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Insurance for your Hobie
http://www.hobie.com/forums/viewtopic.php?f=9&t=2427		 Page 1 of 1
Author:  gatoblanco [ Fri Sep 16, 2005 10:34 am ]
Post subject:  Insurance for your Hobie
Just wondering, which companies are you all using to insure your Hobies and trailers? Any good deals to be had out there :wink: ? Thanks :!:
Author:  Hobie Nick [ Fri Sep 16, 2005 10:47 am ]
Post subject: 
Check to make sure your homeowners insurence or renters insurence don't already cover you. I know my renters insurence covers my Hobie for any damage incurred while being stored and my auto insurence covers me for any damge while being towed. I am with Nationwide. My renters insurence also covers liability for any damages as long as I am the skipper.

My auto insurence premium went up slightly (about $10/mo) for the towing thing, but my renters insurence did not change. But, I only have liability when on the water.
Author:  widerisbetter [ Fri Sep 16, 2005 2:46 pm ]
Post subject:  What is covered, how, why, when and how much - reference
Renters and homeowners USUALLY cover a sailing vessel of less than 26 feet in length and powered vessels of less than 25 hp for liability exposure. So if you injure someone by running into them with your boat your personal liablility covers the injuries if they sue you.

Direct physical damage to the boat does not apply on the water. BUT if a storage shed or garage falls on it or burns up you have coverage USUALLY limited to $2000 for both the boat and trailer together.

Your auto only covers LIABILITY WHEN YOU ARE TOWING THE BOAT. So if you cut a corner too closely and clip somebody's car, your auto liability will cover the damage to their auto (first dollar, no lawsuit required). If your boat falls off the trailer or is damaged in transit, you have no coverage at all.

So - two things to consider:
1) liability
2) physical damage

If your boat is older, just as with an oldcar, you may not want physical damage coverage BUT you probably should have a renters or homeowners policy so that you have liability coverage in case you hurt someone.

The only way to make sure you have physical damage of full value for a newer boat is to either buy a policy for the boat OR add a rider to your property policy IF your company does that sort of thing. You can also buy a boat related liability only policy for about $40 a year.

I prefer a real BOAT insurance policy in any case. BOAT US is a good source for these if your agent can't help you.

and, Nick, I still don't understand the extra charge on your auto policy unless they gave you some physical damage coverage to your trailer - which can be a good thing. Especially for only $10

I have been in this business for over 30 years - so ask anything you like 8)

Happy Sails!
Author:  turbofan [ Sun Sep 18, 2005 11:22 am ]
Post subject: 
My insurance coverage is similar to Nick's- though I rarely trail the boats anymore. Not as if my 16 is really worth insuring!- Dave
Author:  Hobie Nick [ Sun Sep 18, 2005 11:25 am ]
Post subject: 
I think the exta charge was for damage to the boat while trailering. I will have to check into this. I am planning on getting actual boat insurence next season just to cover my bases. Lots of very expensive boats around here.
Author:  MBounds [ Tue Sep 20, 2005 10:58 am ]
Post subject: 
US Sailing has a program for one-design boat insurance that covers most of the Hobie classes.

You can find out about it here:http://www.ussailing.org/odcc/boat%5Finsurance.htm

It has racing coverage, which most major carriers have issues with.
Author:  nevillemwiles [ Tue Sep 20, 2005 11:08 am ]
Post subject: 
I get coverage each year, it runs about $120.00 a year and covers a whole lot. It's a lot of piece of mind.
Author:  widerisbetter [ Tue Sep 20, 2005 11:53 am ]
Post subject:  good link
Good link Matt B-

I will keep that one bookmarked. The company is A+ or better rated and the policy looks like it has no racing restrictions. I would recommend this unless you are insured with a company for your home and/or auto that can write a boat policy - Not an amendment to your homeowners but a real boat policy.
Watch for usage restrictions and seasonal usage "warranties".
For example - I have a Boatowners policy with my home and auto company. It covers -
I have $300,000 liability,
$1500 on the 17,
$800 on the trailer,
$150 on accessories
$50 towing (pretty funny but it is part of the policy)
$250 deductible,
rated for Inland use (with no restrictions on where I take it to use it - some policies have a "usage Warranty" that restrict your coverage if you are not using it where you said you would)
for about $125 a year.
A $300,000 liability only policy would be a whopping $45. :shock:

Although $120 a year doesn't tell us what territory or usage or coverage nevillemwiles has his point should be noted that it buys a lot of peace of mind. 8)
Author:  John Eaton [ Tue Sep 20, 2005 12:36 pm ]
Post subject: 
Avatar,

I've read NAHCA requires a minimum $100K liability for racing. Noticed your carrying $300K.

What are your thoughts/comments for that $300K amount?
Author:  widerisbetter [ Tue Sep 20, 2005 3:22 pm ]
Post subject:  $300k costs about the same as $100k
John, I think the math works out to an annual difference of $5. Better safe than sorry. I'm thinking of upping to $500k for another $15 a year. That way, if I get sued, the attorney getting 1/3 can make a living wage :lol: and I get to keep my house :wink:
Author:  John Eaton [ Tue Sep 20, 2005 7:37 pm ]
Post subject: 
Wow, I didn't realize liability portion of the coverage was that insignificant. So large changes in the premium would be in whatever one determines as their replacement value? and deductable?
Author:  widerisbetter [ Wed Sep 21, 2005 1:14 pm ]
Post subject:  As a matter of fact -
I just upped my liability to $500k and raised my deductible to $500 and my policy went down $5. 8)

You're right John, the biggest changes in premium are in whatever the value is that you are insuring for the boat and the trailer. Dollar per dollar, the trailer cost is much higher than the boat itself too.

Everybody be careful out there :wink:

-Stephen
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