Home » Outdoor & Recreation » Fishing » ANGLER'S BOAT INSURANCE: WANNA' BET?

ANGLER'S BOAT INSURANCE: WANNA' BET?

© Louis Bignami

Inexpensive canoes, inflatables and other craft may not need property damage insurance. You can often replace these at a reasonable price. Older craft that, like old cars, aren't worth that much to the underwriters who value them, might not need insurance either. Exotic or antique boats deserve specially skilled agents and extended coverage.

6. REDUCE YOUR RISKS WHERE POSSIBLE
If you buy a named-perils policy you may find that you can simply remove your radio, depth finder and fishing gear after each trip, and eliminate the cost of theft coverage. Price coverage of named-perils separately and you may find you can afford to cover some on your own.

Along these lines consider a $1,000 or higher deductible, which should radically reduce your rates. A high deductible also eliminates the temptation to file lots of small claims that might cause your rates to rise or, if repeated, a cancellation of coverage.

7. MAKE SURE YOUR COVERAGE DOES NOT OVERLAP
I found out about this the happy way some years back when I was guiding, dumped a canoe and tried to recover for lost cameras and shotguns from my marine insurance. I was told I "wasn't covered for this hazard." Then I turned to my guide's insurance and heard the same thing. Fortunately, and to my surprise, I found I was covered under my homeowner's insurance on the theory that, since I had spent three days with snorkel and SCUBA in the river and recovered some gear, the other gear was not lost, it must have been stolen by parties unknown, and so came under my policy.

However, I discovered my guide's personal liability did not extend to moving water on my marine policy and my guide's coverage did not cover this situation either. Fortunately, my guest in the boat did not sue.

---

Author's note: One reason I may have recovered above is that it simply wasn't worth the adjuster's time. He was dealing with 200 homes lost in a big California wildfire. Unlike many neighbors, I stuck with my house and saved it. A $500 shotgun may have seemed trivial in comparison.

---

In any case, I reduced my marine and guide coverage to liability only and saved several hundred dollars in premiums.

Depending on the policy you may find that boats stored at your home over winter come under your homeowner's policy coverage. In some cases, trailer boats may come under auto policies as well. In fact, you may find that you can insure against theft from trailered boats. You may also find your homeowner's and other personal liability coverage overlap with your marine policy. It never hurts to ask your agent about this. Doesn't the old saw go "the only stupid question is the one you don't ask?"