is a big boat accident, it usually results in helicopters and hospitals as people are not strapped in a seat belt with 17 airbags and crumple zones.

My 87 sleek craft with a 260 mercury is more expensive to insure than my Ford GT.......

And my stand up Jet Ski that has never been in the water is more expensive to insure than the Sleek.

Further, if you have an umbrella, you have to make sure the underlying coverage on your boats meets the minimums for the umbrella and that the umbrella coverage acknowledges those boats in the declarations page. My umbrella has separate pricing for each risk. The boat and the sleek craft are the most expensive premiums on the umbrella.

I use Chubb for everything but pilot/aircraft insurance, they appear willing to insure anything for any amount.

All of the underlying coverage is straight 500k.

 

[JD D05]

Just an FYI foremost has very strict guidelines. I don’t remember exactly what they are but I think it starts off at 77 miles an hour they will not have any more than 100,000 liability. So if you crash the boat and someone gets hurt they are going to write you a check for 100 grand and walk away. Which in most cases wouldn’t even cover the medical let alone the boat.


There’s not a whole lot of people in the country that specialize in actual high-performance boat Insurance. It takes quite a bit of effort to get the correct programs and deal with the right vendors to properly Insure 150+ mile an hour cat or something else exotic. Off the top of my head I can think of Brad Stern, Andy at EP, Devin Wozencraft, Sy at total dollar, Stacy at wake zone. That’s not to say they are the only ones that can do it but they are generally some of the most recognized in this industry and all they have programs can insure true high performance. Some of those have better programs then others, and some have better niches in certain markets.. etc.

Long stor short I’m having a slightly hard time believing some random Farmers agent can insure anything regardless of speed and hp, it’s a very specialized industry.. and if a total loss or fatality does happen you better pray to god your insurance agent was 100% spot on with the coverages and speeds and HP because the industry experts (all of them) double time as expert witnesses for insurance companies.

You are 100% correct. My family does insurance and has for a long time. I now of 5 guys with high performance boats that are insured through a number of companies including State Farm etc that don't really have coverage. Either they lie or the agent does to get the coverage cheap or get a sale. They still may get lucky if they have a claim but if the ins company does dig they have an out. It blows my mind how many people just hope for the best on this stuff.

 

[28skater]

My insurance requires a photo of both sides transom and interior they know exactly what the boats are ask HP numbers and speed but do not list that information on the policy is that common?

 

[Just Ducky]

Both my boats fully insured.Don' just get liability make sure to have plenty of coverage for personal injury stuff. if you have an accident and get sued you can lose everything.And don't say its sitting in the garage I will get insurance when I use it.What happens if it's stolen from your garage or storage?Or maybe your garage burns to the ground with your boat and toys in it?Happened to a friend of mine and he got screwed on that deal.

 

[H20 Toie]

I cancelled my boat insurance couple years ago, right about the time i sold the boat.

Liability is the one you need, when i crashed the Ferrari the passenger sued me and i only had $500k in liability and that didn't go far

 

[530RL]

I cancelled my boat insurance couple years ago, right about the time i sold the boat.

Liability is the one you need, when i crashed the Ferrari the passenger sued me and i only had $500k in liability and that didn't go far

A good umbrella would have covered the balance. And allowed you to pick an attorney of your choice for defense as opposed to an overworked one the insurance company picked.

Cheapest coverage you will ever buy once you have already paid for the underlying 500k coverage.

Your experience is worth a lot for others to hear.

 

[jetboatperformance]

Always get a kick out of hearing "yeah I told them it was 300 Hp" when they are sporting a blown 800 HP motor .reality is when/if something does happen a savvy investigator/adjuster/appraiser will know better upon post incident inspection and the insurance contract can become null and void from false representation and NO coverage ..... so one pays an assload of premiums hoping nothing will happen then when it does ...

 

[Ultra912]

I had to prove it was garaged, photos of the entire boat and interior. 496's are no problem but when you get past that is when it probably gets super expensive.