Boat insurance

[Duramaximos]

Hello all,

Is it typical for boat insurance policies to list an exclusion while under tow?

I will be making a call to my agent to confirm coverage under the tow vehicle, but I'm curious if this exclusion is normal.


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[Mark]

Depends on the size and value of boat.

My tinner with motor is covered under my home policy. My 32' Boston Whaler, I have a separate policy.

[mlee]

Typically anything being towed is covered under your vehicle policy....just like anything sitting in your driveway/yard is covered under your home policy.

[TROLLER]

Originally Posted by mlee

Typically anything being towed is covered under your vehicle policy....just like anything sitting in your driveway/yard is covered under your home policy.

Totally correct the boat is covered under the tow vehicle ins. Friend of mine lost his on the hgw. The whole platform hitch broke off his motor home and the entire boat and trailer ditched. total right off and all covered under his vehicle ins.

[EZM]

Agreed, every policy I have ever had was like this ....

When in driveway/garage/yard - covered under home insurance

When hitched up and/or being towed - under vehicle policy

When in the water - under boat policy

Pretty much the only time you might run into being uninsured is when your boat is on the trailer, unhitched from tow vehicle and not on your property. That's when every insurance provider rushed to say "not me" hoping the other will cover the loss.

[-JR-]

I was told only boats that were very small and worth under $1000. could be covered threw home insurance while sitting at home anything more you had to get its own insurance . I guess just like a car on the driveway without insurance,not covered if it gets stolen .

[Drewski Canuck]

Originally Posted by -JR-

I was told only boats that were very small and worth under $1000. could be covered threw home insurance while sitting at home anything more you had to get its own insurance . I guess just like a car on the driveway without insurance, not covered if it gets stolen .

Value may not be the Exclusion. AMA home policy excludes boats with motors over 10 HP, at least when we were insured with AMA years ago!!

However, the Home Policy MAY have an available Marine Watercraft Rider (Endorsement) which you can pay for which is great value, and ties to your home liability insurance. Good idea to get $2 Million ++ these days anyway.

Just check where you can operate the boat on the Home Policy. Meloche Monnex Home policies exclude areas such as the West Coast of Vancouver Island, while others exclude the lower Fraser River to Vancouver Harbour.

Underwater Hazards add alot to a marine endorsement. If you are so unlucky as to hit the reef off of Rock Island to Castle Island at Lac St. Anne, you could tear out the engine well and transom, and destroy the lower end on the motor, meaning north of $7 K damage, if the boat isn't a total write off.

That is what insurance is for.

Drewski

[Duramaximos]

After speaking with both my agents here is how my policies work...
The truck policy only extends Liability coverage to the tow vehicle. Damages to the boat and trailer are not covered in the event of an at-fault accident. My home policy only covers contents with limitations and oddly enough the kicker motor up to $5k.
The boat policy required an endorsement to cover the boat for damages while under tow. I added the endorsement for $50.

The moral of the story is read and understand your coverage well. There seems to be a lot of variation out there!

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[calgarygringo]

I was in insurance a while back and rule 1 especially for those more expensive boats is always get a boat only policy. Otherwise these only when attached and at home will apply. Amounts and coverages are less and limited and if you make a claim it can effect the policy it is attached to making those policies increase. Do your homework and ask questions. We heard many that had claims that there was coverage but was minimal.